You already know about the biggest holiday expenses like gifts and decorations. However, there are many under the radar holiday expenses that you might not even be considering, let alone including in your budget. With so much spending going on during the holiday season, it can be easy to give all your attention to the big-ticket gifts you’re spending on, while other costs slip through the cracks. Most of us are aware of what we’re spending on gift-giving, but when was the last time you considered your electric bill during the holidays? Download our infographic to learn about these sneaky holiday budget-killers and creative ways to avoid unnoticed expenses destroying your holiday cheer!
This first one might be a surprise – after all, the wrapping paper all ends up in the garbage, anyway. But did you know that wrapping paper for your gifts can cost close to $100? That’s a big expense for something that ends up getting thrown away!
Save Big: Purchase next year’s wrapping paper in January. Wrapping paper doesn’t go bad, so there’s no problem with storing it in a closet for 11 months or so. Plus, you’ll be ahead of your holiday expenses almost a full year in advance! Just make sure you remember where you keep it, so you don’t need to conduct a scavenger hunt (or even worse, break down and buy more expensive wrapping paper) next year. Then, when next holiday season rolls around, you’re all ready to wrap!
All those beautiful, twinkling lights can cost a pretty penny – or more than an extra $50 on your electric bill.
Save Big: Don’t worry, we’re not going to dampen your holiday spirit by suggesting no lights! Instead, keep your bright holiday display, but switch your lights to LEDs. Compared to traditional lights, LEDs use much less electricity so you can save even when the lights are on. As an added bonus, LEDs can also last up to 50x longer than traditional lights, so over the years you can save money (not to mention aggravation) on replacing bulbs. For another way to save, you can also consider leaving your lights on for only a few hours a night, such as during the early evening hours. You could even invest in a timer for your lights, so they go on and off automatically at the times you set.
Too many shoppers put holiday expenses on credit cards and end up paying a whole lot more than they actually spent because of interest.
Save Big: The easiest way to avoid interest spending due to holiday shopping is to stick to debit cards and cash only. That way, you’re only spending money that you actually available. There are situations where using a credit card might be necessary or preferable (some cards will offer discounts to certain retailers or the rewards points might be too good to pass up). However, if you must use a credit card, be sure to pay your bill ASAP – and definitely before it starts accruing interest.
Who has time to shop for bargains when it’s two days to Christmas and you’ve only just remembered your boss’ kids?!
Save Big: Skip non-essential gifts. That might be easier said than done, though – nobody likes feeling like a Scrooge during the holidays! If you can’t bear to skip the gift totally, then consider homemade gifts or re-gifting presents you’ve never used. For gifts that are essential, and you need to buy, try planning ahead to avoid last-minute, panic buys that cost an arm and a leg.
Last-minute holiday prep got you too busy to cook? You might be spending more than you realized on takeout food this month.
Save Big: We all tend to let loose as far as our diets go during the holidays, and plenty of people talk about the cost to their waistline – but what about your wallet? Hectic schedules could have you compromising by getting expensive takeout more often than usual. Try to plan ahead to avoid this pressure! Cook and freeze a few meals ahead of time for those crazy pre-holiday evenings. If you can’t hack it without buying dinner out a few times this month, consider purchasing an entrée only and then adding your own sides, salads, and beverages at home.