It’s the most wonderful time of the year! Some would call it “the most expensive time of the year,” too. The holidays are right around the corner. The National Retail Federation predicts it could be the most expensive holiday season ever, with consumer spending possibly reaching $902 a person.
With that being said, DailyPay would like to help you out with some tips on how to save during this expensive time.
Budget. Budget. Budget.
Make a budget and stick to it. This is the first rule because it’s the most important of them all. Decide how much money you have to spend and then physically write out your budget and list of things you plan on buying.
It’s important to make sure the budget is realistic; don’t expect to find diamonds in the rough. The money going towards your budget should not be the funds going towards rent or your bills but instead should be your surplus of money. You can use this Holiday Budget Planner from EveryDollar as a good template. After all this is decided and you’re out and about shopping, make sure you track your spending.
Be on the lookout for coupons and sales.
There are a lot of deals available during the holiday season. Black Friday will be a prime time to save money on big-ticket items like electronics, home appliances and clothing. It’s important to do research before Black Friday so you know that you are actually getting a good deal.
Coupons are another way to save during the holiday season. It may be a bit old school, but a little goes a long way. Investopedia lists its top coupon codes for the month, and you can also do your own research online.
Go homemade
Giving someone a homemade or personalized gift has always been a classic move. If you’re super into arts and crafts, then lean into that. Design or paint simple items that people can use around their house. MarthaStewart.com published a list of dozens of do-it-yourself holiday gift ideas for inspiration.
If you’re not the crafty type, you can always give someone a framed photo of a special moment that you know they would appreciate. During the holidays, it’s often the thought that counts the most.
Treat yourself to less
Take a look at your regular spending habits and identify areas where you can cut back, even if it’s just temporarily. Instead of your daily latte, make your coffee at home. Pack lunch instead of eating out. Relax at home for a cozy night in with a movie instead of an expensive night on the town. These small changes may seem insignificant, but they can free up a surprising amount of cash that you can use for holiday expenses.
Develop a new gift-giving philosophy
This holiday season, consider moving away from the idea that you need to buy multiple presents for multiple people. While some presents for your closest family and friends are always acceptable and expected, there are other ways for you to give thanks to the other people in your life. Think about what truly matters: creating lasting memories and showing your loved ones you care.
Instead of focusing solely on material gifts, explore other ways you can show you care. Plan a special outing, offer to help with a project or write them a heartfelt letter.
During the holidays, these gestures often mean more than anything you buy at the store.
