As the holiday shopping season approaches, retail projections suggest stores could hit the jackpot this year. All the festivities and merriment come at a cost, however, as many people find that holiday shopping leaves them wistful and broke come January 1st. There are, however, a few ways to stay on budget during this season's main shopping event.
Cull the List of People to Buy For
Many people in your life deserve your generosity, but that doesn't mean they all need a gift on Christmas. The easiest way to keep your holiday spending under control is to cut the number of people you regularly buy gifts for, or find cheaper gift-giving alternatives. Experts suggest offering something homemade to the acquaintances on your list, like a tin of homemade cookies. You can also opt to donate to a charity in the recipient's name. Even a $5 donation is appreciated by charities, so stock up on a few $5 donations and offer them as gifts. In some cases, a nicely written letter or a cheerful holiday card is enough for certain people in your life. Consider whom you need to buy gifts for before you set the budget; you may be surprised at the number of people who can be shaved off the holiday gift list.
Set Your Budget and Stick to it
Sticking to a holiday budget can be tough, especially if you are shopping in store. Holiday impulse purchases are common, to the extent that many stores rely on these impulse buys to drive up their revenue for the season. Avoid this holiday pitfall by creating a budget ahead of time. Financial experts suggest making a list of the people you have to buy for, and assigning a dollar amount to each person. Once you've spent the allotted dollar amount on that person, cross them off the list.
Pick Out Gifts Ahead of Time
Researchers have spent years studying the shopping momentum effect. Studies have found that the purchase of one item can have an effect on future shopping behaviors. Apparently, buying one item makes it easier to buy two, three and four. To avoid this problem, make out a list of gifts before you go shopping. Do your research online and come up with ideas for each person. Cross them off the list as you purchase the items. This will help you stay on track and avoid superfluous spending.
Forgo the Flashy Gift Wrap
Flashy wrapping paper may look great under the tree, but it is a waste of money. Most of your wrapping paper ends up in the trash moments after a gift is opened. To avoid this added expense, consider using a less-expensive wrapping option. Brown craft paper, for example, is cheap and easily accessible. You can add a holiday flare to it with stamps for a fraction of the cost of the shimmer paper that sells for more than $5 for a small roll. If you need wrapping inspiration, check Pinterest. The artistic social media community, has a plethora of wrapping ideas that will keep you on budget.
Find Hidden Deals
Hidden deals are out there, especially at this time of year, but you do need to know where to look. To streamline your holiday shopping experience, try downloading discount apps. Amazon Discount Finder, for example, can help you find items that currently are offered at substantial discounts. Remember, though, quantities are often limited, and you'll need to check back regularly to see where the best deals are. Price comparison apps can be helpful too. Before you pick up an item simply because you happen to be at Target or Walmart, check out a price comparison app. Sometimes you can find a stellar deal on the same item at a different store or online.
Armed with these tips and tricks, your holiday shopping season should be a little less stressful. And before you head out and into the stores, try to keep in mind that the holiday season is more about connecting with loved ones and renewing friendships than gift-giving. A little perspective can go a long way!
