5 Holiday Purchases Retirees Shouldn’t Waste Money On

Being retired often means taking things at a slower pace and enjoying your newfound freedom. And while the holidays are a wonderful time to enjoy with family and friends, it can be easy to get caught up in spending too much on things you’ll regret.

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Instead of getting caught up in the holiday shopping rush, slow down and think about what’s worth spending and what’s not.

Here are some holiday purchases retirees should avoid.

Full price Christmas decorations

Waiting until the holiday season begins and paying full price for Christmas decorations is an easy way to exhaust a fixed budget. Additionally, retailers can raise prices on Christmas decorations even further during the holidays, when demand is highest.

If you already have decorations from previous years, use them. You can also check thrift stores or online listings for used items. There’s no reason to pay full price when you can get similar items for a fraction of the price.

If you need to buy new decorations, wait until Boxing Day to take advantage of big discounts, sometimes up to 75% off. Christmas in July, which falls on July 25, can also be a good time to buy Christmas decorations that are much cheaper than the prices you’ll pay in December, according to Christmas in America.

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Plans that incur additional expenses

The holiday season is full of festive occasions – parties, parades, Christmas lights, Christmas-themed plays – and if you’re not careful, they can lead to extra expenses, according to the Co-operative Bank (TCB ).

For example, if you’re traveling to town to attend a Christmas event, you might end up eating out or be tempted to spend on other holiday activities during your stay, especially if you have your grandchildren or friends with you.

To avoid these unexpected costs, plan ahead. If you go out, consider bringing snacks or something to eat at home before you leave. Decide to stick to your planned activities and avoid spontaneous decisions that result in additional expenses.

Gifts that exceed your budget

Spending too much on gifts is a sure way to find yourself full of regrets once the holidays are over, and this is especially true if you have grandchildren.

No matter what others plan to spend on gifts, like your adult children or the other set of grandparents, you need to focus on your own finances and what you can afford when it comes to budget for a gift.

Consider alternatives, such as homemade gifts or meaningful, affordable experiences. If you want to participate in traditional gift giving, you can offer a gift exchange to limit the number of gifts you will need to purchase.

Expensive holiday meals

Inviting friends and family to your home for Christmas may be a long-standing tradition, but that doesn’t mean that as a retired grandparent you should have to shoulder the cost of a festive meal expensive.

Instead of going all out, consider simplifying your meal by providing turkey or ham and asking guests to volunteer to bring a dish, TCB suggested. A potluck-style gathering can help you cut costs while still providing enough food for everyone.

New holiday outfits

If you think you need to invest in a new outfit for the holidays, think again. Ultimately, it’s probably an unnecessary expense, even if you have to wear the same thing as last year.

If you want to spruce things up, get an inexpensive accessory, like a brooch, scarf, or new tie. It’s a way to help you feel festive without splurging on a new outfit.

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This article originally appeared on GOBankingRates.com: 5 Holiday Purchases Retirees Shouldn’t Waste Money On