- November 25, 2019
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We’re counting down the days until Christmas with 25-holiday savings tips:
1. Assess your ‘gift-giving’ philosophy: Before you venture out to purchase gifts for friends and loved ones, you should take some time to ask yourself some questions about your gift-giving motives. What does giving really mean to you? Is it a burden or something you genuinely enjoy doing? The goal here is to think about why you are purchasing gifts before you think about how to do it.
2. Budget: Now that you have an idea of why you are giving (and who you are giving to), formulate your budget. Keep yourself from going overboard by setting a limit on how much you are going to spend before you venture out to buy gifts and stick to your budget.
3. Track your spending: It’s one thing to set a budget and another to track what was actually spent. Christmas shopping can get really hectic, especially if you’re shopping at a mall and from one store to another. It can become really difficult to track your spending as you go. However, taking the time to reconcile what you’ve spent and what you’ve budgeted is a great way to stay on track.
4. It’s the thought that counts: There are some people on your list that may appreciate quality time with you rather than a physical gift. Identify those persons and save money on gifts that have little real value in comparison.
5. It's OK to be sentimental: Give yourself permission to sentimental as you spend. Instead of purchasing expensive gifts because they are popular, get presents that line up with the interests or needs of those on your list. This way it is more likely that that you’ll see sincere smiles.
6. Keep a close eye on non-Christmas expenses: Christmas can be expensive, especially if you have a long list of people you’d like to give a gift to. If you’ve been saving all year for this occasion, then you’re in good shape. If not, you’ll have to find that money somewhere else. Here is where you need to have a good relationship with your regular budget. See where you can move around in your budget—spending less on some categories in December to make up for the extra Christmas celebrations.
7. Shop Early: There is no law that says you can’t shop for Christmas in July. You could be taking advantage of steals and deals all year long! However, if you missed the chance to jump on the early shopping train this year, remember it in January when you’re budgeting for the next Christmas season!
8. Give Fewer Gifts: This may be a hard pill to swallow if you’ve been acting as Santa year after year. However, not everyone on your list may need a gift. There may be people you can drop off of your list this year (the ones who you know won’t take offense, of course). Send a thoughtful card, share a meal or exchange stocking stuffers instead.
9. Rethink your traditions: Sometimes we do things a certain way because that’s the way its always been done. And some of these things can be an expense. Reevaluate why you hold on to expensive traditions and whether it makes sense to continue them.
10. Resist Retail Marketing: The holidays are synonymous with sales – from Black Friday to Cyber Monday, doorbusters and by-one-get-ones. Overall, retailers pull in an estimated $730 billion during the holidays. Holiday sales are meant to generate money and are not given out of the goodness of retailers’ hearts.” Stick with your budget and shop wisely.
11. Use Your Rewards Points: If you’ve been racking up rewards points on your credit card all year, now would be a good time to cash those in. Some rewards include gift cards to local and online stores and merchandise. So instead of whipping out cash to pay for gifts, you can use your points to purchase them instead.
12. Order Online Early: Ordering online means shopping around from the convenience. It also means you are better able to locate good deals. But make sure you do this early enough to get the cheapest online shipping options. The last thing you need is a budget ruined by all those overnight shipping fees.
13. Combine Your Orders: Shipping costs can go up to the roof during the holidays. You can save some money by ordering gifts from one website and them combining the orders so that they all arrive together – or in the same box. This could significantly decrease your shipping cost.
14. Sell Your Stuff: Out with the old and in with new. You are likely going to get some new stuff this holiday season. How may be a good time to clear out some things you never use and make some money in the process!
15. Get Thrifty With Stocking Stuffers: Don’t feel pressured to fill the stockings with expensive gifts. Think thrifty and necessary. You can find plenty of other real items that are well priced and take up a good amount of stocking space. You can also hit up the dollar store for gel pens, coloring books, and other items. Hold the excess spending and give the people what they (affordably) want and need.
16. Make Presents: If you want to give something personal, memorable and one of a kind, make it! Pinterest has a wealth of ideas and instructions even if you aren’t super crafty. Nothing says “Happy Christmas” like something homemade.
17. Donate to Charity: Instead of a gift, give money in honor of people on your list to their favorite charity. Create a card or get one from the organization explaining the donation. If it feels a little off to not give something, find a charity that specializes in selling fair trade goods that give jobs to those in developing countries. That way, everyone is blessed.
18. Share Experiences: Instead of buying things, consider going places this year. Buy your loved ones tickets to a show, musical, play, game or activity. You can add in a gift card to their favorite restaurant, and you’ve got a full evening of fun. Not only do you get to enjoy the excitement together when you give them the present, but you also get to look forward to the event itself.
19. Make More Money: Make extra cash to cover the extra costs of Christmas. This could include a seasonal job. That way you’re not using your regular income for the presents.
20. Live by the List: There’s a reason Santa checked his list twice, and it’s not because he’s absent-minded. When we go off the list, we overspend. Now, if you realize you forgot a friend—of course, you add them in! But once you’ve got your philosophy and budget set, don’t get swept up in the Christmas spirit and start buying every snowflake-themed item you find for every person you’ve ever met.
21. Say No to Random Gift Exchanges: Put an end to the white elephant or junk-for-junk gift exchanges at your work, small group, or book club. Christmas is expensive enough without these social pressures. Be kind, but just say no (thank you).
22. Go in on a Group Gift: Sharing is caring. And sharing the cost of one big present is a great way to give well—while still caring for your budget.
23. Regift: Regifting is not a bad idea. But there are ground rules. Be tactful, but there’s nothing wrong with this kind of thrifty regifting. It saves money and keeps a gift from going unused.
24. Don’t Shop at the Mall: The mall during the holidays is filled with distractions. Avoiding the mall means also avoiding these distractions – not to mention the crowds of shoppers and limited parking spaces. Save money, stress and time—don’t go to the mall.
25. Wrap Gifts Creatively: You may not think about it, but wrapping paper can take a big chunk out of your holiday budget. Avoid spending too much on colorful or character-covered paper that’s going to end up torn to shreds in piles on your floor Christmas morning. Get creative! Pick up some reusable bags at the dollar store, and you’ll be giving a gift inside a gift. Or try wrapping presents in newspaper and topping them off with red twine. That’s eco-friendly, wallet-friendly and festive.