Christmas gifts are a big expense for everybody. Here's how to curb the drain on your wallet.
Christmas presents don't have to break the bank. With a little planning and a strong resolve, you can give everyone on your list a wonderful gift without having to go into serious credit card debt. Here's how:
1. Make a Budget
Make a list of everyone you plan to give holiday gifts to this year with an estimate of what you want to spend. Now add one or two generic wildcard gifts. These are gifts for people you forgot to include, or for people who unexpectedly gave you a gift and you feel you have to reciprocate.
A gift card to Starbucks or Blockbuster, homemade Christmas cookies or homemade marshmallows work well for these kinds of gifts.
2. Research Online in Advance
Try to get an idea of what you want to buy everyone on your list before you actually shop. If you need to compare prices or features, do it online in advance.
3. Block Out Time to Shop
The easiest way to stick to your Christmas gift budget is to block out one or two specific times to shop, and finish it all during those times. Browsing leads to overbuying. If you plan to shop online, make that one of your designated shopping sessions.
4. Stick to the Fewest Number of Stores Possible
Fewer stores means fewer opportunities to stray from your list. If you're up for a challenge, try to finish your whole list in one store.
5. Don't Get Sucked in by a Sale
Sure, that may be a great price for a foot massager. But does it fit your budget? Does anyone on your list want a foot massager?
6. Don't Buy Anything for Yourself
Perhaps the biggest hidden expense during Christmas shopping is to buy things for yourself while buying gifts for others.
Maybe it's something you need anyway. Maybe it's something you want. Or maybe it's just a great price. Whatever the reason, ignore it. Your bank account will be much fatter in January if you don't give in to temptation.
7. Write Down What You Spend
The very act of writing it down can curb overspending. It also helps you make sure you stick to your budget.
8. Shop Early
Shopping under pressure causes overspending. Plan to shop early and you'll not only save money, you'll feel less frenzied as the holidays approach.
9. Avoid Using Credit Cards
When you know the money is coming right out of your bank account, you are likely to spend far less than when you know you're buying on credit.
10. Shop on Craigslist and eBay
Both web sites have great deals, and many times, items are brand new.
