10 ways to save money during the holidays

A nativity scene set up by a private group as part of a Christmas festival is seen Monday, Nov. 27, 2006, in Chicago. Worried that ads being shown on television screens for New Line Cinema's "The Nativity Story" would offend non-Christians browsing in the traditional German Christkindlmarket in the heart of downtown, the city asked the German American Chamber of Commerce to reconsider the movie studio's sponsorship of the festival. (AP Photo/Jeff Roberson)

As the smell of Thanksgiving turkey wafts through the air, it brings the holiday season, one of the most fun – and most expensive – times of years.

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Here are 10 tips on how to keep your holiday budget under control.

1. Make a plan

It doesn’t have to be a 20-page spreadsheet – just take a look at your finances, set the absolute number you can spend, and stick to it. Hide the credit cards away until after the holidays, so you aren’t tempted to use them.

2. Do some preemptive cutbacks

While the family around the dinner is a tradition during the holidays, it’s as much of not more of a tradition to end up eating out.

Try cutting back on these trips during the holiday season to preserve your holiday spending fun. Eat out of your pantry for a week instead of grocery shopping, and if you do go out, drink water instead of alcohol.

3. Cut back on your gift list

While wanting to give all the things to all the people is a sign of a kind and generous soul, it can also be very expensive very quickly.

Try writing your gift list down and prioritizing them – who really should get a gift, and who will be just as touched by a card?

4. Be creative with your gifts

You don’t have to shop for everyone – you can create some DIY gifts. One example is a little candy bag, tied up in a bag from a craft store. Another, if you have photography skills, is getting the best photo you made this year printed out and insert it into cards.

5. Get the kids to edit their lists

If there’s anyone you want to give all the presents to, it’s your kids. But that can quickly run up some big bills.

Ask your kids to focus their Christmas list to one or two items that they really want. This will help them reduce their greediness and you reduce your debt load.

6. Give back

The holidays are a good time to help teach your kids about people who aren’t able to give or get presents, and what can be done to help them. Go through their unused or old toys and donate them to a shelter or gift drive.

7. Focus the decorations

Decorating your home is a fun part of the season that can involve the whole family.

Keep the decorations focused on certain areas to avoid clutter and buying lots of things you don’t need. Think about the front door, the living room, and the dining room table, for starters.

8. Cut your own tree

Getting a Christmas tree is one of the highlights of the season – and it can also be one of the bigger bills.

If you live near a wooded area that isn’t posted for trespassing, look at cutting one down yourself. If you want multiple trees, carefully try cutting a tree in half vertically and mounting each half on a wall.

9. Potluck parties

If you’re hosting the holiday party, think about having it be a potluck affair. Everyone’s gift to each other can be what they bring for food. Or, if you all live near each other, you can have each course at a different house.

10. Find free holiday activities

Driving or walking around your neighborhood to see the holiday lights is a great way to get in the holiday spirit. If you live near a city or town, go see what their decorations look like.

A group outdoor ice skating adventure is another fun way to play outside.

If you want to stay in, try some DIY ornament projects.

What do you think?

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