Holidays On A Budget: Grad School Edition

By Victoria Robertson on December 23, 2015

This article is brought to you by Kaplan, the leader in test prep for over 90 standardized tests, including the GRE, GMAT, LSAT, and MCAT.

It’s hard to have holiday cheer when you know your bank account is completely empty. The season of giving isn’t so great when you don’t have anything to give, and grad school students know this struggle all too well.

image via pixabay.com

But rather than complain about your lack of funds, here are some tips for how to get through this holiday season on a grad student’s budget.

1. Try homemade gifts.

When it comes to close family and friends, the meaning of the present is far more important than the actual present itself. Sure people love to get the things that they want/need, but when you’re on a budget, this isn’t always a possibility.

So rather than digging yourself into some deep credit card debt, go the homemade route for those that you love.

There are countless ideas for this (homemade cookies, paintings, blankets, etc.) and you can pick a specific homemade idea based on the person you’re gifting it to. Have a friend that’s always cold? Make them a tie-blanket. Have a friend that needs something to hang on their wall? Paint them a canvass.

Pick a gift unique to the person you choose, and the more personalized, the better. You don’t have to spend a fortune to show friends and family how much they mean to you, and this is a great way to do so.

2. Cut out extraneous spending.

Odds are, you’re going to need some money around the holidays. The problem is, you don’t have any. It’s easy to get caught up in the spending around holiday time, going out to eat, shopping at the mall and just buying a few drinks with your friends.

If you can avoid the little shopping spurts here and there, you’ll have some money left over to use for the holidays (maybe pick up some stocking stuffers or even a present for the whole family).

The more you resist spending, the more money you’ll have come time for the holidays.

3. Don’t get sucked in.

It’s easy to get sucked into the holiday spirit when visiting department stores or the mall. They purposely play Christmas music, hang decorations and serve an extra cup of cheer just so that you feel more obligated to shop. Don’t.

It’s tempting to buy that mini tree for the apartment, or the stockings for you and your roommates, or even candy canes to snack on during your off time. But this is unnecessary spending, and in the end, it’s going to ruin your holiday budget.

Avoid falling into the holiday trap set by stores and focus instead on homemade decorations for the apartment, or just settle for playing Pandora Christmas tunes. Again, if you don’t have to spend the money, don’t.

4. Plan a grab bag gift exchange.

A lot of the time, picking out presents for friends turns into a huge money pit. You can easily get carried away and spend all of the money that you have on your friends, which leaves you with little to nothing left over.

Rather than doing it this way (as I’m sure your friends are going through the same struggle), plan a grab bag, gift exchange between you and your friends. This way, you all have a fixed budget, meaning you will all spend the same amount of money, and this way, everyone gets a gift.

It’s not ideal, especially if you have a great idea for one of your friends that won’t fit a whole group, but it’s a fantastic way to save your entire group some cash that can be spent elsewhere this holiday season. Plus, if you make the grab bag exchange more of a party, this can be a much more fun option.

**For extra savings: have a $1 grab bag as well. This is a funny, white elephant type exchange that’s fun for everyone, and livens up any party without costing an arm and a leg.

5. Throw a budget party.

Holiday parties can often cost a small fortune, and while it’s better not to have them at all when on a budget, that’s not realistic. So instead, budget your parties properly and everyone can save some money.

For instance, have a potluck meal, where everyone brings a single dish. This way, there’s tons of food but no one has to spend crazy amounts of money at the grocery store.

Also, have Christmas movies playing in the background, or Christmas music — usually found on any channels that come with your TV subscription. If not, use Pandora for some holiday background cheer.

Also have fun, inexpensive games to play in the meantime. The grab bags are a great place to start as well.

Saving money around the holidays may seem absolutely impossible, but with a few budgeting tricks here and there, you’ll have a great holiday season, and all without breaking the bank.

Happy holidays everyone!

Learn more about Kaplan’s test prep options and start building the confidence you need for Test Day.

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