5 Tips for Saving Money on Holiday Expenses

November 10, 2022

From making Thanksgiving dinner to buying your loved ones gifts, the holidays are generally known for being an expensive time of year. Thankfully, there are many ways to save on holiday expenses this year, starting with these 5 tips.

 

 

1.     Create a Holiday Budget

A great way to save during the holiday season is to plan ahead and create a holiday budget. This can be utilized in addition to your monthly budget to eliminate any unnecessary spending. A holiday budget can cover all of your anticipated costs including gifts, extra groceries, travel, events, and more!

 

By setting parameters on your shopping ahead of time, you can avoid overspending on tempting new products and holiday deals.

 

2.     Give the Gift of Time

If you are planning on giving gifts to loved ones, remember that they don’t always need to be physical. Giving the gift of time by delivering a home-cooked meal, raking leaves or babysitting are all great gifts to give during the holidays – and for much less!

 

3.     Take a Home Inventory

Shopping for holiday groceries or gifts can start in your very own home! By taking inventory of items that you already have, you can save even more during the holidays this year.

 

For example, if you have an unused candle or kitchen gadget laying around, consider if someone you know would appreciate it as a gift. You can also take inventory of unused ingredients in your pantry that you can utilize during your next holiday meal.

 

4.     Make Use of Old Gift Cards

Gift cards are a common and easy gift to slip into a card for any celebration. Chances are you may even have extra gift cards that you have received! If you find yourself with gift cards on hand, now is a great time to utilize them. You can regift them to a friend, sell them, or redeem them to cut down on holiday expenses!

 

5.     Take Advantage of Cash Back

Finally, a great way to save money this holiday season is to utilize your cash back credit card. Whether you are paying for extra groceries, buying a gift, or hosting a holiday party, cash back credit cards will give you a percentage of what you spend back.

 

If you’re in need of a cash back credit card, OU Credit Union has many great options. For example, when you use our Visa Signature^® Credit Card, we offer 3% cash back on groceries, 2% cash back on gas and travel, and 1% cash back on all other purchases! OU Credit Union also offers a Platinum Plus Visa Credit Card that offers 1% cash back on all purchases.

 

For more information, visit oucreditunion.org/visa.

Tags: Tips and Tricks, Budgeting, Savings

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