Last Updated on November 25, 2020 by Shevy
How To Save Money During The Holidays
It’s essential to take all the steps necessary on how to save money during the holidays. Christmas and the holidays tend to make you spend money that you do not have. Yes you read that right, we love buying things that we don’t necessarily need especially around this time of year.
Budgeting And How To Save Money For The Holidays
One thing I always advise people to do around the holiday time is to spend wisely. There is no need to put on a show for others such as buying Christmas gifts for the entire family or office. By all means, if you have the money do it but I still advise against that.
When you start doing gestures like that they expect it all the time and after all, the holidays are going to come and go quickly. Don’t be one of those persons who can barely make ends meet for the remaining of December and January.
Related: 5 Great Ways To Spend The Holidays This Year
Making a budget is the first most important factor before spending any money. In this way you would have an indication as to how much money will be required prior to doing so. It also lets you know whether or not you can in fact afford the items.
Most times I find that making a budget specifically for gifts, helps me to keep my shopping list to a minimum. Maybe its the price of the items when added up seems like a lot, so I strongly suggest doing this.
Don’t Buy Expensive Gifts
We all want to shower our friends and loved ones with presents but that does not mean we have to buy expensive gifts. Of course I am not telling you to buy the cheapest of the cheap but you should be selective when buying expensive gifts.
Related: How To Save Money For A Rainy Day
Make A Shopping List And Stick To It
It doesn’t make sense making a list and not sticking to it. That would only result in buying unnecessary items or worse, overspending.
How To Save Money By Hosting A Gift Exchange
One of the most effective ways of getting away from buying a gift for everyone is by having gift exchanges. In that way, you are only required to buy a gift for the person whose name you chose and vice versa. A minimum amount of money must be spent on each gift so that all parties are treated equally. This gift exchange can be done both at home and at the office if so desired.
Don’t Use Your November And December Salary
As best as possible start shopping earlier in the year and avoid using your November and December salaries. Ideally you want to complete your Christmas shopping by the end of October. Black Friday and Cyber Monday sales could be a good time to shop for last minute items. But you should never leave all your gift shopping for that time.
Avoid Buying Gifts Altogether
Avoid buying gifts but if you must then only buy for immediately family members and relatives. A good idea would be to space out the gifts into months apart for instance, buy one to two gifts per month. By doing this you will spend the same amount of money you budgeted for, but in a smarter way. Alternatively you can have a cash pan to save towards gifts, then buy them together.
Shop Sales Online And In-Store
This option is obvious and it only requires that you shop when there is a sale as opposed to buying full priced items. Your best bet may be Black Friday and Cyber Monday as well as the days leading up to it. Some stores also have major sales during the year so you should look out for those as well. Such as the Nordstrom Anniversary Sale and Amazon Prime Day sale from earlier this year.2