SAVANNAH, Ga. (WSAV) – Thanksgiving and Christmas are just around the corner, so here are a few tips to avoid breaking the bank this holiday season.

On average, Americans plan to spend $501 around Thanksgiving and $932 for Christmas, with The National Retail Federation estimating that in 2022, Americans spent $936.3 billion on gifts alone.

Saving Tips

Set a budget. This may seem like a no-brainer, but determining how much you want to spend for the celebration, food, decorations and gifts is key.

Also, make sure to track your holiday spending so that come New Year’s, you have enough to start the year right.

Plan your menu wisely. For Thanksgiving, focus on key dishes your guests love, and budget for cost-friendly ingredients.

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Potluck-style dinners help the bank and take the stress off of one person preparing everything. This will also expand your menu without much monetary effort.

Having a Secret Santa with a group of friends, colleagues or family can help everyone to save. Plus, it adds an air of mystery.

Take advantage of coupons and sales. Special offers at grocery stores will be your best friend this holiday season. Buying non-perishables on sale in bulk can be used for Thanksgiving and Christmas.

Generic brands of items like flour, sugar, canned goods and baking soda can help you save money in the long run.

Keep holiday savings separate. If you have been preparing to spend for the Christmas season keep that money separate from other funds so as to not accidentally spend everyday expenses.

Compare prices. Make sure to check the prices from different stores to ensure you are getting the best deals online and in-store.

(AP Photo/Wilfredo Lee)

Avoid last-minute shopping. Start shopping early for gifts and ingredients because rushed purchases down to the wire are often more expensive.

Homemade gifts can help you save money and add a personal touch to the gift as you take out something more valuable than money, your time and effort.

Reduce waste. Proportioning is key in preventing unwanted waste. Use those leftovers creatively to make the most out of your ingredients.

Check out this ZDNET website to find some early Black Friday and Cyber Monday deals and coupons.

Happy shopping!