The holiday season is finally here. While December is often a whirlwind of holiday shopping, activities and family gatherings, it’s also the most financially stressful time of the year.
Americans also plan to spend more this year than last. According to The Conference Board Holiday Spending Survey, the average U.S. shopper plans to spend $1,063 on holiday-related purchases this year, a 7.9% increase from $985 in 2023.
With all the shopping, gatherings and more, it can be hard to save money during the holiday season. But there are still ways to do so.
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In a recent Instagram post, money coach Chloé Daniels discussed her top tips for saving money on Christmas.
Be Honest About What You Can and Can’t Do
Daniels’ No. 1 tip is to be honest with your family about what you can and can’t do if money is tight. Setting those boundaries ahead of time will help you feel less pressure to overspend.
“Being vulnerable and honest about your situation opens up the door for a good conversation! And I bet you’ll find some of your family members or friends may be relieved at the money-saving suggestions,” Daniels wrote.
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Suggest Money-Saving Alternatives
You can still participate in holiday gift-giving without going overboard. Daniels recommended suggesting something like Secret Santa so you’re not expected to buy for everyone.
“I am one of five, and all of my siblings have partners,” Daniels explained. “If I was expected to buy for everyone plus my parents plus my boyfriend’s family … that would be 15-plus gifts.”
Instead, Daniels and her family opt for Secret Santa, where they take turns buying gifts for different family members with a set dollar limit.
In the comments, someone also suggested the “five-gift rule,” which is a guide for choosing thoughtful and meaningful Christmas gifts. The five gifts are something they want, something they need, something to wear, something to read and something to do.
“The holidays shouldn’t cause you to go into debt,” Daniels wrote. “Instead try to be proactive and honest about your situation/goals. And remember — the people whole love you? They’ll never be upset that you are trying to put yourself in a better financial situation.”
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This article originally appeared on GOBankingRates.com: Money Coach Chloé Daniels’ Top Tips for Saving Money on Christmas
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