It’s the season of joy, generosity, and of course spending on gifts, decorations, and festive meals that can take a toll on your wallet. But do you know holiday shopping doesn’t have to drain your bank account? You can still spread the holiday cheer, and your budget won’t have to take a hit, with a few clever strategies.
Picture this: You’re sipping hot cocoa and basking in the glow of twinkling lights while you smile at the amazing gifts you got that didn’t cost you an arm and a leg. Sounds dreamy, right? Here is a guide on how you can turn that dream to reality with practical and budget friendly tips that will make your December shopping merry and bright.
Make a List and Stick to It
Santa was right about his lists. Before you go shopping in stores or online, make a list of who you are shopping for and what you want to purchase. Following this list can prevent you from impulse buying. People overspend on the holidays because of unplanned purchases. A list is like your holiday compass, telling you what to spend your money on and what not to.
Start Early to Snag Deals
Doing last minute shopping can cost you more than you imagine. Starting early will enable you to find the best prices, and to avoid all the ridiculous prices during the holiday season. Retailers often have discounts throughout November and early December so you don’t have to wait till the last minute to shop. Monitor discounts using price tracking such as Honey or CamelCamelCamel and grab your items when the price has dipped. You’ll be glad you dodged the holiday rush.
Leverage Cashback Apps
Rakuten and Ibotta are go-to cashback apps for smart shoppers. When you shop at partnered retailers, they give you a percentage of your purchase back. Rakuten, for instance, says its users earned an average of $63 last holiday season. These apps work in a way that you get paid to shop, which is a win for both your budget and your holiday haul.
Support Small Businesses or Shop Local Ones
You’re not just supporting your community by shopping at local markets and small business, you also get a chance to purchase one of a kind gifts at fair prices. Many small businesses are running promotions to lure in holiday shoppers in December. Thus maximize this opportunity. Contact the vendors, check out the handmade goods, and bring on your festive mood while crossing things off your list. It feels good to shop and save cash at the same time.
Consider DIY Gifts
Handmade gifts are special and thoughtful. Whatever you choose, maybe a freshly made batch of cookies, a knitted scarf or a personalized photo album, DIY presents are heartfelt and not a wallet drainer. Not crafty? Don’t worry. Thoughtful gifts don’t have to be pricey — simple items, like mason jar cookie mixes or framed family photos can work. Plus, it’s fun making gifts on a cozy December afternoon.
Shop Discount Stores
Holiday bargains are found in discount stores and outlets. If you shop at stores like T.J. Maxx, Marshalls, or Big Lots, you are likely to find the branded product at a percentage of the cost. Also, don’t forget about dollar stores where you can purchase great stocking stuffers, wrapping supplies, and even holiday décor for some bucks. When shopping, be open minded and bring on your detective hat to find the best items.
Go for Group Gifts
If you have a lot of people in a group, rather than buying individual presents for everyone, pool resources and get a big present. That said, siblings could contribute to get a special gift for their parents or you and your friends can purchase concert tickets or book a spa date together. Not only does this save you money, but it also lets you provide something meaningful without feeling the sting.
Set a Spending Limit
You can get easily carried away during the yuletide season. When you set a budget for a person on your list, ensure you spend within that limit. You can think of it as someone giving you the gift of financial peace. Experts suggest using the 50/30/20 budgeting rule: 50% for needs, 30% for wants, and 20% for savings. Use this same mindset for holiday shopping, and you’ll save yourself from unnecessary spending.
Think of Experiences Not Stuff
Not all gifts have to be wrapped in shiny paper. Sometimes, experience based gifts like cooking class, movie night, or local museum membership can be more meaningful. Truth is, experiences tend to result in longer lasting memories than those created by physical items. You can check out Groupon for local deals, and discounts on unique outings.
Reuse Gift Wrap
While wrapping paper is beautiful, it can sneak into your budget. Don’t buy new rolls every year, reuse what you already have, such as newspaper, brown paper bags, fabric scraps tied with twine. Enclosing gifts in items such as scarves or tote bags is thoughtful, sustainable, and a great eco friendly twist.
Embrace Secret Santa
Celebrating with groups can become pretty expensive, so Secret Santa exchanges are often the best and most economical way to do it. You do not have to spend the money on gifts for everybody, but on one person. What’s more, this allows you the time and resources to go that extra mile in picking the right gift. Set a spending limit so that it’ll be affordable for everyone. In addition, you can add a theme, such as ‘homemade gifts’ or ‘under $10’ to make it more fun.
Wait for Post-Holiday Sales
If a gift doesn’t have to be under the tree by December 25th, wait for post holiday clearance sales. After Christmas, many stores have steep discounts on things like electronics, clothing, and home goods. It’s also a good time to pick up wrapping supplies, holiday décor, and other items you’ll be needing again next year, all at a great bargain.
Disclaimer: This list is solely the author’s opinion based on research and publicly available information.
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