While not everybody in your list will appreciate a batch of homemade cookies, some definitively will. You don't have to be especially talented to make homemade presents –Think a coffee-themed gift basket for a java lover or a gift certificate for babysitting for a friend that desperately needs some me-time. If you do have a talent, put it to good use –Can you hand-craft soap? Do you know how to make your own potpourri? Do you have a secret recipe for chocolate chip cookies that everybody loves? Think outside of the box.
Know when to Stop
According to Freedom Financial Network, LLC, it's important to know how to quit --"When you hit your budget limits, stop. If you need hard-core support to keep yourself in check, leave credit cards at home and put each person’s budget in an envelope, in cash. When it’s gone, it’s gone – and you’re done." Do your children really need 10 gifts each? Do you need six new glass ornaments? Establish your priorities well in advance.
Stick to Cash
"If you really want to take control of your spending this year, forget credit cards altogether," says Blankenship. "Studies have shown that consumers spend significantly more when they use credit cards than if they had used cash. That is because cash if finite; it is easier to see your wallet’s cash supply is dwindling than it is to see credit card bills mounting."
Be on the Lookout for Scams
Another way to hold on to your money this Holiday season is by protecting yourself from scammers that take advantage of unsuspecting consumers. “This is typically the time of the year when many new and returning consumers begin to shop online for the upcoming holidays,” says Andrew H. Te, CEO of PowWeb, Inc., a Los Angeles global hosting company serving small and medium businesses. “Common sense should prevail when it comes to scams that arrive in the inbox of your email system. Don’t open email that looks suspicious, just delete it. "What else can you do to protect yourself when shopping online?
Know who you're dealing with – Check out the company or buy only from well-established businesses, read their refund and return policy carefully, and only order on a secure server.
Keep a record of your transactions, including receipts and any pertinent printout.
Other scams to watch out for are those related to organizations asking for donations –If you're giving your hard-earned money away, make sure it's really going to a worthy cause. The Better Business Bureau (BBB) offers a series of tips on its website on how to avoid scams this holiday season, including the importance of asking for written information to review before making a donation.