There's no way around it — we are headed into one of the most expensive seasons of the year.
Black Friday is less than four weeks away. Hanukkah starts in just seven weeks, and Christmas is nine days after that.
From food to travel to gifts for all the nice (and maybe some naughty) people on your list, here are a few key tips to make this season more merry and less expensive!
We recommend that you set a budget for key events, travel and gifts this year. For most people, that means you should sit down for a bit with your bills, writing down your upcoming expenses and seeing how much you can realistically spend on gifts this year! By setting up a budget and sticking to it, you won't have a financial hangover in January. While you're doing this, be sure to set a reminder to visit us in late December to open a dedicated holiday savings account with CommonWealth One so you can set up automatic savings deposits for 2026!
Start early. This, really, is the tip that will benefit you the most and in a variety of ways:
- If you're flying to see family, start tracking airfares now. See if you can be flexible on travel dates, because sometimes it's less expensive to fly on a Tuesday than on a Friday. Check nearby, alternative airports, too. If you have some time, be sure to look up deals, coupons, airline rewards programs policies, credit card rewards programs points and more to see how you can save. If you're in a rush because you're booking last-minute, you won't have time to do these comparisons and the research that can save you hundreds of dollars.
- For gift giving, take some time to sit down and make a list of who you need to buy gifts for and your maximum budget for each person. If you have ideas, start doing some price comparisons. Remember, not all Black Friday deals are really great deals, so don't get sucked in. Some stores raise prices right before Black Friday to make the discounts look bigger.
- If you're hosting holiday gatherings, start working on your menus now! Spend some time in your pantry figuring out what you already have so you don't buy yet another container of pumpkin spice.
Collaborate! If you have a good relationship with some relatives, reach out and find out their gift plans for this year. Sometimes, giving your parents a bigger, more meaningful gift from you and your sibling together is the way to go. If you're stuck on ideas, your relatives and friends might be able to help you brainstorm, too. Consider the gift of an experience, like tickets to a show or an annual pass to their favorite place.
Sell your stuff! The fall is a great time to declutter your home to make room for new things. Some of the things you aren't using any more can be put up for sale online, and you can use the extra cash to buy some holiday presents.
Scour your local Buy Nothing and neighborhood groups. As other people are decluttering, be sure to keep track of your local Buy Nothing group or neighborhood Facebook groups for useful items and gifts — especially for kids! Your neighbors may be giving away some awesome stuff! Remember: Kids are often just as excited to get a new-to-them item as they are to get a brand new item, especially if it's in good shape.
Need more ideas? We have a lot of them! Get in the holiday spirit with us on Wednesday, November 1:00 p.m. with a free webinar from our partners at Knowledge for Financial Education (KOFE). They'll have lots of tips on how to save money without skimping this holiday season.
We hope your holiday season is fun and financially sound. We look forward to seeing you soon for one of our webinars or in one of our branches.
