Christmas may be called the “season of giving,” but that doesn’t mean it has to break the bank. There are many ways to save money during the holiday season, such as giving homemade presents or opting for a gift exchange instead of buying individual gifts. When it’s time for Christmas shopping, there are several steps you can take to help you stick to your budget.
Creating Your Christmas Budget
To create a Christmas budget, write down everyone on your shopping list. Include “extras” like school teachers, employees or coworkers. Now decide how much you can afford to spend on Christmas and divide the money among everyone on your list.
Make a Shopping List
Before buying a single Christmas gift, make a master shopping list that includes everyone, as well as the amount of money you have budgeted for each person. As you start buying gifts, write down the actual amounts that you spend. If you come in a little under budget for one person, you can use the savings for someone else.
Shop Around for the Best Deals
Once you decide what you want to buy for someone on your list, take a little time to see where you can buy it for less. Shopping online is a great way to compare prices. If you have a smartphone, you can even use apps that let you scan an item’s bar code to find out where it might be sold for less.
Add Up the Little Items
Often the hardest part of sticking to a Christmas shopping budget is remembering to add in all the little odds and ends. That includes stocking stuffers and little items you buy on impulse. Buying a cute two dollar bookmark to tuck into the book you bought Aunt Sarah might not seem like a big deal, but adding two or three dollars to every gift will add up quickly!
Take Advantage of Free Shipping
When sending gifts to out-of-town friends and family members, you can sometimes save money by using a free shipping deal to send the gifts directly from the store. Many online stores offer gift options that let you hide the price on the receipt and also have the item gift wrapped. Often, the cost of gift wrapping (with free direct shipping) will be cheaper than wrapping and shipping the gift yourself.
Once You’re Done, Pass Up Future Deals
If you’ve already spent the allotted money on your sister, you don’t get to buy her another gift just because you find a silk scarf she would love for 70 percent off. Unless, of course, you are prepared to take the money it costs out of someone else’s gift. There will be times when sticking to a Christmas budget means passing up some savings. Just remember that it isn’t a great deal for you if you don’t have the money to buy it.
