It's my favorite time of year!! The holidays are the season of giving and spending time with family and friends...but sometimes they can turn into times of stress and spending too much money. Here are my tips for a successful and practical holiday gift giving season:
1. Come up with a total budget you plan to spend on gifts.
This budget should be reasonable and NOT a stress on your life and/or
and bank account. Remember, this is the season of giving, not debt.
2. Write down exactly what you want to give to each person on your list. Try
to be as specific as possible. This means "miter saw" instead of
"power tools" and "puzzles, blocks, and books" instead of "toys."
3. Split your total budget into individual dollar amounts and list those amounts next to each person.
4. Revise your list and budget.
Miter saws don't cost $10, and you don't need to spend $200 on your 6
month old nephew who will enjoy unwrapping the present more than playing
with what's inside. Move the dollar amounts around to make sense for
what you plan to give, but do NOT increase your budget. You came up
with this dollar amount because it works for you and your family, so
don't change your mind now!
5. Research and investigate.
This is the best part! I look at this step as a game, and last year I
started it back in July (but not this year, unfortunately). Find out
what stores in your area or online carry the gift you are looking for
and compare prices. You could buy the one with the lowest price and
stop there. Since you are a savvy shopper, you will probably want to
investigate a little more. Look into store incentives that will be
offered during the holidays. A lot of times a store will sneak their
Black Friday prices weeks before the sale, so check for those online.
Also look into coupons, dollars back for spending a certain amount, and
shipping costs, if you are buying online. Many online retailers will
offer free shipping and super low prices the Monday after Black Friday,
so keep that in mind.
6. Keep your receipts, get gift receipts, and ask about return policies.
It's possible you will find a better price before you give your gift,
so keep researching after you have made your purchase. Return the
pricey one and buy the new one at a lower price.
7. Track your spending and reassess your budget.
How did you do? Be proud if you stuck to your guns and didn't go over
budget. Were you under budget? Awesome! You spent time finding
thoughtful and useful gifts that your friends and family will love, and
you didn't break the bank to do so. What will you do with that
hypothetical cash that you didn't spend? I recommend saving it, of course, or adding it to next year's holiday budget.
That's it for today, but stay tuned! I'll post more about specific store and gift deals as well as outside-the-box gift ideas that won't break the bank.
Happy Saving!
~Coral