[Infographic] How to Enjoy the Holiday Without Breaking the Bank

1. Set a holiday budget and stick to it.
   
   The task of sitting down to accurately plot your holiday budget for gifts, food, and many more seems simple enough, but actually sticking to that budget is where the real challenge lies.
   
   In the US, Merkel Landis of the Carlisle Bank of Pennsylvania helped popularize the idea of Christmas club savings accounts to middle-class consumers. Clients contributed small amounts of money to fund their Christmas spending a couple of weeks or a month until the holidays and withdrew the money after the savings period.
   
   Some accounts earned interests, but there were those that did not. It was such a massive hit that over a tenth of all holiday expenses could be attributed to the Christmas club savings back in 1935.
   
   You may adapt the principle and reap the same benefits by opening up a separate account exclusively for holiday spending so that you do not accumulate debt or spend unnecessarily.
   
   
2. Note the things you will be splurging on.
   
   One of the key things you must do so you do not go over your budget is to account for your holiday splurges. Maybe there are two or three Christmas parties where you want to look a bit extra, and you need to buy outfits for those. Perhaps you will be hosting a gathering for a particular group and need to spend on food, dinnerware, and other party stuff.
   
   Look at your holiday calendar and account for additional expenses that may arise so that you could stay within budget.
   
   
3. Track all your expenses.
   
   Bills can add up quickly, and you may not realize that you are already using up more than what you intended. This is why keeping track of all your holiday purchases is exceptionally vital. Create an organized Excel sheet or even just a neat table where you can view all your expenses this season at a glance. Aside from gifts, you have to account for transportation costs, too, among other things.
   
   
4. Cut your holiday gift list down.
   
   Christmas is the season of giving, and being swept away with the idea of showing generosity towards all the people you care about is a real threat to your money-saving efforts. Make sure that you are spending on the right things for the right reasons. Sometimes, spending time with your loved ones or providing a service that you could offer for free is more than enough to show just how much you care.
   
   
5. Resist the temptation to do last-minute shopping.
   
   You most likely have a long holiday list. You also probably have a to-do list. With so many tasks to accomplish, you do not have the luxury of time to dilly-dally when it comes to getting things done.
   
   Did you know that over 20% of US citizens begin their holiday shopping come October? Filipinos, however, are the opposite; Christmas in the Philippines starts as early as September, but 43% of Filipinos wait until December to buy their gifts.
   
   The earlier you get your Christmas shopping done, the better. Not only will you be more conscious of your spending, but you can also snag good deals since you have more time to think about what to give. Last-minute shopping can lead to overspending or make you pay for additional fees like rush shipping. This is why buying gifts early is a wise move.
   
   
6. Be on the lookout for discount codes and coupons.
   
   Why should you buy items full price when you can get them on discount? It just doesn’t add up! Numerous retailers, both online and offline, offer discount codes and coupons. This is your chance to avail of promos, so you don’t pay full price for your purchases.
   
   Plot your shopping strategy for people in your list so that you can find the best deals possible. Stay up to date when it comes to sale announcements, voucher releases, and free offers so you can purchase great items at discounted rates.
   
   
7. Be mindful when it comes to sale events and promo prices.
   
   While you should be aware of holiday sales, you must also be careful about which ones to avail of. Being money wise this season does not mean running to the biggest, nearest, most offensively red SALE sign and going on a frenzy. You should always do due diligence and compare prices so that you do not fall victim to the holiday discounts that might only lead you to unwise purchases.
   
   
8. Make custom gifts.
   
   Many individuals love handcrafted items compared to store purchases. Exercise your creative muscles and make your very own, customized Christmas gifts. The people who matter most to you might appreciate expensive gifts, but something made especially for them will definitely tug at their heartstrings, adding more value to your present.
   
   If you are an artist or illustrator, gifting them portraits or paintings could work. If you know how to make luxurious smelling handmade soaps or other concoctions, beauty enthusiasts on your holiday gift list might appreciate it. Maybe you are a great baker, and a small tin of your awesome goodies could bring your friend or relative some holiday cheer.
   
   Find out your strengths, get creative with custom gifts, and do it from the heart! Personalized or handcrafted gifts are bound to leave a lasting impression on those you gift them with.
   
   
9. Go the DIY route when decorating for the holidays.
   
   Setting up Christmas décor plays a significant role when it comes to bringing holiday cheer. Whipping out the bright lights, colorful lanterns, and Christmas trees and adorning them with shiny, colorful balls and other trinkets adds to the festive feeling.
   
   Families all over the world who celebrate Christmas, especially those who have wide-eyed little tykes, often make Christmas décor set-ups a part of their holiday traditions.
   
   It is not necessary to buy new décor if you have existing ones already—you can always upcycle what you have to keep it fresh, or go the DIY route and adorn your tree with homemade Christmas ornaments. The internet is a virtually endless resource of creative DIY ideas, and doing a bit of research will yield tons of ideas that may come in handy for your very own projects.
   
   
10. If you are hosting holiday brunches or dinners, encourage potluck gatherings.
    
    Cooking and preparing things for a family of five or less can already be a challenge—what more if it were a higher number of people, say between 10 to 30 in all?
    
    Christmas usually means that people are in a more generous mood, so it shouldn’t be an issue to discuss potluck assignments with your close relatives or friends. Maybe you can suggest simple, crowd-pleasing holiday potluck recipes according to categories like sides, desserts, or appetizers while you cook the main dish.

Spreading holiday cheers on a budget

Christmas is usually the time when a vast majority of people are most enthusiastic about sharing their blessings and spending time with those whom they hold dear. While there’s nothing wrong about spending money on your loved, remember that you have a savings plan to maintain, so it’s best to be wise about your expenses, even during the holidays.

Start this new decade right. Know how you can take care of your finances beyond the holidays by talking to any of our Bancassurance Sales Executives at any of the 900 BPI branches nationwide.