Have you prepare your Christmas gift list? It’s not a secret anymore that during the holidays, people tend to overspend extremely. This year alone, an average American is planning to spend $660 on gifts. That’s why monitoring Christmas spending and sticking to a budget is something that every individual should make an effort to do this while shopping for Christmas gifts.
To do so, it’s extremely important to take your time carefully by planning and budgeting for Christmas gifts, so you don’t end up overspending and putting things on a credit card. According to recent data, 24 percent of millennial shopaholics still haven’t paid off their credit card debt from last Christmas.
Kindly, don’t let this happen to you. Here are our five best tips to avoid overspending during the holidays and still get that special Christmas gifts for everyone on your list.
1) Sticking exclusively to a Christmas Budget
One of the most important things you can do to save money on Christmas gifts is to stick to a particular gift budget. You can easily associate this into your monthly budget and put all the money away for Christmas gifts in the months leading up to Christmas. This also requires budgeting how much you will spend on each gift.
Budgeting may not seem an easy aspect, especially around the holidays. Consider the term ‘budgeting’ as a creative challenge. Often, carefully thought out gifts (think about home-made gifts) are a lot more meaningful than the more expensive ones. These magical Christmas savings hacks can help you stick to your budget.
Consider expectations set by family members and social situations when making up your budget. You may want to advocate for lower spending limits if you have a lot of family members.
Shop during big sales and start shopping early. If you can buy gift items throughout the year, it can make the holiday gift-buying season less confusing.
Setting aside cash each month for Christmas gifts can also make budgeting easier.
2) Plan to list Christmas Gifts in advance
Furthermore, an important characteristic of saving money this holiday season is to plan ahead when shopping for Christmas gifts. You can begin looking for Christmas gifts at any time during the year, but big holiday sales weekends like Labor Day, Black Friday and Cyber Monday are great places to start.
If you do shop early, be sure to keep a list with you that what you have bought for whom and what you still need to buy. You don’t want to end up buying three gifts for one person and none for another. You can also plan ahead through comparison shopping technique and through online shopping; two other reliable ways to initially cut the spending.
Check out these tips for comparison shopping or buying gifts in advance:
- Keeping an updated list helps you watch for the best price on an item and somehow keeps track of for whom you’ve already bought gifts.
- Planning ahead can merely simplify the process and take away the confusion of finding the perfect gift.
- A list allows you to ask others about where to find the best deals.
3) Exchange Christmas Gifts by raising your spirits
Another easy way to save on Christmas gifts is to do a Secret-Santa gift or to draw names. That way, you will only have to shop for one person. This really can help save money on gifts, plus it allows people to purchase a finer gift for an individual, rather than several less meaningful gifts.
This could be applied to office giving as well as extended family giving. Large families may do it among siblings, as well. Here’s why you should consider a Secret Santa gift exchange this year:
- Often people end up with a nicer gift that is useful, and everyone ends up spending less than they would if you bought for everyone.
- The Secret Santa gift is easy to set up and many people jump at the chance to simplify their shopping expectations.
4) Purchase One or Two Extra Christmas Gifts
During the holiday season, it’s mostly common to attend last-minute gatherings or meetings or even a holiday party at work. Most of the times, you’ll need to bring a small gift to these parties and these additional, unpredicted Christmas gifts can throw off yourChristmas budget.
You can prepare for this by purchasing one or two generic gifts that you can give in return when you receive an unexpected gift or have an unexpected party to attend. Gift cards are a great solution, but you could also consider having a nice bottle of wine or another type of hostess gift on hand.
Worth noting: You also may want to choose a few different types of these generic gifts to be sure the gift will fit the recipient.
Try these tips on stocking up on last-minute gifts:
- Try to buy something that you would enjoy having just in case you do not use it.
- You can also return unused gifts if needed, but remember, it is better to have something on hand rather than trying to buy something at the last minute.
5) Give a Christmas Gift to someone needy
Take time this holiday season to give to someone who truly deserves it. This gift may be the one that makes the biggest difference in your shopping experience.
There are several charities to choose from that helps those in need during the holidays. You can purchase this gift while you are out shopping and drop it off right away or you may decide to organize a toy drive for a specific organization or family yourself.
You might also consider giving gifts to those in need rather than exchanging gifts with family and friends. Consider the following for buying for those in need this Christmas:
- Taking time to help someone else can make a big difference and help get you into the holiday spirit.
- Giving to those in need is an alternative option to buying for everyone in your family, which could also save you money while doing some good at the same time.