‘Tis the season where the holiday spirit is high and temptation is even higher. Most people will spend hundreds of dollars to make Christmas day a memorable one. However, many will do this at the expense of maxed out credit cards, overdrawn accounts, and little to no disposable money left over by the time Christmas day arrives.
You’ve probably heard of “act your age, not your shoe size,” growing up. Now that we’re grown, we should all “act our wage, and not try to keep up with what we see on television. If you want to keep your Christmas spending in check, master these 3 tips. This will help you ring in Christmas day without emptying your wallet.
Doing this will help you tell your money where to go instead of wondering where it went. Start by listing your Christmas spending categories. Most Christmas budgets would include: Christmas decorations, gifts, food, entertainment, charitable giving, and holiday potlucks or parties. After generating the list, determine the maximum amount you want to spend in each category. Then, execute and stick to the budget plan.
According to the National Retail Federation, 41% of Americans don’t start their Christmas shopping until 2 weeks before Christmas. If you wait until the last minute, you’ll be more susceptible to impulse buying, which leads to overspending. If you start as early as October and November, you can avoid the pressure of “buying now”, spread out your budget, enjoy the benefit of less crowds and greater inventory, and still catch good deals.
It is best to just be honest with and say, “We can’t afford to give gifts to everyone.” Some especially large families have
this conversation collectively and decide to rotate who buys each family member a present similar to a Secret Santa. For non-family members, you could make a batch of homemade goods as gifts to cut costs. Retail experts estimate that the cost of four dozen chocolate chip cookies might be $4.48 or $0.09 per cookie. Sharing a dozen cookies might reduce the cost of a gift from $25 to $1.12. As a nice side effect, your gift of cookies might be more appreciated.
Handmade gifts can be some of the most cherished and also some of the least expensive. This is especially helpful for grandparents who are on a tight retirement budget. Knitting a beautiful cap takes time and love. Writing down family stories could provide the only record of such events. One of my treasured gifts is a book of the poetry my grandfather wrote which was collected after his death by my mother.
When you find an item that you like, do comparison shopping to ensure that you’re getting the best price. The internet makes it easy to do this. Of course, there will be some exceptions, like the one-of-a-kind gifts. But in most cases, retailers and their competitors will offer similar items at varied prices. Also, be sure to take advantage of coupons, discounts, free shipping, and special sales events like Black Friday and Cyber Monday. Good deals are your friend.
These three tips won’t stop you from having a great Christmas, they actually set up for having a great year financially! Have a Merry Christmas without breaking your bank!
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