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Step 1
Minimize travel expenses. If you wait until the last minute to buy a plane ticket, you might get lucky and get a last-minute deal. But the good flights and the good prices often get snapped up quickly, and if you don't want to risk flying at an inopportune time like Christmas Eve or Christmas day, you're better off planning ahead. Flight prices change multiple times a day, so your best bet is to use flight tracking software that will email you when the price of one of the flights you're interested in drops below a price you specify. This will maximize your chances of minimizing your travel costs.
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Step 2
Decrease the cost of holiday attire. Holiday parties, office parties, family gatherings--it's easy to feel like you need a whole new wardrobe just to get through the month of December. But who has time to shop for new outfits when there's so much else going on? Instead of buying several new outfits just for the holidays, buy one or two basic outfits that you can wear multiple times. If you switch up your accessories, most people probably won't even notice that it's the same black dress. Plus, if you buy something basic rather than something holiday-themed, you'll get more use out of it. The most economical option of all, of course, is to wear something you already own.
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Step 3
Spread gift costs out over the course of the year. Instead of trying to buy all your gifts in a week or two in December, buy them gradually throughout the year. Whenever you see something that someone on your gift list would like, buy it. Not only will you ease the sting of buying all your gifts at once, but you might pick out more thoughtful presents when you aren't under pressure and feeling obligated. For unanticipated gifts like those for random coworkers, pick up a few generic gifts along the way that you might be able to give to a wide range of people.
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Step 4
Reduce the cost of meals. Are you the one who usually hosts all the holiday meals? If you want to continue that part of the tradition, you might consider changing some other parts to keep your costs down. If you normally have the meal catered, maybe you could try cooking it yourself, having a potluck, or ordering food from an online catering company that ships you precooked food overnight that you only have to warm up. As an alternative, consider going out to eat and splitting the bill--that may save you both time and money.
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Step 5
Scale back your decorations. Instead of doing everything up to the max, save some of your precious holiday time and money by focusing on the decorations you care about the most, whether it's your outdoor lights display or your Christmas tree. If you want to do something bigger in the future, try hitting the stores the day after Christmas to stock up on half-price decorations.
