Best Ways to Manage Your Money with Less Worry and More Peace Around the Holidays

With these steps, you can avoid financial scams and live stress-free

By Gabrielle Lichterman Updated: January 18, 2025

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For retirees looking to maximize their savings around. the holidays, financial flexibility is key to enjoying a worry-free, comfortable life. While adapting to a fixed income may seem challenging, there are many simple yet effective ways to stretch every dollar further. From taking advantage of senior discounts and loyalty rewards to rethinking daily spending or monitoring overlooked financial changes like the increase of stamps, small changes can yield big savings over time.

For instance, exploring cost-saving alternatives in groceries and utilities or refinancing certain expenses can free up funds for travel, hobbies and experiences. Additionally, making use of community resources, like local senior centers that offer free or low-cost programs and services, can also lead to significant savings without sacrificing enjoyment. Through thoughtful budgeting and smart financial adjustments, retirees can ensure that they have the financial security to enjoy this special stage of life to its fullest. Keep scrolling for sound financial advise to help through multiple stages of retired life.

A version of this story appeared in the print edition of Woman’s World

Recover from holiday spending with these tips

To shift gears from shopping to saving after the holidays, finance maven Andrea Woroch (AndreaWoroch.com) recommends her tried-and-true tactic: Go on a “no-spend diet.” “This means temporarily not buying anything beyond necessities,” she explains. “The goal is to change recent spending habits and free up cash to pay off debts faster, helping you get back on track financially.” Just make a list of all the staples you need to buy, and curb everything else—like lattes and fast food, she suggests. “Then commit to it for a specific amount of time, such as one week, or do it just one day a week for a month.” You’ll be surprised how quickly it boosts your budget.
Save money on gifts with easy financial tricks

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Most of us can certainly relate to your situation: We’re thrilled when family and friends include us in Christmas festivities, but when these events also include Secret Santa or White Elephant gift swaps, we’re faced with having to buy presents we hadn’t budgeted for.

The good news? You can save big on these unexpected gifts, and even get them for free, promises budgeting pro Andrea Woroch (AndreaWoroch.com). Keep reading for a few easy ways to participate in gift exchanges without breaking the bank.

Whoever said “Nothing in life is free” wasn’t looking at store circulars in the days before Christmas! During the run-up to December 25, retailers pull out all the stops to ensure they empty the shelves—and this includes giving away products that are perfect for gift exchanges when you buy other presents.

“You can pick up bundled sets that give you multiple items for less, such as ‘buy one, get one free’ or ‘three for the price of two,’” Woroch says. “Many retailers also offer a free item with your purchase during the holidays. For example, you might get a small complimentary bottle of a popular perfume with the purchase of a larger one, or a full-size shower gel when you buy a shampoo and conditioner set. Find which stores currently have these deals at CouponCabin.com and Offers.com. And don't forget those store rewards.

The latest statistics show that shoppers are enrolled in 18 retail loyalty programs on average. Chances are, by this far into the holiday season you’ve already racked up plenty of points, cash back or other rewards. “Just review your various accounts to see if you have enough to get a present for a gift exchange for nothing or close to it,” encourages Woroch.

For example, Beauty Insider members at Sephora were recently able to get Lance’s Monsieur Big Volumizing Mascara for 100 points and a Glow Recipe Hello, Dewy Skin set for 250 points, she reveals. “And stores like Kohl’s and Old Navy offer vouchers for money toward future purchases, which you can use for your party present.” For instance, if you recently earned $10 in “Kohl’s Cash” after spending $50 in a single transaction, you may be able to redeem it now. Have a wholesale club membership? “You can get gift cards for 20% to 30% off at BJ’s, Costco and Sam’s Club when you buy them in bulk for restaurants, spa services and even movie theater tickets,” says Woroch. “If you buy four $25 Fandango gift cards for $80, for example, you’re saving $5 per gift card. Pair this with candy from the dollar store, and you’ve got an exciting present anyone would love.” Sometimes, though, you have to go where you know you'll score big.

Sure, there are sales everywhere right now. But there’s one spot in particular that has the biggest price cuts: the clearance section of your local discount retailer. This includes HomeGoods, Ross Dress For Less and T.J.Maxx. A little imagination and creativity will make your gift stand out, Woroch assures. “Last year, I put together a ‘Rose Spa’ gift for a girlfriend gift exchange. It included a mini bottle of rosé champagne, a stainless steel champagne flute, a rose sheet mask and rose-scented hand lotion for $20—but you can obviously swap out items to fit whatever your budget is,” she says. “Find options at your local grocery store and look at sale items to stretch your budget further.”

