With the holiday season upon us, we all want to find ways to save money on holiday gift shopping. But to stay within budget, there are a few things to keep in mind.
From planning your gift list and budgeting to being resourceful and creative, here are ten great ways to save money on holiday gifts this year.
1. Set a holiday gift budget and stick to it.
Before you even get started with holiday shopping, it’s important to have a budget and stick to it. Make a list of everyone you plan on exchanging gifts with and decide how much you will allocate on spending for each person.
2. Use cash envelopes to help budget.
Cash envelopes are a great way to save up for gifts and to avoid using your credit cards. Just make an envelope for each person with a budget amount, and start tucking money away into each one, until you have enough for gift buying.
3. Start your holiday shopping early.
Planning and starting your shopping early allows you to find a better selection at stores, as well as spread the expense out over a few months. It’s also easier to pay cash as you go when you start earlier.
4. Consider pitching in with others on more expensive items.
For more expensive gifts, see who else may want to pitch in so that you can give a gift that someone truly wants, without breaking the bank.
5. Use your banking or travel rewards to get free gift cards.
If your bank offers rewards on your credit card, save those points to buy gift cards around the holidays. Also, if you travel a lot, join hotel rewards programs as some of them also allow you to spend reward points on gift cards.
6. Shop for kid’s used bicycles and sports equipment
Before you go out and spend top dollar on a new bike or sports equipment, shop around for used. Places to look for used items include yard sales, flea markets, Facebook marketplace, and Craigslist.
7. Do not buy things for yourself.
The problem with shopping is that you will inevitably see things you want for yourself. But you should not give in to the temptation. Instead, write down the things you like and use the list to give to other people you are exchanging gifts with to ideas on what you like.
8. Use reward apps when shopping online.
Online retailers can save you money on holiday gift shopping, especially when you compare prices, and also use reward apps that pay you back cash. The most popular ones to use are:
9. Give a handmade gift or baked goods
If you knit, crochet, or make crafts, consider giving someone a handmade gift. If you bake, homemade cookies are usually always a well-received gift too. People do appreciate the thoughtfulness, and time it takes to make something, so don’t disregard it as being cheap.
10. Always hang onto your receipts.
Sometimes during the excitement of the holidays, you may not notice that an item is damaged or missing a part, so always keep your receipts for at least a month or two after the holidays.
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