Don't break the bank this holiday season: tips to save during the holidays

This time of year can be joyous but it can also be stressful, particularly as costs have risen.

Even though it can be a stressful time, there are ways to give gifts without going over budget or breaking the bank this holiday season.

Emily Juurakko runs a budgeting business called "More Than Saving."

She said one of the first steps to avoid debt this season is to look at your income and begin from there.

"So taking an inventory of how much you have coming in and then minus how much is coming out. And then that will give you an idea of how much is available to you for your bigger life goals or even maybe your smaller life goals such as buying Christmas gifts," said Juurakko.

She said it's important to take care of yourself first and take care of things like bills before considering extra costs.

Jurrakko said there are ways to cross people off the gift list without spending too much, and it all comes down to getting a little creative and even making it more meaningful.

"One of those is gifting my daughter's school pictures and getting her involved in creating art and then putting her picture on it. And I know that my entire family is gonna be thrilled to receive these," said Jurrakko. "And this is something that so many families with young kids can do."

Another potential gift is measuring out the ingredients for Christmas baking, packaging those, and gifting them to family and friends. She notes people are not only gifting the ingredients, but it's also an activity where it can take the mental load off and the effort it takes to bake.

She mentions that money isn't the only form of currency, and that time is valuable and how people gifting their time can be another form of gifting.

"If someone is making an offer to me of 'Hey Emily, for Christmas, how about I give you the offer of guilt free asks to watch the kids anytime as long as I'm available. I'm telling you right now, you do not have to feel guilty for asking.' Someone said that to me. That is the ultimate gift. So let's talk more about gifting time," said Jurrakko.

When it comes to the gifts that people might need to buy, Jurrakko notes a way to go about this is looking at shopping flyers and even thrift shopping.

"You can also mention the experience of you finding it for them, because I know I've always been thrilled when someone takes the time to find something for me and then they share that story," said Jurrakko.

Karl Skogstad is an Associate Professor of Economics at Lakehead University. He said the Federal  Government's two-month GST/HST holiday starting Saturday can help lower prices for some items.

"I believe there's children's toys, video games, but only if they're in physical format, not online. Not like a digital download. There's groceries, but I believe most groceries are in general already given a exemption. There's diapers that are being exempt, children's clothing and footwear," said Skogstad.

Jurrakko said to shop with a list and be clear with what you're intending to buy to curb overspending and buying too much.