With a painfully expensive holiday season bearing down on a country already reeling from more than a year of high inflation, people are looking to save money any way they can.

                By                    Andrew Lisa

Despite their money-saving efforts, 30% still expect to spend more this year than they did last year and more than 11% expect holiday spending to put them in debt.

More From Your Money: Choose a high-interest saving, checking, CD, or investing account from our list of top banks to start saving today.

It will take some clever strategizing, but holiday spending — even at the last minute — doesn’t need to put you into debt. Here are a few strategies to save.

It’s Not Just the Gifts; It’s the Stuff They’re Wrapped In

If you’re really looking to make a statement, you can spend $30 for 10 individual sheets of high-end gift wrap made from luxurious Yuzen Washi paper imported from Japan — but you don’t have to shop on Rodeo Drive to spend too much on wrapping paper.

The good news is that you also don’t have to settle for junk to get a bargain.

“You don’t have to opt for dollar store stuff,” said Julie Ramhold, consumer analyst with DealNews.com. “In fact, you should avoid buying it there, but you can still purchase better gift wrap at a good price from warehouse clubs. It’ll hold up fine and looks nice even if it isn’t super fancy, which means you aren’t throwing money away on beautiful wrappings that will be discarded as soon as your gift is opened.”

Live Richer Podcast: Tips To Stay on Budget This Christmas

It’s Just a Holiday Party: Dress To Kill With What’s in Your Closet

The only winners in the annual holiday clothing competition are the online influencers who get their duds for free. The losers are the loved ones you chintz on gifts so you can splurge on winning best-dressed. 

“It can be easy to look into a closet and think you have nothing to wear, but the truth is you can repurpose last year’s holiday party clothing and no one will bat an eye,” Ramhold said. “If you really want something new, try at least to look for something you can dress up to be festive but isn’t solely something you’ll only wear around the holidays. At least that way you’ll get more mileage out of the piece than if you buy something clearly meant for a winter party.”

Host a Potluck Party — or at Least Make It BYOB

Food inflation has sent prices up faster at the grocery store than just about anywhere else. If you’re hosting this year, you could save big bucks with a potluck.

“You might share the cost of your holiday meal with family or friends,” said Laura Adams, MBA, a personal finance expert with Finder.com. “The season can be more affordable and enjoyable if everyone brings a delicious dish to the holiday table.”

But some people love both hosting and cooking; so, if you’re not game for asking your guests to bring a covered dish, the real savings might not come not from what they eat, but from what they drink.

Research released just before the pandemic showed that people drink twice as much alcohol between Thanksgiving and New Year’s as they do the rest of the year — and COVID only increased America’s taste for adult beverages.

It’s not just consumption that’s up — the price per bottle has increased, too. As early as last holiday season, the Los Angeles Times already was reporting that so-called “booze-flation” was pushing up the price of holiday beer, wine and spirits — and costs have only risen since then.

Send Your Holiday Cards Online

Card people love sending out their little envelopes as much as they love feasts and presents. No one is asking you to forgo your favorite holiday tradition — just reimagine it for the digital age.

“Instead of wasting cash on cards and stamps to send these items out, consider doing e-cards instead,” Ramhold said. “You can usually put a design together for cheap, or even free, and then email it to friends and family rather than mailing out a physical card. For some people, this is just a part of the holiday season routine, but it’s something that most people don’t feel is necessary anymore.”

If You Haven’t Book Travel Yet, Don’t

In mid-October, the New York Times echoed just about every knowledgeable travel expert in saying that it was already getting late for anyone looking for deals on holiday travel. Demand was high, capacity was limited and prices were rising fast — everyone planning to travel was advised to book by mid-November at the latest.

If you haven’t pulled the trigger yet, wait until the new year.

“Depending on your plans, travel can be one of the most significant holiday expenses,” Adams said. “Consider staying home over the holidays and planning to see relatives off-season when the trip may be cheaper.”

  • 10 Best Cash Advance Apps That Cover You Until PaydayWhat Happens to Social Security When You Die?The 10 Best Balance Transfer Credit Cards for 2023Experts: 4 Safest Places To Keep Your Savings

Gabrielle Olya contributed to the reporting for this article.