Many opt to save this Christmas

Many families are feeling a financial crunch this season and opting to save money instead of going all out on Christmas spending this year.

If you decide to cut back and save cash this year, be sure to reduce not only your spending but also actually put aside extra money from what you would have previously spent.

For example, if you would usually spend $1,500 on Christmas, decide to spend $750 and put the other $750 into an interest-bearing account. Also keep in mind that not everyone is suffering financially. If you are one who isn't experiencing struggle, you can still take this year to cut back on holiday spending and use some of the extra money for savings and to donate to local charities or families in need.

Here are a few ideas to help you save this holiday.

1. Make a shopping list and stick to your budget.

Make a list of those you plan to shop for as far in advance as possible. Do your very best to stick to shopping for only those on the list. You may receive a few unexpected gifts from friends or co-workers. So set aside a predetermined amount of cash to purchase things for those you received gifts from unexpectedly that you want to give back to. You may only want to set aside $25 to $75 for this. You can find men's or women's gifts on sale for $5 to 10 each at stores like Ross, Wal-Mart or Walgreens. Also consider giving $5 gift cards to places like Starbuck's or Subway. Just $5 cards to stores like these will pay for a cappuccino or a sub lunch for a friend.
Once you've reached your budgeted spending amount, leave the stores right away! This way you won't be tempted to buy one more item. Only purchase what you can pay for now. It just doesn't make sense to get into debt to buy a gift now that you will still be paying for months after Christmas.

2. Do a gift exchange.

If you have a larger family or group of friends, doing a gift exchange will save money, time and the potential stress of trying to find the perfect gift. If you still have time, this weekend set up a secret Santa list via e-mail and decide to exchange gifts on Christmas or before. You can also agree to only buying gifts that are a certain amount. This will eliminate feeling pressure to buy a gift of a certain amount or being concerned you aren't spending enough.

3. Create coupons that offer your time or service.

This is something fun for families to do for each other. You can give a coupon/gift card that can be exchanged for your time for things like housekeeping, organizing, a car wash, running errands for dry cleaning or baby-sitting. These are all valuable services that will save time and money for the person you are giving to.

Make today the best day of your life!