It's important for your mental health and budget to be able to celebrate the holidays without breaking the bank. Here are some ways you can plan a cost-effective holiday celebration:
Create a Budget
You want to budget for your holiday celebration to prevent overspending, to reduce stress that can come with not having enough money to pay your bills, to allow you to prioritize your expenses, and to adjust your spending as needed. Figure out how much money you have to spend, then make a list of all the things you absolutely need to buy (i.e. food, decorations, activities, travel, gifts, etc.). You can research the average costs of these items/categories to get an idea of how much you will need to budget. Think about past get-togethers or celebrations. How much did you budget for for those events and is this similar to that? Once you start spending the money you have budgeted, make sure you monitor it so you don't spend more than you were expecting (you can reallocate your money if you really need to in the end).
Pick an Affordable Location
There are things to consider when you select a venue like how much it will cost, where it is located, and how many people it can hold. Some lower cost options to consider are someone's home, a park, or a community center.
Make Your Own Decorations and Themes
When you make handmade decorations and themes it can save on costs and it gives a personal touch to the event.
Here are a few you could try out for some Christmas decorations:
Make centerpieces with berries, pinecones, and branches that you gather from the woods. Then arrange them in vases, baskets, or scattered on tables with candles.
Make various-sized paper snowflakes and hang them from windows or ceilings.
Use items like burlap, berries, holly, and pine branches to make wreaths. You could add little lights, ornaments, or candy canes to liven it up.
Mason jars can be painted in festive colors like red, green, gold, or silver, or they can be decorated with ribbons. For a cozy ambiance, place tea lights or battery-powered candles inside.
Have a Potluck or Budget-Friendly Menu
Potlucks can provide you with a wide variety and food and they take the burden off of any one person having to cook or provide everything. If you do plan on having a potluck, when you assign dishes to people consider dietary restrictions and what can and cannot be on the menu.
If you are going the budget-friendly menu route, use simple recipes or seasonal ingredients to make it more cost-effective. Some simpler recipes could be a big pot of chili, a taco bar, a baked potato bar, spaghetti or lasagna, vegetable stir-fry, bbq pulled pork sandwiches, or chicken and rice casserole.
Allrecipes has a lot of great recipe options with reviews of people who have actually made the dish.
Entertain on a Dime
If you are looking for some low-cost entertainment ideas, you could lean on some classic board games, music playlists that people can do karaoke to, or other activities that relate to the holiday like pin the feathers on the turkey. If you are having a virtual celebration, you could use Zoom for a video call or play an online game together (you can even hook up your Nintendo Switch and play against people who you have friended while talking to them on Zoom).
Gift-Giving Ideas
Having a specific dollar amount limit and expectations for gift exchanges will make them go a lot more smoothly. You could plan for everyone to have alternative gift ideas (i.e. homemade gifts or experiences). If you are looking to lower the costs for gift-giving, try doing a Secret Santa or gift swap so you only have one person to get a nice gift for instead of more like ten.
Discounts and Coupons are Your Friend
Check your favorite stores for their weekly discounts on decorations, food, and supplies. Then use apps and websites for coupon codes and deals (TopCashBack, Fetch, and Ibotta are good places to look). Some credit cards also give you a percent back when you go on their website and load the store to your card before shopping.
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