If you have a long gift list like most people during the holidays, it can be tough to stay on budget. It’s a challenge every year to save money while still getting your loved ones just the right gifts that show how much you care.
The holidays are a time where it’s tempting to let your spending get out of control. It can be scary to look at your credit card bills when they arrive in January. Overspending at Christmas is one of the top reasons behind sliding credit scores in the new year.
If you maintain your credit by having access to cheap tradelines that can boost your ratings, you may come out alright after the holidays, but most people struggle. To help you stay on your budget this year, we have listed a few shopping tips.
If you have a long list of people to buy for it can be easier on your budget to start your shopping early. At any time during the year when you see just the right thing, consider buying it then instead of waiting until closer to the holidays. It’s just as easy to store a gift away as it is to wait until your wallet is stretched.
Make a gift-buying budget and set aside enough each month to buy a few gifts. This can be easier to swallow financially than trying to buy everything in one big chunk.
With the surge of online commerce, it’s now possible to buy almost anything through an online vendor. Many online stores have much lower prices because of the lack of overhead required to run their businesses. You will have to pay for shipping and handling, but you can still save some money on your purchase price.
Wait For Sales
If you are patient, you may be able to get some of your gifts during the traditional Black Friday sales. Keep in mind, that although you may save a bit of money, businesses often inflate their prices to reflect larger savings than you are actually getting.
Split Up Your List
The holidays can be overwhelming financially. If your budget is tight it could be time to prioritize your list. Your immediate family and the children in your life are the ones on your list that really matter. Make sure to spend a larger portion of your budget on the people who truly matter to you and remember that it truly is the thought that counts during the holidays.
Shop With Cash
It’s so easy now to pay with your purchases without any cash. You can use any kind of credit card and even your phone to pay for gifts, but this can make it hard to keep track of how much you are spending.
If you want to stay more present and respectful of your budget, it’s a good idea to pay with cash. As you can see, the physical money transactions will make you more aware of how much you are spending.
The holidays are a time to create memories and spend time with family and friends. With a bit of planning and discipline, you can stay on track with your shopping budget this year and give everyone on your list just the right gift.