15 creative money hacks for a holiday season that won’t break the bank

No matter what the deluge of gift guides in your search history are telling you, making an impact this holiday season doesn’t have to cost a fortune. Whether the impact you’re looking for is giving the perfect gift or taking advantage of sales to upgrade your electronics, there’s no question that the holidays can often end with a sizeable bill.

We’ve gathered our top 15 hacks to ensure the end of the year doesn’t mean the end of your budget.

Review your finances – In a season full of gift guides, sales, and “spend X to receive Y” offers, it’s easy to find yourself spending more than you thought you would. If you’re planning on a holiday shopping spree, review your finances before you start spending, track your budget, and check in on it periodically. Inflation is an unfortunate reality, so you might not be where you thought you were when you started thinking about holiday shopping earlier this year. While you’re feeling organized, why not automate your bill payments to be sure you don’t miss a due date in the holiday hustle.

Make a list – Making yourself a list might sound like a very basic tip, but more and more Canadians are noticing a new trend called “quiet spending” eating into their budgets. Whether it’s impulse items at the checkout or adding a small item to get free shipping, stay conscious of seemingly innocuous purchases.  Curbing “quiet spending” may help avoid a loud credit card bill in January.

Be selective – Remember that list you made? Time to curate it. Do you really need to buy a gift for your third cousin, just because you did last year? The pressure to give “just a little something” to everyone who touches your life can be high, but when that undue pressure starts to make a financial impact, it might be time to reconsider. Be honest with yourself, and your budget, and trim your list where you can. If you find yourself faced with a gift from someone who didn’t make the cut, thank them graciously and offer to go for coffee or dinner in the new year instead.

Avoid the rush – If you’re shopping in person and you can manage it with your schedule, try to shop off peak hours. Google maps can tell you when your favourite stores are busy with a tap of your finger. What’s the advantage? When noise levels are lower, and you have a bit more room to breathe (and think) you’ll avoid making impulse purchases just to escape a stressful situation.

Price check – Price check big ticket items. Once you find something you want to purchase, check to see if you can find it cheaper somewhere else before you buy it. Using a free price-tracking browser extension or app can help you save on those items that have heftier price tags.

Get social – Your favourite influencers will have secured brand deals for the holidays, and often those come with discounts for their loyal followers. Check out your social feed before you shop to see if you can secure something on your list for less.

Rethink refurbished – If you’re taking advantage of end of the year sales to buy tech, consider purchasing a refurbished item. Refurbished tech typically goes through an inspection process before it is resold to ensure it’s in good working condition. Not into refurbished? Consider last year’s model. Often, you’ll enjoy the same features, and you’ll save money.

Pick it up – Delivery is a wonderful thing when you aren’t able to shop in-store. That said, if you can’t do your shopping on location, can you swing by later to pick up your purchases? If so, you’ll save on shipping, and some stores might even offer an additional discount for those picking up.

Collect cash back – Take advantage of cash-back credit cards for your holiday spending. Once that cash arrives, send it directly to your Savings Plus Account so it can accumulate interest. If you combine this strategy with using a cash-back app, you’ll really start to stack up savings. If you’re taking advantage of a promo rate or an introductory cash-back offer on a new credit card, just be sure to read the full Terms and Conditions, take note of the interest rate and any annual fees (before and after the promo period).

Keep your points – If you collect travel points with your credit card, you might be tempted to cash in your points to buy merchandise and save money over the holiday season. This might not always be the best move. Many rewards programs offer lower value on their points when using them for merchandise, so you may be better off saving them for next year’s vacation instead.

Get crafty – Consider making some gifts this year. Remember when everyone learned how to make sourdough? Bake a loaf and package it with a fancy butter and a thrifted set of cute butter knives or a basket. Or, put your macrame skills to use and make a wall hanging. Not crafty? Set aside a quiet morning to explore your local thrift store. You never know what treasures await you that can become someone else’s favourite holiday gift.

Gift your time – Your time can be just as valuable (or even more so) than a material gift. Cook dinner for your uber-busy friend who lives off takeout or offer your services as dog walker for someone who’s struggling to find the time. This also works for hosting duty. This year, instead of hosting a party, grab some friends, find a local toy or food drive and volunteer together. Sometimes giving back to your community is an often-overlooked gift.

Regift – We’re well past the era of Seinfeld declaring regifting as a major social faux pas. Regifting can be a great way to reduce waste and embrace sustainability. After all, what’s better – an unused gift sitting in the back of your cupboard, or that same gift being enjoyed by someone you care about? As for regifting etiquette, we’ll keep it between us.

Embrace the free – Start a new tradition; a walk around the neighbourhood to take in the lights, a movie marathon, cooking dinner together, or hosting a PowerPoint party. (Yep, that’s a thing.) Grab a disposable camera to capture the fun memories. January is notorious for bringing the blues, so it could be the ideal time to send the developed shots to your pals for a midwinter pick me up.

Shop your closet – Even if you aren’t a gift giver this time of year, chances are you still have one or two end of the year events on your calendar. If you really want to make a memorable entrance at your end of the year bash, you don't need a new outfit. No one is thinking about your clothing but you. (We promise.) Plus, it's been a few years since holiday parties were a thing, so everyone has likely forgotten what's in your wardrobe by now.

Want to save even more throughout the year? Keep reading for more inflation-busting and money saving hacks.