Christmas on a Budget – How to Save Money This Holiday Season
I’m putting Christmas on a budget this year. As I write this it’s only the first week of November. Normally I don’t even think about doing my holiday shopping this early, but I want to save money on gifts and other typical holiday expenses, so I’m getting a jump start on my holiday planning this year.
With the economy in turmoil and consumer confidence at an all time low, I’m guessing I’m not the only one putting Christmas on a budget this year. Here are some tips to help you save some money on gifts and other holiday expenses:
Make a shopping list: Write down all of the items you expect to have to buy for the holidays, including gifts, decorations or food for parties and family gatherings. Be specific about who you plan on buying for and what you plan on buying for them. Having a list will allow you to snag items as they go on sale, and it will keep you from procrastinating til the last minute.
Start early: This may be the best tip for saving money on gifts this year. It is expected that retailers will be offering bargains and discounts far earlier this year than in previous years. Starting early will help you plan better and make sure that you don’t miss out on any of those deep discounts that we are expected to see from retailers.
Set a budget: Do this both for the gifts you plan on buying and all the extras as well. This will be especially helpful when you’re shopping for gifts, since it’s easy to get excited and go overboard on gifts. Write down everyone you want to buy for this year, and set a specific dollar amount for each person. You’ll be surprised at how much this will help eliminate over spending.
Shop around: Retailers are expected to offer deep discounts this year, so it will pay to do your homework to make sure you’re getting the best deal available. Also, check the in-store prices to the online prices; some stores offer different prices based on how/where you buy the item.
Don’t forget the decorations: When you’re making your Christmas budget, don’t forget all the decorations and supplies that go into making Christmas special. In addition to gifts, you’ll need holiday cards, decorations, party supplies, food, cleaning supplies, and other miscellaneous items. A good idea to consider for next year is to stock up on decorations and wrapping paper right after the holidays when everything is on sale.
Shop for out-of-state family first: This will be the biggest money saver for me this year… If you need to ship gifts to family members who live out of state, do it early! Postage and shipping is usually my biggest expense each year, because I wait til the last minute to buy and ship these gifts. This year, I’m shopping for out-of-state family members first, so I can mail them well in advance and avoid those inflated Christmas shipping fees.
I hope these tips help you save lots of money (and stress!) this holiday season. For a free printable holiday spending budget worksheet, please visit http://www.themoneywisecoach.com/2008/11/holiday-spending-budget-worksheet/
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