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1. Set Spending Limits for the Holidays
Set limits on the amount you can safely spend on holidays that can come out of your bank account. Use this opportunity to create a budget and determine how much money you can afford.
The money you can reasonably spend on gifts is money that won’t go toward bills. However, if you want to have more to spend, it doesn’t mean this should only be the leftover money at the end of the month. You can also use funds you would typically spend elsewhere, such as your morning coffee. As long as you are using cash (not cash advances from credit cards) without spending rental money, you are doing well.
Remember to be realistic about what you are willing to sacrifice. You might spend your monthly clothing budget on holiday gifts, only to find yourself short on cash when you need new winter boots.
2. Create a “Naughty or Nice” List
Santa needs to buy gifts for the entire world, but you don’t. If your shopping list includes more than five people outside your immediate family, start trimming it down.
Then, bake some cookies to give to all the people you’ve removed from the original gift list. This will ensure that you spread holiday cheer and keep you from coming off as a Scrooge.
3. Be Realistic About Your Budget
Your older brother paid off his student loans five years ago, and he always buys you the most lavish gifts. However, if you are in a different place financially, don’t feel pressured to do the same.
If you have any doubts about whether the people on your list will appreciate the less expensive gifts you buy for them, remember what your friends and family have given you when their budgets were tighter. You will undoubtedly become a better friend in the New Year if you don’t create debt burdens for each other this year.
$832.84
The average amount Americans planned to spend on gifts, food, and decorations for the 2022 holiday season, according to the National Retail Federation (NRF).
4. Be a Coupon and Discount Code Hoarder
Sales aren’t the only way to get great deals on the gifts you want to buy for your friends or family. Before shopping online, do a quick web search for discount codes for your favorite online stores.
Before shopping at your local stores, check any coupons you have received in your mailbox. While browsing flyers, be sure to compare offers for the item you are interested in. Savings can happen just by hunting for deals.
5. Give the Gift of Your Time
Your parents (or distant family and friends) may appreciate something more than your visit. Another idea? Write a “free babysitting night” card for family and friends with small children or a “good for a home-cooked meal” certificate for your widowed uncle to redeem when the time is right.
6. Build Better Spending Habits
Overcome the anxiety of how to pay off your credit cards next month by giving yourself the gift of developing new and improved spending habits.
For example, for every dollar you spend on gifts, find a way to cut that dollar from your regular spending. During the holidays, you can use those savings for gifts, but next month and throughout the rest of the year, what you save can go into your emergency fund.
7. Give Personal Gifts
A small, thoughtful gift is worth more than an expensive gift that the person may never use. Avoid the urge to shop at trendy stores and start the holiday by taking a moment to think about what the people on your list truly need.
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For example, if your sister loves baking but can’t handle homemade pie dough, you can buy a simple dough-making tool for under $10 and include a copy of a foolproof recipe.
8. Organize group volunteering instead of holiday celebrations
Your friends might struggle with overspending just as much as you do during the holidays. Offer them relief from not buying gifts for you by organizing a group volunteering day instead. Volunteering can also be done online. You’ll come away from the day feeling proud of your efforts instead of suffering from buyer’s remorse, and anyone can benefit from volunteering.
A nonprofit organization called VolunteerMatch has a massive online database you can search to find volunteering opportunities (both in-person and virtual) for a wide range of causes and organizations across the United States.
Conclusion
Don’t let your debt become the villain that robs you of joy during your holiday season. Buy gifts based on sentiment rather than monetary value and avoid giving yourself a headache of debt throughout the year. If you can follow these tips, when your bank and credit card statements arrive in the new year, you’ll find yourself singing “Joy to the World” once again.
Source: https://www.investopedia.com/articles/pf/08/speding-holiday.asp
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