For many of us, Black
Friday is the kick off to holiday shopping. On this day, stores will have door
busters, sales, and (maybe) great deals on most items in the stores. It all has
been planned to attract gift shopping. However, all this emphasis on spending
leads many people to overspend. Those who do not budget their spending barely have
any money for themselves and for their own needs. Or, if they splurge on
themselves, they don’t have the money to buy presents for friends and family. So
think ahead and learn a few ways to budget and save for the holidays.
Always plan your
holiday budget before you start shopping! Make a list of everyone you plan on buying
a present for. You might budget for one gift per person and mention on your
list a possible gift you would like to get for each of them. When shopping,
make sure you stick to your original budget because it can be very tempting to
overspend!
If you have a
credit card, check to see what your card benefits are. Some credit cards offer price
protection, which might help if you bought something at one store, but later
find it was less expensive somewhere else. Your card might cover the price
difference of the item and give you a refund. All you have to do is file a
claim within a certain period.
Your credit card
might also offer holiday season rewards. A smart phone app called Wallaby can
show you available rewards on your credit card.
Also be aware you
do not have to buy gifts for everyone! An easy way to save on the holidays is
to make gifts for people. Do a Google search or use Pinterest to find DIY
holiday gift ideas. Making your gifts can be more personable than finding
something on a store shelf.
Another option
is to host a gift exchange during the holidays. Everyone draws a name out of a
hat and the name you draw is the person you buy a gift for. This way you can
buy something nice for one person, yet save money by shopping only for that one
person. You could also create homemade “gift certificates” for friends and
family. Examples of services you could offer include a month of babysitting,
doing household chores for your parents, cooking someone a dinner, etc. Use
your imagination and come up with something special that people will
appreciate.
READERS,
what do you think?
1. Do you buy/make gifts for your friends
and family this year? Do you make a budget ahead of time?
2. Have you ever participated in a gift swap?
Did you feel that it saved you money? Did people receive gifts they wanted that
way? (It is important to give gifts that
people will appreciate.)
3. Would you make a personal gift
certificate for someone? If so, what would you give?
Reference:
Steinberg, S.
(2014, November 6). 15 Ways to avoid holiday debt: Spread the holiday cheer to
your bank account this season. U.S. News
& World Report. Retrieved November 12, 2014, from http://money.usnews.com/money/personal-finance/slideshows/15-ways-to-avoid-holiday-debt.
