Tips to save money this festive season

The holiday season has been challenging financially, emotionally, and physically, leading to increased stress and stress. A recent study by CNBC-Morning Consult found that 76% of Americans plan to cut back on spending this holiday season. This trend is not limited to the United States, with Dutch consumers and Canadians also cutting back on holiday travel and gifts. Some companies are attempting to ease the financial burden of the holidays by cutting shipping costs for businesses.

To save money this holiday season, it's essential to consider not just the gifts but also the conversations and conversations about expectations. For instance, a single mother and startup founder at Fresh Starts Registry suggests shopping for thrift items that can be gifted or used to decorate. This sustainable practice helps reuse and recycle items, and it's fun to wear or use thrift clothing.

Two additional tips to save money this holiday season include going in with colleagues on a meaningful group gift, having tough conversations about expectations, redefining holiday magic, refusing to enter January with a new pile of credit card debt, and avoiding the holiday card tradition.

1. Go in with colleagues on a meaningful group gift, such as ergonomically correct chairs or a specific hobby or interest. This can help prevent overspending and create a happier work environment.

2. Have tough conversations about expectations with everyone, including business leaders, asking employees to write messages about what they appreciate most in each other instead of gifts. This can help reduce the amount of money spent on gifts and make it easier to manage expenses.

3. Redefine holiday magic by scheduling a quality time that isn't within an expensive activity, such as movie nights at home with family and favourite snacks.

4. Refuse to enter January with a new pile of credit card debt, as 38% of Americans plan to carry holiday debt into the new year. Instead, give gifts that don't have to be paid for all at once, such as zero-interest items or a summer vacation that allows you to save for an additional six months.

5. Skip the holiday card tradition, as social media has already replaced the traditional holiday card tradition. Instead, post a meaningful and free holiday "card" and message on your favourite social media accounts.

By rethinking the meaning of holiday magic and moving more towards scheduling quality time, you can find your holiday spirit again. Additionally, consider reducing the number of people who receive holiday cards, as it can add to the stress and strain of the holiday season.