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Santa’s not the only one with a list. Here’s how to save his holiday season.

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Santa’s not the only one with a list. Here’s how to save his holiday season.

Erika Kullberg
 |  USA TODAY

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It’s the most wonderful time of the year — and likely the most expensive. 

Between gifts, traveling, decor, and events, the holidays can be a stressful time for your wallet. It’s important to not stress yourself out though, and to avoid unwanted debt or depleted savings accounts because of overspending.Here are some simple ways you can financially restrain yourself this holiday season.

Set a holiday budget

First and most importantly, set a budget. Define in the beginning how much you’re willing to spend on all things holiday. Include experiences, gifts, decorations, events, and travel in this budget.You’ll want to keep your everyday regular expenses in mind when creating your financial plan . Once you have your number, stick to it.To help you do that, make sure you keep track of your purchases as you start spending.

Make a list 

Santa doesn’t have to be the only one who makes a list. You can too. Consider pinpointing the loved ones you want to get a gift for. You can also make a list of other holiday-related expenses like decor and food.Having a defined list can help you plan purchases ahead of time and avoid impulse buying.

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It might help to keep a running list over the year in your notes app. When you see something that would make a great gift for a loved one or friend, write it down and note where you saw it and the price. If it was at a store, note which, or if it was online, save the link so you can find it later. 

Start early and save throughout the year

For some, thinking about the holiday season before it’s even November may be stressful, but it may actually help you to start your holiday shopping early. You don’t have to start shopping in the spring by any means. But even jumpstarting your holiday shopping by a few months, in late summer or early fall can make a huge difference. 

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This spreads out the financial burden and also makes it less stressful when it comes time to shop. The closer you get to the holidays, the more you may feel crunched for time and anxious about spending.

Shop deals and discounts

There are so many sales around the holidays — so It’s important to keep your eyes peeled.You will have many chances throughout the season to score major savings. It’s helpful to know what you want so you can track specific sales too. 

Also, consider using coupons or loyalty programs to save even more money while shopping. I personally love browser extensions like Rakuten and Capital One Shopping to save money on online purchases. 

Give the gift of time

If you’re like me and material holiday gift-giving isn’t your thing, consider gifting your loved ones experiences. One of the greatest gifts you can give is your time and making quality memories that can be cherished forever truly is priceless.

For kids, you can consider gifting for their future and deposit money into a 529 savings plan or their custodial savings account. The money you deposit today will compound and grow — so a deposit today is the gift that keeps on giving.Lastly, don’t feel obligated to spend any money on gifts. If you have the time, you can embrace your crafty-side and hand make presents. Your loved ones will still appreciate them and may love them even more.

Wrap up the season with savings

While the holiday season is a time of joy, giving, and family gatherings, it’s also unfortunately a time for spending. But with just a little bit of planning (and personal restraint) you can avoid a financial hangover.For more money tips this holiday season (and throughout the year) follow me on Instagram, where I share the best money hacks. 

Erika Kullberg is a lawyer and personal finance expert. You can find more of her work at Erika.com.

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