Can you believe the holiday season is right around the corner? Unless you want to start the New Year in debt, here are five saving tips for the holiday season.

Tip #1: Buy Gifts Early

Are you a last minute shopper? If you wait until the week or night before the holidays, it may be too late.

When you go shopping last minute, you’re likely to miss out on all the best deals. Stores may also have limited selection, since all the popular must-have gifts were purchased earlier. It’s far better to plan ahead.

This especially holds true in COVID times. With supply chain issues running rampant, waiting until the last minute to go shopping, might mean you’re not be able to get your loved ones anything on their holiday wish lists because it’s all out of stock.

Tip #2: Set a Spending Limit

While most of us were pretty much a cashless society to begin with, COVID has only enhanced the use of credit cards and e-commerce. Going cashless has its benefits – it’s a lot easier and safer to buy goods and services with a credit card rather than carrying cash – but it also has its downsides. Mainly, it’s a lot easier to spend.

If you’re simply buying gifts whenever you see them for family members, you could end up spending a lot more than you meant to on your credit card.

Instead, it’s far better to set a spending limit.

If you sit down as a family and discuss a spending limit for each family member, you can help avoid starting the new year in debt. It also helps to keep track of your spending to ensure you don’t go over that limit.

Tip #3: Limit Gift Giving to Those You’re Closest To

If you’re a generous person, it can be tempting to give everyone you know a gift.

While it’s a nice gesture, it can lead to you getting into a lot of debt. A far better strategy is to limit gift giving to those you’re closest with. This includes direct family members and best friends. For everyone else, a holiday card with a heartfelt message is a nice gesture.

Tip #4: Make Something from the Heart

Holiday gift giving doesn’t have to involve spending a lot of money. Sometimes a gift from the heart can mean a lot more and cost a lot less.

For example, you could bake cookies for someone you care about or you could paint them something. Look for a skill you have and a gift you can give from it.

Tip #5: Give a Gift a New Home

Did you receive a gift that isn’t the right fit for you?

Maybe you received an arts and crafts kit, when you’re not the artsy type. Maybe you received sports equipment when you’d rather read a book. Rather than letting those gifts collect dust or end up in the landfill, why not give those gifts a new home?

You might consider giving a gift you previously received that’s in good condition and still in its original packaging to someone who will truly enjoy it.

Just make sure you don’t give it back to the person who gave it to you. Otherwise, giving a gift a new home can be great!