Wondering how you can stick to your budget this holiday season? Here are 8 essential money saving tips to keep in mind as you begin your holiday shopping.
Draw names.
Many larger families draw names so that not everyone has to get a gift for every person. Even if you aren’t part of a larger family, this is something that you can do with a group of friends or at work. It can also help to set spending limits for these gifts.
Make a list.
Making a list—and sticking to it—is one of the best things that you can do to ensure that you don’t spend more than you anticipated over the holidays. Think of it as your holiday “micro-budget.” In addition to planning out a simple gift to get for each person on your list, include an estimate of how much each gift will cost, as well as a maximum you are willing and able to spend on each person.
Pitch in with someone else.
As you plan out your holiday shopping list, you might come to some gifts that you’d love to buy but simply don’t have room for them in your budget. This is a great time to have someone else go in on the gift with you, so that you can get what that person really wants.
Do your research.
The Internet grants you the luxury of comparing prices online, so take advantage of it. Search for the items on your list and compare prices among multiple retailers before buying. And if you notice that a store offers the convenience of price matching or price adjustment, take advantage of that as well.
Know what to get on Black Friday and Cyber Monday.
Black Friday and Cyber Monday shopping can quickly become a hassle, so it’s good to know what is worth your trouble in the first place. Name-brand HDTVs, for example, actually tend to see lower prices in January, as television manufacturers are looking to clear inventory for newer models then. Video games, movies, clothing, and cookware, meanwhile, tend to see some major deals come Black Friday and Cyber Monday. Just be sure to stick to your gift shopping list so that you aren’t simply buying things because they are on sale.
Sign up for emails.
In the spirit of doing your research and knowing what to get on Black Friday, it’s a good idea to join the email lists of your favorite online retailers. This can help you get insider information on special Black Friday deals and alert you on sales that might be going on all season long.
Make it yourself.
Even if you don’t consider yourself much of a DIY-er, there are a myriad of holiday gifts you can make for others. You might, for example, make baked goods or put together bags of holiday themed pancake mix for your neighbors. Or you could give coupons for things like a house cleaning, a home-cooked meal, or a lesson in something that you’re talented in. If you’re more creatively inclined, you might even try hand knitting or crocheting winter wear or a blanket. Think of what you’re good at, and share that talent with others over the holidays.
Give the gift of time.
Instead of spending extra money on an expensive gadget for a loved one, why not plan out a fun outing? It can be anything from a concert or movie to a tour or fun dinner, and you can do it during the holiday season or buy tickets for it in advance.