There’s no doubt, it’s pretty easy to go overboard when it comes to spending over the holidays. This is especially the case when there’s children involved. No matter how many times you tell yourself you’re going to watch your spending and concentrate on the true meaning of the holiday, it always seems to end up the same. That is, telling your budget to take a hike and filling the bottom of the tree with lots of goodies. These ten tips will help you find easy ways to stay on track when it comes to your holiday spending, so this year you may actually ring in under budget without feeling guilty.
1. Set A Budget
The first rule of thumb that you have to make when holiday shopping is to actually sit down and work out a budget for the whole season. This will include the money you can spend on everyone on your list, not just your immediate family. Once you have this figure in mind, then you can break it down to suit each individual person that you need to buy for. When you figure out how much you can spend make sure you don’t stray from the number. If anything, always shop under the number to ensure you don’t overdo your limits. If it helps, leave your credit card at home. Instead, put cash into envelopes with each person’s name on it. This will allow you to keep your budget for the person, so you don’t take from your household’s regular budget. Don’t take money from other envelopes either. If you wind up spending less, then this money can go to pay down the debt created over the holidays or to give your home budget a small boost.
2. Rule of 4
Shopping for kids can be one of the hardest things to do when it comes to your self-control. Usually, kids wind up with so many gifts that they are entirely overwhelmed and don’t actually remember half of the items they received. Rather than overspending on the children, try to use the Rule of 4. That is, parents give them each a total of 4 gifts. These represent something the child needs, something the child wants, something the child can read and something the child can wear. This should cover a wide basis so kids will feel pleased when the holiday comes around. Of course, one Santa gift a piece will help keep the holiday magic alive too, especially when the children are much younger. Make sure to give Santa the memo though, so he doesn’t go overboard as well.
3. Don’t Impress
A lot of the time, people end up shopping with a price tag in mind, rather than the person. The need to impress others with how much we spend on them is tough to overcome, but you may find the response is well worth it when you break out this cycle. Rather than trying to match the price tag of the gift someone bought for you, think out of the box and choose something you know they would actually like. The personal touch of this type of gift is sure to warm their heart while the price tag shouldn’t leave you hurting as much as it would when you were trying to match the price. If the person isn’t impressed with your gift giving, then don’t stress out over it. It’s the thought that counts, not the money spent.
4. Forget the Hype Gifts
Every year, there’s always the one gift that everyone scrambles to find before they’re all sold out. After some time, the toy is sold on the market for an extraordinary price, which leaves parents breaking their budget or disappointing their children. Usually, kids only want these items because other children want them. They are hyped up on commercials and kids work themselves up over them at school. Instead of supporting your child’s need to fall into the crowd, try to talk to them about gift alternatives that they may enjoy all year long. You may even let them know if they still want the item after the holidays then you can get it for them then. Most of the time, they’ll forget all about it because the gift isn’t really that important. Gifts that suit personality and interests will always be a better bet. Your child may not even think about the hype gift, after they open up toys they actually want. The same can be said for adult hype gifts, so don’t fall for the jewelry or technological hype that goes around during the holidays.
5. Cut Your List Down
It’s hard to exclude people from holiday gift giving, but if your list is long and keeps on growing then you may want to sit down and do some thinking. Spreading holiday cheer is a lot of fun, so placing colleagues, neighbors and even acquaintances on the list can lead you into a world of trouble. Instead, try to stick with just your family and close friends. Some years, you may even want to cut the list down even further. If you have a close-knit group of friends then consider drawing names for the holidays. You can even do this with extended family to ensure everyone gets a gift without forcing you to spend money on everyone in the family. Secret Santa drawings are always a lot of fun too so don’t exclude these at the office, with friends or even with the family. If you’re feeling guilty about not getting everyone something, then bake cookies or make them something special. You can even just send out cards to share your holiday greetings to those who don’t make your final shopping list.
6. Make a List
One of the biggest mistakes many shoppers make when it comes to holiday shopping is going shopping blind. You should always sit down and write a list of the things you want to buy for the people on your list. This will help prevent you from straying when you finally make it to the store to go shopping. Rather than browsing every aisle for items, you will have a general idea of what you need. This will help prevent you from making spontaneous buys that you simply don’t need. These types of buys are rarely useful and can kill your holiday budget if you’re not careful. Knowing what you want to buy for each person on the list will also allow you to shop around so you can find the best possible deal around. As you go, simply mark off each person you have already bought for and before you know it you’ll feel victorious over the holiday season.
7. Skip the Card
Another major problem with holiday shopping is the power of the credit card. This card will allow you to go way over your limit without even having to think twice about it. This can be a major problem if you tend to over shop during the holiday season though. So, instead of bringing along your faithful cards, you may want to leave them at home in your time of holiday crisis. If it is still too tempting, then put them in water and leave them in the freezer until you’ve finished up your holiday spending. This should help you forget all about using them to go over budget.
8. Go Homemade
If you’d still like to give a lot of gifts without spending a small fortune, then think about some fun homemade items you’d like to whip up. Try knitting something special for the kids or working on some art that they can put in their room all year round. If you want to skip out on spending money on colleagues, friends and acquaintances then this could also be a great concept to try out. There’s so many holiday crafts to try that you won’t fall short even if you are trying to personalize the craft to each individual on your list. Popular items include making ornaments, cookies in a jar, holiday cards and so much more. Let your imagination do the work for you as you create gifts that cost next to nothing, but still bring lots of smiles to those you give them to.
9. Avoid Stockings
Stockings can be a pretty big money pit when it comes to filling them year after year. Usually, people put candy and small items in the stockings, which can end up becoming pretty pricey before it’s all said and done. Kids already get plenty of candy since Halloween has already come and gone and there’s plenty of treats to indulge in over the holiday season. Thus, you probably shouldn’t even worry about adding candy and junk food to the stockings. Smaller items can be pretty pricey too, especially as the child begins to age. Many parents will add in cheap items that children wouldn’t even think they’d want as well. This usually is just overwhelming and the toys may end up cluttering the room rather than being used for playtime. So, you may want to stick to keeping presents under the tree. If you do want to fill up the stockings, then consider doing it with items the child needs. For instance, a fresh toothbrush, toothpaste, small school supplies and fruit are great options for the holiday stocking.
10. Talk to Your Kids
A lot of the time children expect to have a lot of presents under the tree, because they are taught this is normal and if they behave throughout the year they will be given what they want. You shouldn’t let this become the case when it comes to your child as it could become a problem later on as your child grows into an adult. Instead, have a sit down with your child before you decided to host a more frugal holiday celebration. You might explain to them that they get items all year long and that the holiday isn’t supposed to be about receiving a ton of gifts. Rather, you should explain the true meaning of the holiday in your own words, so the child will know just what they should expect. You might also want to bring up children who do not receive many gifts for the holiday. Even adding in an element about Santa can help you cut down on your gifts without feeling too guilty.
Practicing self-control can be a huge battle, especially during the holiday season. These ten tips should allow you to find the perfect method to cut back on spending so you can save this season while you complete your holiday spending. With a little luck, you may find the perfect method for you which will help you in the upcoming years too.
