How to Deal with Unexpected Holiday Expenses

Stretching Out Your Budget

Give homemade presents. If you are stuck giving gifts that you didn't plan for (e.g. to co-workers who surprised you with a gift), or if you're simply overwhelmed by your expenses during the holidays, there are many homemade gifts that you can make for a minimal cost. Try to customize gifts based on the recipient's preferences, which will make the gesture more meaningful and personal. Some good homemade present ideas are: Folded star holiday ornaments Scented candles Holiday cookie bouquets Scented bath bombs

Save money on wrapping and cards. The cost of holiday wrapping paper, accessories (such as bows, ribbon, and scotch tape), and cards can add up if you don’t make a conscious effort to spend wisely. Opt to shop at dollar stores for these items, or buy in bulk and use things for several years. Try shopping after-holiday sales for discounted holiday wrapping paper and gift bags. Save gift bags and bows that are still in good condition to re-use next season.

Buy group gifts. When possible, make the cost-effective choice to buy group gifts rather than individual gifts. Rather than purchasing individual gifts for co-workers, for instance, buy a gift to be shared by everyone at the office (e.g. leave chocolates or cookies in the break room to be shared by the work team.) Buy one gift for a couple that both people can enjoy together (such as a bottle of wine) or one gift for a family to share (a board game to be played together, for example.) A gift certificate for a movie theater or restaurant is another great group gift that can be given to a family or couple to enjoy together. Items for the home (e.g. a kitchen appliance like a food processor) can be a good gift for a cohabiting couple to share.

Shop the sales. You can save a significant amount of money by shopping for the holidays in advance and taking advantage of big sale events like Black Friday. To save travel time and hassle, do your homework by comparing store ads to determine the best deals before going shopping. Set a budget before shopping to avoid overspending. For example, you can shop for a blue tooth speaker set on Black Friday by comparing the advertised sales for leading electronics stores and department stores.

Earning Extra Money

Get a part-time holiday job. The holiday season offers many opportunities to make extra money, as many businesses require extra help during this time. Look at online job boards or company websites to see what part-time positions might be available, and have your CV ready to apply to as many as possible. You’re likely to find work at: Major retail stores (e.g. Toys “R” Us, Best Buy) Shipping companies (FedEx or UPS) Restaurants and bars

Offer babysitting services. Babysitting services are in high demand during the holiday season, particularly for parents wishing to attend holiday parties or shop for their kids. Advertise locally in churches, community centers, and on bulletin boards of local businesses. You can also advertise on a website that connects babysitters and parents (such as Sittercity). Rates for babysitting can range from $7-10 per hour in smaller towns up to $20 in larger cities like New York.

Sell unwanted belongings. If you want quick cash to cover your unexpected holiday expenses, try selling some of your unwanted belongings. Post ads on Craigslist, Ebay, or social media sites (e.g. on Facebook "buy and trade" groups) and be sure to include clear pictures that convey that the items are in good condition. If online resources don't work, you can also opt to sell things at a flea market or yard sale. Renting a table or getting a permit will both cost a fee, but the odds of selling your items are good. For instance, you can try to sell a lamp that no longer fits your decor by posting an ad on Craigslist (with a good picture of the lamp included.) If you wish to sell a collection of books or DVDs, a yard sale or table at a flea market is an easier option than posting ads for all the individual items in the set.

Being Prepared for Unanticipated Expenses

Open a sub-savings account. Save money specifically for your holiday expenses - in general, people tend to save more money when they are saving for a particular goal. Speak to an agent at your financial institution about opening a new savings account where you would save $10 or $20 a month during the year. When the holiday season arrives, cash it out for an extra boost to your shopping budget.

Make travel plans early. As a general rule, air travelers who book a month and a half in advance get the best rates possible, while people who book less than two weeks in advance pay over $100 more, on average, for their fares. Prices for air, rail, and bus travel all go up around the holidays when tickets are in high demand. Book your trip at least a month in advance if possible, and take the time to look for online deals or promotions. Keep checking fares for your trip after you've booked; some airlines will reimburse you for drops in their itinerary prices.

Buy emergency gifts. The best way to prepare for unexpected gift-giving (e.g. a host gift for a last minute party) is to purchase gifts ahead of time to keep on hand. Purchasing “emergency” gifts when things are on sale (right after the holidays, for example) will save you money and keep you prepared for the next holiday season. Some gift ideas to consider might be: A serving platter Scented candles Wine glass markers Cheese knives Stationery A flower vase