6 tips for spending less on Christmas gifts
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The holiday season is approaching and for many that means it’s time to shop for Christmas gifts for friends and family. If you’re just getting started with your holiday shopping, you may be feeling financially overwhelmed. But you don’t have to avoid giving gifts this season just because you’re trying to shop on a budget. Check out these tips for spending less this holiday season.
1. Set a spending limit on Christmas gifts
Before you start shopping, it is recommended that you set a spending limit. This will prevent you from spending more than you can afford. Take a look at your finances and figure out how much you can comfortably spend on gifts. When shopping, make sure you stick to that budget. It’s not worth spending too much on gifts if you feel guilty or find yourself in dire financial straits afterwards.
2. Participate in a Secret Santa gift exchange
One way to help reduce the financial burden of gifts is to have a Secret Santa Gift Exchange or other similar gift exchange. With this method of giving gifts, everyone just has to buy a gift instead of buying gifts for everyone. This style of gift is a perfect idea for families, groups of friends and colleagues.
If it’s still early enough, offer a Secret Santa gift exchange. Buying gifts for everyone you know can be time consuming and expensive.
3. Pay attention to sales flyers
Don’t ignore the sales flyers in your mailbox and email inbox. Sales can help you save money on your holiday shopping. You can get great deals on the latest toys, electronics, and household essentials, and these items can make great gifts. Before you go shopping, browse a few sales flyers to see what discounted items you can buy.
4. Sell used electronics and other unwanted items
You probably have older electronics and other items lying around your house. If you don’t use them regularly, it may be a good idea to sell them. You can use the money you earn to buy new gifts. In addition, you will free up space for new gifts.
Now is a great time to sell unwanted items as everyone is looking for a good deal and many people are shopping for used items during the holiday season. Check your neighborhood sales groups to see which items are selling well.
5. Spend unused gift cards
When was the last time you noticed gift cards taking up space in your wallet? If you have gift cards that you haven’t spent yet, consider using them to purchase gifts for others.
If you don’t have gift cards lying around, you may be able to redeem your credit card points for gift cards. Many of the best rewards credit cards allow you to do this. While this is not always the best buy-out option, it can make sense if your purchase funds are low and you still need to buy freebies.
6. Be creative
Certain holiday periods require a little more creativity. You can bake cookies and other treats, become a handyman, or find other ways to creatively give gifts. You don’t have to buy expensive gifts to show you care. Instead, find unique and creative ways to express your appreciation for the people in your life. Doing this can help you spend less and can make a more unique gift.
If you don’t feel ready for the financial side of the holiday season, now is a good time to rework your budget for next year. If you are new to budgeting, using one of the best budgeting apps can ease the process and help you stay organized.
You can open an online savings account and automate your monthly savings contributions to be well prepared for the next vacation. Over time, your holiday shopping fund will accumulate. By saving just $ 50 per month, you’ll save $ 600 in 12 months, plus any interest you can earn on that money.
It’s never too late to improve your financial situation. Check out these personal finance resources for more helpful tips.
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