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This time of year, it’s easy to get wrapped up in a spending frenzy and lose track of your savings goals. But with a little planning and a bit of creativity, you can minimize the financial impact of the holidays on your wallet—and teach your children some valuable, life-long lessons along the way.

Here are 10 simple ways to save during the holidays:

1.    Set a budget: Before the holiday panic sets in, take a look at your finances and work out how much you can comfortably spend while maintaining your long-term savings goals. Make a list of the people on your shopping list and determine a maximum spending limit per person.
2.    Shop early: Last-minute purchases can quickly rack up exorbitant charges. Many online companies offer free ground shipping if you can allow the extra time for delivery. Next-day or 2nd-day air charges for rushed shipping can often double the price of the gift you’re sending. Also, by giving yourself some extra leeway, you can take the time to research competing stores to find the best prices.
3.    Get crafty: As anyone with small children can attest, handmade gifts are often the most fun to create—and receive. Decorate a picture frame, create your own ornament, knit a scarf, crochet a potholder, make a friendship bracelet… the options are as endless as your imagination!
4.    Support local merchants: If crafting is not your forte, check the local listings in your newspaper to find a holiday craft fair in your neighborhood. Schools, churches, and community centers often sponsor fairs to raise money for charity, and local artists often use these opportunities to sell handmade gifts. You’ll find one-of-a-kind items at great prices, and you’ll support the local economy. One of my favorite spots for holiday shopping is the neighborhood second-hand bookshop. There are all kinds of treasures to be found tucked into the shelves, and independent bookstores need our support more than ever these days.
5.    Be a secret Santa: A few years ago, my family decided to start a new holiday tradition. With a family tree that was extending well into the double-digits with siblings, stepsiblings, in-laws, and childhood friends that had long ago been adopted into the fold, our gift lists became unmanageable. To put a stop to the madness, we agreed to all throw our names into a hat on Thanksgiving. Each person selects one family member and everyone agrees on a spending limit. On Christmas morning, everyone gets a gift from their secret Santa—and a reprieve from their credit card bills come January.
6.    Bake: A giant batch of holiday cookies divided into small portions and wrapped in festive packaging is a delicious, and efficient way to spread the holiday cheer. Just avoid the fruitcake, please. Your neighbors, your friends, your second cousins, and your kid’s schoolteacher will thank you.
7.    Experiential gifts: One way to avoid feeding the holiday glut is to give away experiences rather than material goods. Think of some things that you are particularly good at, and share that knowledge! An old-fashioned IOU can be whipped up for any number of treats: cooking a favorite meal, giving a massage, Italian language lessons, igloo building tips, Guitar Hero demonstrations… let your talents shine!
8.    Gifts that keep on giving: We all know the tale: give a man a fish, teach a man to fish, etc. The moral of the story is simple. It’s always a better choice to give a gift that keeps on giving. Embrace this philosophy for the holidays and it opens up a vast array of opportunities. A packet of seeds, some planting soil, a few small terracotta pots, and brightly colored ribbon is all you need to give your loved ones a full year of blooms!
9.    Consider those less fortunate: When the holiday marketing machine is in overdrive, there is no better time to remind your children that there are many people in the world that are less fortunate than we are. As a family, research different charity organizations and donate to a cause that has meaning for you.
10.    Remember the true meaning of the holidays: Sometimes it’s important to take a step back and remember that the holidays are not all about the presents. It doesn’t cost a dime to go outside and throw snowballs, to sing carols by the fireplace, or to linger around the dinner table sharing stories. The holidays are about spending time with the people you love—not spending money on them.

Have a safe and happy holiday, from all of us at weProsper!