The holidays are already fast approaching and they tend to give your wallet a beating. Find out how you can enjoy the season without breaking the bank with these budgeting tips.
In this article:
Budgeting Tips for the Holidays
Shopping for Gifts
1. Shop Early
Starting your holiday shopping early can save you a lot of money. You can plan and buy your gifts all year round to take advantage of seasonal discounts, too. For example, some stores sell winter clothes at a discount during the summer. If you’re planning to give a niece or a nephew a nice windbreaker, you can score one early on during summer. Some online websites provide off-season discounts, too.
Doing early shopping can also save you time and energy. You can skip long cashier queues as stores are less congested.
2. Re-Gift Some Items
This may be one of the most practical money saving tips for the holidays. You may have received some gifts that are of little or no use to you, such as a shirt that’s a size too large or a pair of shoes that don’t fit. Repackage these gifts and re-gift them to someone who may actually like them. Not only will the gift be put to good use, but also you can save money, too.
3. Pick a Theme For All Your Gifts
To earn bulk discounts, pick a common theme for all the presents you buy. One way of doing this is by buying presents for everyone from the same store. If you’re buying makeup for all your female friends, you can shop at a department store that has many brands.
This applies to online shopping, too. Some websites offer free shipping when you reach a certain amount of purchase. This is a sure way to save money and be able to shop for everyone, too.
Setting Your Budget
4. Build Your Holiday Budget Early
Avoid a huge sudden burst in expenses by setting aside your budget early. Around three months before the holidays, you can start to set aside a few dollars per week for gift shopping. You can store this in another bank account or in another wallet. Also, you can monitor your savings using money-saving apps.
Setting aside loose change in a piggy bank can also help. A lot of these spare coins go unnoticed, anyway. Clean your bags and pockets, and check your car compartments. You may be shocked by how much you can buy with your loose change!
5. Make a Shopping List
This is an easy way to avoid going on a shopping spree. You can start planning your gift-buying early on by listing down names and gift ideas for each. By making a list, you will already have a rough idea of which presents to buy. This will help you avoid picking up random things as potential gifts, too.
6. Check Out Gift Cards and Credit Card Rewards
In preparation for the holidays, there are a lot of websites that offer coupons and gift cards at a discount. You can take advantage of these to buy more presents, too.
Some credit cards also offer rewards points when you shop for certain brands. Other credit cards automatically give discounts and free shipping as perks. As long as you pay on time, credit card companies can offer cash back programs.
Celebrations With Loved Ones
7. Bring Potluck Food
Holiday parties and catch-ups can definitely be expensive. One way to save costs is to split the food items among attendees. You can opt to bring dessert, while another family brings some drinks. Using metal utensils instead of plastic ones can help save money, too. This is both eco-friendly and budget-friendly.
8. Give Homemade Treats
Another money saving tip for the holidays is to make your own gifts. Instead of buying presents for friends, you can opt to bake some cookies. Not only will it be less expensive, but you also get to practice your baking skills too! This also applies to personalized gifts like towels or pouches. Giving something homemade can make it more meaningful to the ones receiving them.
9. Make Some DIY Decorations
Having attractive home decór can make everyone feel the holiday vibe in your home. But, it can be really expensive, too. One way to save money is to get crafty. You can create your personalized Christmas tree balls. You can also make Christmas wreaths with real leaves. Washable markers can also help you design walls. Your creativity could save you tons this holiday season!
The holidays may symbolize the spirit of giving. However, this does not mean you can’t find smart ways to save money along the way. By preparing gifts ahead of time, we can maximize our budget and avoid overspending. As long as we plan ahead and be resourceful, we can enjoy the holidays without breaking our wallets.
How do you plan your holiday budget? Do you have any other budgeting tips that do wonders for you? Share your thoughts below!