The holidays are upon us! While the holiday season is full of joy and giving, holiday shopping can be stressful. In fact, the holiday season can be one of the most expensive times of the year. According to a study from Experian, the average American plans to spend an average of $846 on gifts this season.
If you want to stay within your holiday budget this season, check out our tips below!
Make A List
Making a list before you start your holiday shopping is a great way to make sure you don’t buy more than you need. When making your list, start by determining who you need to buy gifts for. The list might be longer than you think! Aside from your family, do you have friends, neighbors, or co-workers you want to buy gifts for?
Once you have your list finalized, try cutting it down. Maybe instead of buying gifts for your neighbors, you make them some delicious cookies instead. Keep the focus of your holidays on giving, not just on spending.
Tip: When making your holiday list, also include any activities you want to do this holiday season. By including your holiday parties, concerts, and traveling in your list of expenses, you can have a better idea of how much of your budget should go towards gifts.
Set A Budget
Once you have your list of people to buy gifts for, it’s important to set a realistic shopping budget. Determine how much you have available to spend on gifts, then assign a dollar amount for every person on your list. Ideally, you’ve already set some money aside for the holidays. If not, work with what you have, and try to cut back on extra activities like movies or dinners out.
When you have your budget finalized, stick to it! Keep a list of your financial obligations, like, utilities, groceries, etc., and remind yourself of those obligations whenever you’re tempted to overspend.
Tip: Keep track of your spending to help stay within your budget. Try using cash to purchase your gifts. By using cash, you’ll have a better idea of when you’ve hit your spending limit and will be less prone to overspend.
Get Creative
Not every gift has to be extravagant or expensive. Instead, get your creative juices flowing, and think of some unique gifts to give!
For example, offer to babysit your grandkids, so your children can have a date night. Alternatively, share your talents! If you like to sew, make some blankets for your grandkids. If you’re more of a wood-worker, try making some shelves for your spouse or partner. A great gift idea is to compile some favorite family recipes into a cookbook. Homemade gifts are special because they truly come from the heart. They will leave lasting memories far past the Christmas season!
Don’t Procrastinate
Whatever gifts you decide to give this year, try not to procrastinate. The easiest way to overspend is by waiting until the last minute to purchase your gifts. Not only will you be more prone to overspend, but last-minute shopping is stressful!
Instead of waiting until the week before Christmas to get your shopping done, try having most of your gifts purchased a few weeks before.
Tip: Be aware of the deals going on during Black Friday and Cyber Monday. While some items like electronics and tech products might be worth buying, other items like clothes and toys might have better deals before or after Black Friday.
In Conclusion
Holiday shopping doesn’t have to be stressful. By creating a holiday budget, and sticking to it, you can enjoy your holiday season without worrying about your finances. Remember, it’s the season of giving, not the season of spending. The most important thing is to spend quality time with your loved ones!