Budgeting for the holidays can be Hard. But who doesnt love seeing loved ones’ faces light up like a flashlight when they unwrap special gifts is purely priceless. But there are a few tricks to save not only when shopping for gifts.
Here are my favorite ways to save during the holidays.
1. Set Mutually Agreed upon Gift Budgets
As an example set a limit this year like $200. Your loved ones know you love each other but you don’t need to shower each of them with gifts to prove it.
2. Make it Personal
When it comes to buying gifts, anyone can purchase clothes or electronics, but it’s the gifts that take a lil extra thought that will mean the most. Do you have a coffee lover in your loved ones life? Buy a personalized mug & fill it with their favorite candy or treat. Got a loved one with the travel bug? Get them a travel journal & slip in some suggestions for great attractions & restaurants you think they might like. Be creative – it’s a lot more fun & though it might take more time, it’s something that’s more valued than money spent any day of the year.
3. Avoid the Leftovers
Ever been to a Thanksgiving or Christmas dinner and all the food was eaten? lol. I know I sure haven’t. Alot of the time, half of the food is left and you’re stuck eating the leftovers for days on end since the host insists you bringing home the leftovers. If you’re making food this holiday season, make less than you think you’ll need. Chances are you’ll still have some left over and guests will likely bring a dish to share anyway. Which is also a great idea – suggest a potluck style Thanksgiving/Christmas so no one person is stuck with the large cost of the entire meal.
4. Bring the Outdoors in
No, not the freezing snow silly..lol…but save on decor by foraging your own decor. Things like pinecones can be made unique by spray painting gold. Another favorite decor trick of is using coffee filters to make snowflakes. You probably already have a few lying around and making these snowflakes would actually be fun bonding time with a friend or family member.
5. Get a Head Start
The time right after the holidays is the best time to go over your budget and make plans for the new year. How? Stay within a budget? Could there places you could cut back?
This is also the best time to start planning a credit card payoff strategy if you used plastic to finance your holidays. If this was a perfect world, you wouldn’t have put anything on your credit card that you couldn’t pay off in a month, but if you went overboard, commit to a payment plan that eliminates your balances within the next three or four months.
If you’re really smart and have the storage, the days following Christmas are also ideal for getting a jump-start on purchasing holiday decor and wrapping paper for the next year. O but that’s only if you’ve budgeted correctly.
6. Know When to Stop
When your finished with your list and you’ve checked it twice like santa, it’s time to stop shopping. Know when you’re finished, and avoid stopping by the mall “just to see what they have” – this can lead to making poorly planned purchases and blowing your budget.
Get in the mood to go shopping a few days before Christmas. I specifically save shopping for stocking stuffers until the last minute. That way, I’m still operating within my budget and purchasing something I actually need while fulfilling the urge to be part of the holiday hustle and bustle. By planning purchases and stopping when you’re done, you can be spared that holiday hangover come January.
7. Embrace Potluck
I’ve learned a valuable lesson – if you’re hosting an event, embrace the idea of potluck meals. Let everyone know you’re going to make the main dish, but that you’d appreciate help on sides, appetizers, desserts, and drinks. I simply send out an email a few weeks in advance,and call my immediate family members letting everyone know what their assignments are to ensure we don’t end up with five vegetable trays and no dessert. lol
8. Cut Back on all the Extras
Getting lattes piled sky-high with whipped cream, splurging on a pair of boots for yourself, paying for a photo with Santa – we’re all guilty of indulging more than we should because it’s the holiday season. But, you can’t get stuck in a trap spending on “extras” eats into your budget.
Cutting back on the extras will have a big impact on your bottom line. For example, if you purchase a $4.50 pumpkin spice latte three times per week throughout December, that’s $162 you’ve spent on pricey drinks. That money could have paid for a few Christmas gifts, enough gas to get to mom & dads house. Before you splurge on a treat or “extra” for yourself, be sure it’s really worth the price.
9. Track all your Spending
Your budget will be no good if you don’t seriously watch your spending. Personally, I keep a separate Christmas fund in my bank account. This makes it easier for me to separate holiday spending from regular, day-to-day expenses. I also have my bank’s app on my phone, which allows me to check my balance and track my spending anytime, anywhere – even in line for the cashier. Boo-Yah !
Spreadsheets are also an excellent and accurate way to track your holiday expenditures. By establishing a budget and entering your real expenses, you can easily keep yourself on track. Just be sure to remain diligent. I find that if I can track my expenses in real-time, I’m much more effective than if the receipts are lying around for days before I input them into my system.
10. Pay all cash.
“If you know you’ve had trouble in the past, make this year a cash-only Christmas. Determine and decide a limit. Take that money out of your credit union or bank, “and when that (money’s) gone, it’s over.”
11. Remember the reason for the season.
Whether you celebrate Christmas, Hanukkah or Kwanzaa, keeping the holiday’s spiritual message front and center is a good antidote to the holiday gimmies. “Instead of spending weekends leading up to Christmas in the mall, it would be a lot better gift to spend your time with your family.
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