How to Save on Last Minute Holiday Expenses

Hallelujah! You made it through the pre-holiday season and you’ve managed to stick to your budget!

But, wait. You might have already crossed off every gift on your list, booked your airline tickets and even finished wrapping your presents, but it’s not over until it’s over. Sudden holiday expenses have a way of sneaking up on you and pouncing just when you thought you were finally done.

No worries, though; it’s Mutual Security Credit Union to the rescue! We’ve got tips to help you put the “merry” back in Christmas and keep your budget intact — even as last-minute costs creep in.

1. Set and stick to a budget

At the start of the season, create a full list of everything you’ll spend on this season. Be sure to include everyone you need to give a gift to as well as all costs of travel and hosting as appropriate.

Once you have your expenses written, assign a dollar amount to each one to know exactly what you plan to spend on the holidays and ensure you can get through the season without breaking the budget.

If it’s too late for this year, take note of last-minute expenses that crop up before Christmas so you can put them on your holiday budget next year.

Tip: Use cash or a prepaid card to limit spending. If you’re shopping online, use a debit card rather than a credit card to avoid piling up debt.

2. Take advantage of last-minute deals and sales

Many retailers slash prices on gift items like electronics, clothing and toys during flash sales, clearance events and last-minute coupon promos just before the holidays. Subscribing to retailer email newsletters or using price-tracking apps can alert you to last-minute bargains.

Tip: Check out online marketplaces for “deal of the day” promotions or visit discount retailers for lower prices.

3. DIY gifts for a personal touch

When there’s just not enough money for yet another gift, make it personal with something homemade. You can gift something simple yet heartfelt, like baked goods, a photo album or homemade candles. These gifts can be personal, memorable and super-cheap compared to store-bought alternatives.

Tip: There’s no need to give this option a pass just because you think you’re not crafty or you haven’t turned on the oven since the COVID-19 lockdown. There are loads of easy tutorials online for easy homemade gifts you can create from items you likely have at home, as well as foolproof recipes you can follow.

4. Limit gift-giving

If your Christmas list keeps growing like a cat’s curiosity around a stack of presents, it’s time to cut back. To avoid hurt feelings, suggest a Secret Santa or gift exchange among groups you belong to, such as your extended family and workmates, so everyone needs to buy just one gift for this entire group.

Tip: Set a spending limit for the gift exchange to ensure everyone stays within a budget.

5. Plan ahead and buy in bulk

If you’re hosting during this season, plan your meals and buy groceries in bulk to keep costs down. You can pick up various menu items and staples as they go on sale in the weeks leading up to the holidays.

Tip: Shop at discount grocery stores and be sure to check out local circulars to find the best prices on every item on your menu.

Yes, you can still make it to the holidays with your budget intact! Use our tips to cover all holiday expenses this year, even last-minute costs, without breaking your budget.