If you’re not careful, the holiday season may seriously drain your finances, but it’s also a time for happiness, fun, and making wonderful memories with loved ones.

Even though you want to celebrate, you must do it in moderation to avoid going bankrupt at the end of the season.

Here are 10 methods to cut expenses over the holiday season.

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1. Make a plan

Purchasing something at the last minute during the Christmas season can be exciting and enjoyable, but it also comes with a hefty price tag and remorse after the purchase.

Writing out what you’ll need for the season and avoiding internet scammers and excessive spending are crucial steps in preventing such regrets.

2. Establish and adhere to a budget

It’s simple to go in debt and lose control over your expenditures, particularly when you’re excited and don’t have a budget.

By breaking down everything you need, setting an approximate budget for each item, and adhering to it, you can start with the items you can afford without stressful yourself and prevent over spending that can lead to debt.

3. Use caution when making payments with debit cards and transfers.

During the holidays, debit cards and transfers may seem like a simple way to pay, but when you find that you have gone over your budget and even tampered with funds that were set aside for other projects, like rent or school fees, the convenience might cause financial difficulties. Nobody enjoys becoming broke in the new year.

4. Make a cash payment

Cash forces you to pay closer attention to your spending than debit cards, which sometimes make it seem like you’re not spending real money.

Giving out money evokes a certain emotion, and seeing the amount you cut makes you more careful with your spending.

Establish a spending cap for the holidays, withdraw the appropriate amount in cash, and follow it.

5. Make wise travel arrangements

Given the current fuel prices in Nigeria, one of the most costly aspects of the Christmas season can be travelling to be with family and loved ones.

Try scheduling your travels during off-peak hours to avoid worrying about incurring more transportation costs. Flights, buses, and trains are frequently cheaper if you travel a few days before or after the busiest holiday rush.

Prices are typically lower when reserving in advance, especially online, than when booking on the day of the trip.

6. Pay attention to what really important

Instead than fretting about planning an extravagant celebration, concentrate on the small details that make the holidays special. Instead of the never-ending list of necessities that could increase your spending, these most basic items can occasionally bring you the most satisfaction.

7. Purchase in bulk

It can be highly costly to feed large groups of people at holiday festivities, but this can be avoided by purchasing in bulk, particularly non-perishable foods like rice, pasta, canned goods, or drinks.

For a group purchase, you can also get together with friends or family. Everyone can save money by sharing bulk products like meat, rice, or ingredients, and there will be plenty for all those festive get-togethers.

8. Make use of cashback and reward schemes

Utilising your rewards points or cashback earned from the retailer you have been shopping at is ideal during the Christmas season. The next time you go to a mall before the season, think about getting a rewards card if you don’t already have one.

To purchase anything at a reduced price, keep an eye out for special sales or promotions like Black Friday or holiday shopping days that offer steep discounts.

9. Prepare meals at home

Limit or even avoid ordering food or dining out throughout the holiday season to save money. Rather, incorporate cooking into your holiday festivities. By doing this, you’ll be able to avoid the price increases that restaurants have throughout certain times.

10. Purchase ahead of time

You can escape the season’s rush and stress by starting your shopping early. This will give you more time to research costs, select goods that are significant, and take advantage of sales discounts without feeling rushed.

Additionally, you may spread out your spending by shopping early, which makes it much simpler to stay under your budget. Additionally, you can steer clear of the anxiety that comes with rising prices or sold-out items as the holidays approach.