Financial Literacy

how to save money during the holidays

November 18, 2019

When shopping during the holidays seems more like ho ho, oh no and less like rockin’ around the Christmas tree, it’s hard to stay cheery AND save money during the holidays.


If you checked your list twice and it still seems like an impending shopping trip of holiday doom, we’re here to tell you that it’s going to be okay. The following tips can help you save money during the holidays. Trust us, this list is St. Nick, Rudolph, and Frosty the Snowman approved.


Make a budget, check your list (twice), and stick to the plan

When winter (and by extension the holidays) comes quicker than you anticipated, running to the mall a week before Christmas can feel like your only option. However, this leads to impulse buying, over spending, and a general holiday gloominess you just can’t shake.


If you want to save money during the holidays follow these four steps.

  1. Make a budget
  2. Do your research
  3. Check your list
  4. Stick to your plan

You’ll know exactly how much you can and should spend, and if you get to the mall early enough, you’ll avoid waiting in those endless lines. (You’ll also avoid hearing that one Mariah Carey song play over and over again…)


Bonus tip: If you do your holiday shopping online, make sure you order gifts well in advance. It won’t feel much like the holidays if they arrive at your doorstep on January 28.


Set up automatic transfers to save money during the holidays

Set up automatic transfers from each paycheque to go into a separate ‘holiday savings’ account. Not only will you save money during the holidays, but you’ll also feel a little brighter and merrier once December 25 rolls around. And the best part? You have funds set aside for next year. Woo hoo!


Suggest a secret Santa

Do you have eight siblings, a million friends, and maybe a nice co-worker or two? We just teared up a bit thinking about your never-ending shopping list and want to help. Consider making a gift exchange with a group. That way, you won’t have to buy gifts for everyone…but can still participate in the season of giving.


Take advantage of free

Whether it’s the ballet, a Christmas play, or a holiday concert, outings in November and December tend to add up. Tack on dinner and drinks before each show, and you’ve just spent a small fortune.


Save money during the holidays and take advantage of fun things you can do for free or next-to-free.

  • Watch Christmas movies with friends
  • Take the family tobogganing
  • Have a board game night
  • Bake cookies
  • Go see some Christmas lights

You’re a quick Google search away from a list that literally could go on and on.


Press your luck with potlucks

Do you always end up being the DHC (designated holiday chef)? Are you sick of spending hundreds of dollars on extravagant dinners for friends and family? If you answered yes to the above, take a page out of our holiday cookbook and host a potluck for your holiday dinners. You’ll save money during the holidays, pick up some new recipes, and maybe even get a little bit of extra sleep along the way.


Book a staycation

We get it, a tropical getaway is highly desirable when minus 40 rolls around. And although all-inclusive vacations seem like a great deal, they’re not free. If you’re really committed to saving money during the holidays, avoid booking that last-minute vacation in November or December, and book a staycation at home instead. (We hear the customer service is great).


Save money during the holidays by…

Getting in touch! If you’re ready to see your money grow for either this holiday season or seasons to come, we’re just a phone call or text away from setting up a savings account, automatic transfers, and so much more. We’re like Santa’s elves, only we know a little bit more about your finances. Ho ho ho!



have questions?

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