Also smart: “Scope out consignment stores,” recommends Woroch. You can find brand-new items—like designer clothing and hand mixers—still in boxes and with tags for up to 60 percent less than their original price. “And when it comes to gift exchanges, unless they say it has to be new, anything goes, so you can give a secondhand item too.”
Avoid fake gift reviews with these easy steps

It makes perfect sense that you’re concerned about phony product reviews. Research shows almost 95 percent of us rely on customer feedback to help us decide what to buy—especially for larger-ticket items—but deceptive reviews can persuade us to purchase items that might be duds. What’s more, a University of Oxford study shows that we end up overpaying for goods by an average of 12 percent because of false testimonials that convince us they’re worth the expense. “The problem is so widespread that every online shopper has likely encountered fake reviews,” says Kay Dean, online fraud investigator and founder of FakeReviewWatch.com. Indeed, a recent report shows up to 45% of online reviews are untrustworthy. Where do these madeup ratings come from? Unscrupulous companies sometimes pay people to create vast amounts of fraudulent user profiles and then flood websites with them. Other times, they’ll pay people with legitimate user profiles—including folks with accounts tagged as “Elite” or “Verified Purchase”—to post them. “Often, businesses provide the texts of the reviews, and even photos,” Dean says, adding that “incentives are high to cheat since reviews can make or break a product.” The good news is the Federal Trade Commission (FTC) recently announced a ban on companies buying and selling fake reviews, handing out fines for any caught doing it. But you’ll still need to watch out, cautions Dean. “While this is a positive step, the FTC’s new rule won’t be enough to combat this massive problem.” Thankfully, you can dodge the phonies and find reliable information about products with Dean’s easy tips. In the past, when you wanted to figure out which reviews were bogus, experts advised keeping an eye out for poor grammar, misspellings and super-short summaries, just a sentence or two long. However, artificial intelligence (AI) has changed all that, says Dean. That’s because AI mimics the style of human writers. For instance, a sham reviewer might try to build trust by using AI to create a story about his beloved grandmother using a slow cooker just like the one he bought. Or he might use AI to make his opinion appear balanced by citing a small flaw—say, that a hand mixer doesn’t come in more colors—then rave about the product’s other attributes. Luckily, there are simple ways to figure out if what you’re reading isn’t trustworthy. Here, Dean shares a few red flags. • A cluster of five-star reviews This signals that a company paid for a service to boost its ratings by uploading a batch of positive product evaluations all at once. • A bunch of one-star reviews “This could mean that a competitor spammed the business or product with negative comments,” says Dean. Companies do this to steer customers away from rivals and toward themselves. • All five-star reviews Even the best products typically receive a range of opinions. • A negative review followed by a string of five-star reviews This could be a business trying to make honest criticism appear less impactful. • Profiles with only one review You can usually click on a customer’s profile name to see other products they’ve commented on. Trustworthy people tend to leave feedback on a variety of items, while imposters set up new accounts again and again. This way, if a retailer shuts down one account, the faker’s other phon\posts remain. • Multiple reviews from different people using similar language This is a sign that the company gave the same script to many fraudsters to copy and paste.
Considering regifting? Follow these tips

“It’s absolutely okay to regift, whether it’s a present you received or an item you already own,” assures etiquette expert Lizzie Post, co-president of the Emily Post Institute and co-author of Emily Post’s Etiquette, The Centennial Edition. Not only is it a practical way to give perfectly good clothing, appliances and more a second life, but a whopping 83 percent of us say we’d be happy getting a regifted present, reveals a survey from CreditDonkey.com.

One reason regifting is more than acceptable is because we’re already familiar with the concept since our own families have been doing it for centuries. “There’s a long history of people passing down their cherished heirlooms to loved ones,” says Post. What’s more, regifting has recently surged in popularity as a way to keep unused belongings out of landfills. The only question left is how to pick which items to give to friends and family to ensure they thoroughly enjoy them. Make sure to give the items a once-over, double check that the gift isn't personalized to you and focus on the feel-good gifts.

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