While there is so much to love about fall, the season also involves quite a bit of spending. It starts with back-to-school shopping before running into Halloween’s growing price tag. Then there is Thanksgiving, which rolls right into Christmas and Hanukkah. Those credit card bills are probably already stressed when it’s time to begin the annual decorating, shopping, wrapping, baking, and card-writing ritual.
You can see how holiday spending can easily get out of hand. Even Santa is feeling the budget crunch. No one wants a January hangover when the credit card bills roll in. Thankfully, there are some simple things you can do to keep the holiday spending in check. Prices are already skyrocketing, but with these money-saving tips, you can prevent overspending this holiday season.
Budget-friendly shopping tips
Decking the halls, filling the fridge, and shopping for family, friends, and loved ones comes at a cost. It’s not hard to get caught up in the excitement. What you don’t want is for the holiday spending to put a big dent in the family budget. Overspending during the holiday season may mean sacrificing things to start off the new year. So, before you open your wallet, keep these cost-effective suggestions in mind.
Set a holiday budget
Before you start shopping, sit down and take a look at the family finances. Set a realistic budget that won’t leave you in the red come January. Then, track your holiday spending to make sure you’re sticking to it.
Make a list
If Santa does it, you can, too. Once the budget is in place, start creating that list and checking it twice. See how many people you need to purchase gifts for. Then, take a hard look at the next money-saving tip.
Don’t give as many presents
Of course, it’s super fun to see the kids’ faces when they run down the stairs to see a pile of presents under the tree. Unfortunately, it’s not practical and is expensive. As parents, we know there are quite a few holiday gifts that go unused every year. The kiddos play with them once or not at all. It’s always disheartening when you find last year’s Christmas gifts shoved in the back of the closet or worse, unopened in the basement. Less really is more when it comes to gift giving. Too many presents are often overwhelming for children, especially little ones.
When it comes to family and friends, think about holding a white elephant or a Secret Santa. These are fun and definitely cut the spending down when you only need to purchase one cool gift. While many adults appreciate the thought, they don’t always use well-intentioned presents either. Instead, why not plan a seasonal experience to do together?
Avoid waiting until the last minute
One of the best ways to elude over doing it on the holiday spending is to shop early. Don’t leave the holiday shopping until after the Thanksgiving leftovers are in the fridge or worse Christmas Eve. Buying gifts all year long avoids that end of the year strain on the family finances. If that ship has already sailed, no worries. Keep it in mind for next year and don’t be in the mall on December 24 scrambling for gifts.
Don’t impulse buy
Susie has 10 gifts per kid wrapped and ready to go. Don’t let your friends or family gift shame you. It’s easy to feel like you’re not doing enough for your kiddos when you start comparing yourself to others. Stick to your holiday budget. Remember, more isn’t better. Avoid impulse buys you think will make the holiday extra special for the kids. Just think of all those unused gifts over the years. They really are the ghosts of impulse buys past.
Take stock of the decorations
Never go into those charming pop-up holiday shops before looking at the decorations you already have. It’s easy to start impulse buying when all those amazing decorations are calling your name. Turning your house into a Hallmark movie set will definitely punch a hole in the holiday budget. You can deck the halls with what you already have. If you’re looking to jazz it up this year, consider DIY decorations. They don’t cost as much, and teens and kids can have fun putting them together.
Use reward points
When shopping online for holiday gifts, use your reward points. Save up credit card reward points and use them for holiday shopping. If you have credit cards that don’t give you reward points, it’s time to find ones like Discover that do.
Pay with cash if you can
Since many mom-and-pop shops are adding on service fees for credit card purchases, pay with cash whenever possible.
Use cashback apps
Cashback apps can be a great way to help you earn money from purchases with certain online retailers. Most cashback apps are free to download. Some top cashback apps include CouponCabin, Coupons.com, and Rakuten.
Consider e-cards
It’s always fun getting those holiday cards in the mail. Writing and sending them can be, too, but the truth is holiday cards are getting pricey. Buying cards or making those custom-made ones, adds up. Forever stamps are 73 cents currently, and while they don’t expire, the price of postage does go up. Some holiday cards are oversized, which costs more. So, if you’re looking to trim the holiday spending, think about skipping the cards. Don’t ditch them if that taps into the holiday spirit. Instead, buy cards in January when the prices are slashed or consider e-cards.
Overspending is a real problem for many families during the holiday season. It’s easy to get carried away on that wave of good cheer. The problem with overdoing the holiday spending is starting off the new year drowning in credit card bills. Keeping the holiday spending in check isn’t as hard as you think. Try these simple money-saving tips before diving into the December shopping.
