That is if you don’t budget and plan. Here are seven tips, several that I’ve used, that can help you have a budget-friendly Christmas this year.
1. Set a specific budget for each gift
For me, one of the easiest ways to control my gift and holiday spending is to set a specific budget for each gift. You can do this by making a list of everyone you plan to buy for. This could include family, friends, and co-workers.Once you have your list finalized, assign a dollar amount to each person based on how much you're willing to spend. What you may find is that you can’t afford to buy everyone a gift. So then it’s time to start cutting people from the list and/or lowering the budget for some of the gifts.
It's important to stick to that budget, no matter how tempting it may be to splurge on something extra special. By establishing limits upfront, you’ll be less likely to overspend.
Related read: How To Create Your Household Budget
2. Start shopping early
Yes! While it can be fun to be part of the last-minute shopping hustle and bustle, it can cause you to overspend.When you start shopping months in advance you can take advantage of sales throughout the year and find the best price. Spreading out your purchases can help with tracking your spending. Plus, you can also avoid overwhelming your budget by buying everything all at once.
Related read: How To Save Money Shopping On Black Friday
3. Only buy gifts for the kids
Another great way to save money during the holidays is to limit your gift-giving to just the children in your family or social circle. Skipping adult gifts can significantly reduce your spending because those gifts can cost more.In my family, we typically only buy the kids gifts for birthdays and Christmas. Our reasoning is we’re all adults with jobs and can buy the things we want when we want.
4. Do a Secret Santa gift exchange
If you want to make sure everyone gets a gift a Secret Santa can be a way to do that so you don’t overspend.When doing a Secret Santa you put names in an online generator, bowl, or hat and then each person participating draws a name. They then buy a present for that person. Most of the time there is a limit on the number of presents and the dollar amount that can be spent.
5. Shop secondhand
Shopping at thrift stores, consignment shops, eBay, or Facebook can help you find amazing and useful gifts at very discounted prices. Most of the time the items are used but you can sometimes find a diamond in the rough with something brand new or barely used.6. Shop sales and use rebate sites
Shopping sales are a great way to stretch your dollars while getting some good gifts. No matter what I’m buying I like to shop sales and use coupons to get the biggest discount I can. For me, it’s less about how much spend but how much I can save.Another way I save money when shopping for Christmas gifts I will use rebate sites and apps like Rakuten, Honey, or Ibotta. With these apps, I can earn cashback on the online and in-store purchases I make.
Related read: 8 Ways To Earn The Most Cash Back With Rakuten
7. Give homemade gifts
Not everyone can pull this off but if you’re even a little bit creative and crafty, making some or all of your gifts could be a good money-saving option.There may be some people on your gift-giving list that you know would appreciate something homemade. This could be everything from baking cookies or cakes, making candles or ornaments, or knitting a scarf or mittens.
When given to the right person, a homemade gift can be a more intimate, personable, and memorable gift to give. It’s a great way to show you care without spending a lot of money.
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