Tips for Creating and Sticking to Your Holiday Budget

It’s that time of year again! Here are some budget conscious shopping tips as we head into the holiday season.

Set a Spending Limit: Before you start to shop, decide on an amount that you are comfortable with and can afford to spend on gifts this year. Be realistic and firm, and stick to this spending limit throughout the holiday season. Don’t forget to also factor in your regular monthly bills that will need to be paid during this time.

Don’t Forget You Might Need to Buy Other Items Besides Gifts: Other factors to include in your holiday spending budget might be travel, gift wrap, decorations, food, and clothing. These items may be outside of the holiday gifts you are purchasing, but can still add up and blow your holiday budget if you forget about them.

Do Your Research: Before you head out to the store or make an online purchase, do your research. How much do the things on your list cost, and are there any promotions or online deals you can take advantage of to save money? If the items on your list are ones you have purchased in the past, see if you have previous receipts or online order emails to remind yourself how much the items cost or where you purchased them.

Make a List: At the beginning of the season, make a gift list with one or two ideas for each person – within your budget of course. Try to create this list as soon as possible, so that if any of the items on it are on sale – you can get them early and at a discount. Be sure to also stick to your list – once it’s made, it’s made. Try not to buy extras or overspend.

Scale Back: If you’re on a tight budget and your gift list includes many people outside of immediate family or kids, you might need to consider cutting your gift list. Instead, you can always try a homemade gift that’s much less expensive for adults outside of immediate family (baking cookies, crafting something personalized) to save your holiday spending budget.

Try Secret Santa: If you have a rather large family or a big friend group – you can always try the Secret Santa gift method. This way you won’t have to buy an individual gift for everyone – you can simply pick one name out of a Santa hat, the group will set the spend limit together as a whole so it’s the same for all, and then you only have to buy one gift.

Compare Prices: Once your list is made, start doing some comparison shopping to see where you can purchase the items that will save you the most money. Check out early Black Friday deals (which many retailers have been participating in for 2021), Black Friday sales, Cyber Monday savings, and online coupons. Be sure to also sign up for emails with the retailers you plan to shop with this year, as well as follow their social media pages to keep an eye out for timely promotions.

Track Your Spending: Once you start purchasing gifts, keep a tally of how much you are spending to make sure you are in line with your original budget. Keep this as up to date as possible so you know how much you’ve spent and what is still left to buy.

Happy Holidays!

Article Source: News 12 New Jersey

Tips for Holiday Shopping on a Budget

‘Tis the season…to avoid going broke buying presents for your loved ones. It’s easy to do, right? Sometimes we get carried away and spend more money than we intended to. You don’t want to look like a cheap gift giver, but you also don’t want to buy the whole store either. So, how do you buy awesome gifts for everyone on your list without breaking the bank? We have a few tips to help keep your wallet full this holiday season.

Make a List, Check it Twice. Hey, the process works for Santa so it can work for you too! Start with a list of people you plan to buy for, jot down the gifts you think they’ll love and then check it twice. Santa has to buy gifts for the whole world, but you don’t have to. If your shopping list includes more than five people outside of your immediate family, trim your list. Look at alternatives like homemade gifts or baked goods so you can spread holiday cheer without looking like a Scrooge or going broke.

Create a Budget Based on Your Finances. Your best friend started a great job a few years ago and always gets you the most amazing gifts. However, if you’re in a different place in your financial life, don’t overextend yourself to match another’s gifts. Look at your budget and see what you can do. Don’t shop based on what you think you should spend. The saying “it’s the thought that counts” really does ring true here. It’s still possible to give thoughtful gifts to your loved ones without going into debt.

Take Advantage of Black Friday, Cyber Monday, and Online Deals. Black Friday and Cyber Monday are the busiest shopping days of the year. And for good reason – those are the two days you can get the best deals and save the most money. Electronics and toys are usually highly desired items on Black Friday and Cyber Monday, so if those are on your list, don’t miss the discounts. However if you did miss these two shopping days this year, keep checking your list and retailers’ websites and promotional emails – a lot of the time they end up extending their Black Friday/Cyber Monday sales or even offering new discounts in the weeks leading up to December 25th.

Keep It Local. Shopping local is a great way to save a little cash while also supporting local businesses. Because there are fewer hands involved, buying local can often save you some money. You’ll likely save by purchasing green beans from a produce stand because the farmer doesn’t have to divvy up profits the way a chain supermarket does. It’s also a great way to improve your local economy. Plus, shopping at local businesses helps to improve your town’s economy. Follow your local news and check Facebook pages in your area to see what businesses are offering locally made products.

We know that holiday shopping can be stressful. You’re paying your regular bills, taking care of your regular expenses, and planning for holiday shopping on top of that. It can be tempting to open multiple credit cards or store cards, which often come with incredibly high interest rates. Don’t get stuck paying big balances on multiple cards. We have numerous options that can help you fund your holiday shopping without breaking the bank!

Let us help. Stop by, check out our website or give us a call to see what money saving options we have to help you this holiday season.