Cutting Holiday Entertaining Costs

Holiday hosting can be fun but it can also wreak havoc on your bank account. Some studies have shown that holiday revelers plan to spend an average of $1,100 on food, gifts, and entertainment during the season.

There are ways to scale back the costs of holiday entertaining without losing any of the cheer:

• Have a plan – Decide what events you will be hosting and attending. Once you have figured this out make a list of exactly what you will need to provide. To get an idea of how much things will cost look through your old bank statements to get a rough figure on how much you spent in the past.

• Create a budget – Create a budget for what you can realistically afford and don’t forget to include incidentals like host/hostess gifts. If you’re hosting the holiday party this year, understanding the true cost of things will help you decide whether to throw a smaller intimate dinner party or a big soiree.

• Be creative in cutting costs – Hosting doesn’t have to break the bank, consider having a potluck dinner. If you are a guest and searching for a gift to bring the host, consider making a gift or bringing an inexpensive addition to the party table.

• Start saving now – Every bit counts so if you don’t have a lot of money to save, start small, and it will add up. Check the store flyers for deals and coupons and don’t forget to use your grocery store savings cards.