You don’t have to sing the blues with holiday spending this December, and you don’t have to go into debt. How do you keep Christmas spending from causing stress, and actually save money Christmas shopping?
Yes, saving in December is possible! Make a goal for yourself – keep your financial planning on track, clean up a sloppy financial habit (or two), and get a little creative. (Do you have goals in mind, but just need a little help staying on track? Subscribe to our newsletter for access to an easy-to-use spending tracker.)
Our top tips to save money when Christmas shopping
It’s so tempting to get caught up in what the Joneses are buying over the holidays, isn’t it? Stacks of toys for the kids, the best fashion for holiday parties, gifts for…everyone…and cha-ching! Suddenly you’re looking at a massive credit card bill in January. Are you tired of being overwhelmed with the season and holiday spending?
Read on! These action steps will help Christmas giving bring out your best financial behavior, not your worst.
Identify your unique holiday spending personality, using the list below:
What are your holiday patterns – Do you like to party hearty, give gifts, entertain, decorate, shop, wrap, bake/cook, or all of the above? Whether you work ahead or are the last-minute type…do you:
- Stick to a spending limit or leave it open-ended?
- Buy gifts for everyone who’s anyone?
- Spend time to find just the “right” gift for each recipient?
- Search for sales or “just do it?”
- Want to spend an equal amount on everyone?
- Want to be the best gifter, best baker, best host AND life of the party?
- Strive to “keep-up-with-the-Joneses” and keep a mental checklist to do so?
- Find things for yourself as you’re looking for others?
- Make donations to almost any cause that asks?
- Get a thrill with random acts of kindness?
After you have an idea how you spend, make a suitable budget.
Who needs a budget? Anyone who’s spending! Budgets don’t have to be scary, and they don’t have to strangle your fun. Rather, budgets should be freeing – helping you avoid spending on what you don’t REALLY want, to save for what you do. When creating your budget, don’t forget to earmark money for those unseen holiday expenses, like:
- Extra groceries for entertaining and baking
- Hostess gifts
- Transportation
- Home decor
- Appearance (new outfit, accessories, manicure, dry cleaning)
- Eating out
- Alcohol
- Unexpected (fresh flowers, express postage, special boxes)
Planning ahead is everything – especially if you want to save money Christmas shopping
You know planning ahead is the right thing to do. Especially when trying to get your family finances in order. A little planning can help with a lot of things! A few ideas to help you start thinking ahead, listed below.
- Plan to help your money go farther – check for sales on everything before you buy
- Plan to shop with a list – try to eliminate “impulse” buying, and to stick to your budget
- Plan to use coupons – and use frequent shopper rewards
- Plan ATM/bank visits – to avoid fees
- Plan to not overdraw accounts – avoid overdraft penalties
Not planning your time costs you in ways you likely shrug off. Here are some good things to keep in mind:
- Snacks to eat – high-priced stops to curb hunger can bust a budget quickly
- Wrapping gifts – many retailers wrap for free if you have time to wait, so build it in
- Shipping costs – avoid last-minute rush pricing, and ship direct if ordering on-line
- Grouping your shopping trips – Plan to use less gas and time
- Using cash – and avoid overspending and/or credit card fees in January
- Planning enough time so you aren’t rushing – Accidents cost too!
- Stress is a cost of not planning as well. (Can you avoid the last-minute panic, disappointment, fights, depression, stomachaches, overeating binges and the anticipated “January bills” stress?)
Creativity Counts…and might save you money too.
- Make some gifts – presents or presence?
- Learn a skill – or share a skill.
- Incorporate magical touches – unique wrapping, cards, photos, surprises
- Collaborate with others – to bake, write cards, make crafts together.
- Make special memories – Party together, make photo books, go caroling
- Make TIME for someone – Call Mom (texting doesn’t count), do lunch, plan an outing
- Make a tradition – meet a friend and write Christmas cards together over coffee
While he wasn’t specifically talking about Christmas, Ben Franklin would say….A penny saved is a penny earned!
Feel great about your holiday spending or some special deals? Add your money-saving ideas to our Pinterest board at @RootandBloomForever.
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