Now is a great time to get going with holiday gift shopping because the holidays will be here before you know it. However, before going out and swiping your credit card, you should make a plan and a budget. Spending too much now could result in months of bills and huge credit card charges in the new year, so be careful not to get carried away in all the revelry.
Most individuals intend to be frugal throughout the holiday season, but their good intentions sometimes get lost in the merriment. Here are five ingenious strategies to avoid breaking the bank during the holidays.
1. Make an individual spending plan.
After you have compiled your gift list, it is time to set a spending limit for each person on it. In order to determine your budget, you must first finalize your gift list. Make sure that the total cost is reasonable after adding up the individual costs. A trip to the mall may be in order. If not, you may need to conduct further cutting.
2. Reduce your list of gift recipients.
You can organize your list in the same way as the man in the red suit does by marking items as “naughty” or “nice.” If the number of items on your shopping list has grown excessively, it is time to pare down. There is no rule that says you have to buy a present for everyone in your social group. Instead of buying gifts for everyone on your list, consider sending holiday cards to those who didn’t make the cut. Add your own flair by including images from your life and a few short words. You can save money and have a better holiday season if you limit your gift-giving to close friends and family.
3. Always consider your budget first, not others’ desires.
Keep in mind your existing financial situation while planning Christmas spending. Don’t let the wants and needs of the people on your gift list dictate how much you spend. You can count on your bank account being decimated if you do that. Your teen may have their heart set on a brand new Apple iPhone, but you may not have the funds to treat them. There is no shame in reducing your gift list and opting for less expensive and more useful gifts if this year has been tough financially. If you want to create expectations and ensure early comprehension, you might want to have conversations with people at age-appropriate intervals.
4. Let your inner artist shine.
This Christmas season, embrace your inner artist and give presents that are as special as the person receiving them, since they were made with love. Whatever it is that you enjoy doing, it’s possible to use that interest to create fantastic gifts that the people on your holiday shopping list will adore. You can store the ingredients in canning jars if you enjoy baking cookies. Put a handwritten recipe on top of the jar and present it as a gift to someone on your list. Creative gifts can take various forms; cookies are just one example.
5. Consider sharing some of your time as a gift.
In terms of value, few things can compare to the time and focus that you can provide to a problem. Time is something that can never be bought back; thus, the time you spend volunteering is more precious than any material possession. Volunteering during the holidays is a wonderful idea, and the spirit of giving may also be carried over to your holiday shopping. Give the new mother in your life a night of free babysitting instead of another baby present. She will treasure the memories you make together more than any material object could ever hope to replace.
Key takeaway
The holiday season is all about fun and family, and you do not have to spend a fortune to experience all the joys the season has to offer. With some ingenuity and self-control, you may emerge from the holiday season debt-free and ready to start fresh.
