As the nation collectively tightens its belt this winter, many families are looking for ways to save money
without sacrificing any of their holiday cheer. Better Business Bureau is providing advice on how
consumers can cut down on spending and reduce household costs in their everyday lives without
compromising the fun of the holiday season.
The unemployment rate in the US now tops 10 percent according to the November 2009 jobs report from
the Bureau of Labor Statistics. Nearly 16 million Americans are out of work and facing a bleak Holiday
season.
“With the sobering effect of the economy looming over this holiday season, consumers are going to have
to be creative with their dollar and be more conscious of their spending in order to avoid a holiday
hangover,” said Alison Southwick, BBB spokesperson. Following are six ways BBB is advising
consumers to save money this holiday season:
1. Create a Budget and Stick to It
Holiday expenses can add up quickly, and one way to keep the financial damage to a minimum is to
create a budget and then track spending. A budget should include the amount the family plans to spend
on food, travel, incidentals and even a price limit for each person on the gift list. Creating a budget can be
harder than sticking to one, but becoming more conscious of holiday spending habits is an absolute must
and greatly diminishes the chances of an unhappy New Year Your holiday budget needs to be a portion
of your overall household budget. BBB along with ClearPoint Financial Solutions has developed an
interactive budget tool that includes a new holiday spending calculator.
2. Trim the Gift-giving List
When times are tight, whittling down the shopping list can save a lot of money. Aside from cutting the list
down to only the closest of friends and family, some options include only giving gifts to children, setting
generally accepted limits on what family and friends can spend and drawing names for gifts among
family. Unfettered giving is fun and spontaneous, but the credit card bill that will come in January can
make even the most cheerful of givers grumpy in the New Year.
3. Do it Yourself
Not only are craft projects a great way to get the family working together, making decorations and even
gifts is a great way to save money. There are many Web sites and books dedicated to holiday craft
projects. For those who are crafty in the kitchen, holiday goodies such as baked goods and candies are
also a much appreciated and inexpensive gift.
4. Forego the Little Things
When it comes to the holidays, the little things add up. Many of these little things can actually be pared
down in leaner times. This includes foregoing season’s greetings cards, relying on last year’s decorations
and using alternative wrapping paper—such as the Sunday comics or even the retailer’s shopping bag.
5. Be a Savvy Consumer
There will no doubt be a record number of sales this year as retail stores compete for shoppers’ dollars in
the lean months leading up to celebrations. Not only does this mean savings at the mall, but consumers
can also search online retailers for deals and bargains. Before doing business with any online retailer
though, BBB advises shoppers to check the company out with BBB first at www.bbb.org.
6. Trim Energy Consumption
There are many ways to save money by cutting down on energy costs. During the energy crisis of the late
seventies, President Carter famously donned a sweater and asked the public to turn down their
thermostats. That advice rings true today, but it doesn't mean the family has to suffer. BBB recommends
turning the thermostat down only a few degrees when the family is home, and turning it down even more
when at work or sleeping. Energy-conscious consumers can also reduce costs by driving less and
keeping close to home for the holidays, as well as leaving outdoor Christmas lights on for only a few
hours every night.
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