Save money during the holidays and buy that dream home in the New Year

The holidays can put a dent in your savings and set back any big investments—like buying a house. Follow some of these holiday money-saving tips to keep your finances in the green through the New Year:

Instead of buying gifts for everyone on your list:

• Host a gift exchange for big groups, like family and coworkers
• Consider buying group gifts rather than individual gifts for families, like a zoo membership or movie tickets
• Give homemade treats as gifts, like fudge, truffles, cookies or jams and jellies
• Make a donation to a worthy cause in a friend or family member's name

Make the most of your gift budget:

• Agree on a spending limit for gifts for friends and family and stick to it
• Use cash and leave your credit cards at home to prevent overspending
• If you know you won't be able to pay cash for everything, use a single low-interest credit card for purchases—you can easily keep track of track what you need to pay off, and it won’t rack up too much interest in the meantime
• Only ship presents to out-of-town friends and family you won’t see anytime soon—otherwise, hand-deliver your gifts and letters to save money on postage
• If gifts are cheaper online than in the store, buy them online and have them shipped directly to the recipient
• Subscribe to emails from your favorite online merchants for holiday coupons
• For young children, quantity is often just as important as quality—wrap small, inexpensive items separately and include hand-me-down toys as gifts to fill space under the tree

Stretch your holiday dollar:

• Save money on holiday meals by making them potluck-style and assigning each guest an item to bring
• Instead of holiday gift wrap, buy solid-colored gift wrap in holiday colors such as green, red, or gold that can be used all year
• To keep your electricity bill down, use a timer to turn outdoor lights on and off at designated hours
• When traveling during the holidays, try to fly on the day of the actual holiday (Thanksgiving Day, Christmas Day)—it's usually cheaper and there are plenty of seats