How to Exercise a Some Holiday Spending Restraint (without being a Scrooge)
Everything is more expensive nowadays. But during the holidays, we try to ignore the sticker price, don’t we? After all, we want our friends and family to have all the things.
But then January rolls around and we get our first credit card statement of the new year… which prompts us to add “stick to a budget” to our list of New Year’s resolutions. Again.
We’re not, like, financial influencers or anything, but we are super good at two things:
Giving gifts.
Not going (overly) overboard.
Yep! You can do both! At the same time!
10 Ways to Save Over the Holidays
#1 Set up a budget.
The best way to beat your over-budget spending is to make a realistic budget in the first place.
If you know you’re going to spend at least this much on each person, make a budget to reflect that. There’s nothing worse than setting a tight budget you know you’ll never meet, then overspending.
#2 Make a list and check it twice.
We love gifting as much as Santa, but you can’t buy for everyone. That includes every coworker since your first job in high school, your next-door neighbor eight houses down, and your mom’s sister’s boyfriend you met at last month’s family reunion.
Start by making a list of people you want to buy gifts for. If that list is too long for your budget, make some tough decisions. You can do it! We believe in you!
#3 Opt for Secret Santa
This is the money-saver's ultimate trick. If you have lots of folks to purchase for, suggest a Secret Santa! For example, if you have a big fam:
Choose a good secret-keeper to get your Secret Santa situation all set up. (Let’s just assume that’s you.)
Make a list of everyone who’ll be exchanging gifts.
Write each person’s name on a little piece of paper and toss ‘em into a bowl.
Draw a name, and assign them to the first person on your list.
Draw another name, and assign them to the next person on your list. And so on.
Let everyone know who they’ll be buying for. And swear everyone to secrecy.
Now each person only has to buy for one other person, and you can set a reasonable monetary limit for the gift. Trust us: Your friends, family, and coworkers will thank you!
Pro-tip: Wanna go high-tech? Use a service like Elfster, which will actually draw names for you and give everyone a spot to create wishlists. (Hooray for not ending up with another of Aunt Marge’s home-knitted dickies!)
#4 Pay cash.
Holy credit cards, Batman! That’s a lot of holiday debt!
Paying with cash is usually the way to go when you’re on a tight budget. It helps you feel and see the impact of every purchase, making you think more about how you’re spending your hard-earned cash.
Of course, you can’t use cash for online shopping. So, either use your debit instead of credit or skip online shopping altogether. Your local small businesses will be soooo happy you did.
#5 Avoid last-minute shopping.
On the topic of thinking harder before spending, avoid the last-minute store runs. Panic shopping to finish your list by Christmas morning will have you spending more than you’d like just to get it over with.
Take your time and think about each purchase you make and do your shopping early. You’ll make better decisions, and you’ll save tons of moolah on express or next-day shipping.
#6 Remember: It really is the thought that counts.
Thoughtful gifts will always outshine expensive ones. Some people are hard to buy for anyway, so a simple and thoughtful gift will save you a headache and some dough!
Think framed photos of special memories, something engraved, tickets to a show, or something beautiful from a local flea market that just made you think of them.
#7 Take advantage of sales.
Amazon Prime Days, Black Friday, Small Business Saturday, Cyber Monday… the list goes on! Make sure to browse on those special sale days to get the most bang for your buck—especially if you’re looking to purchase electronics and small appliances.
#8 Buy in bulk.
If you’re hosting this year’s holiday celebration, wholesalers might become your best friend. You can buy paper products, plastic silverware, and delicious eats in bulk to save some cash!
#9 Go potluck-style.
Or, instead of being the host with the most, you can create a potluck-style holiday gathering. With each person bringing a dish or dining ware, you get the savings and everyone else gets to participate. So fun!
#10 Skip the Christmas cards.
If you’re still sending physical Christmas cards, you’re spending a lot on printing and postage. This year, consider ecards. Same sentiment, less expense!
Happy Holidays!
This time of year, we also get all warm and fuzzy about what matters most. Securing our financial future is one of those things. If you’re in the same boat, drop us a line! We’d love to talk real estate.
