Do you want to learn how to easily stick to your holiday shopping budget with ease this year?
One of the most giving times of year is the holiday season, which often means, that it is also the season of extra spending.
That can translate into overspending if you don’t have a plan to stick to.
But don’t worry, you can easily help remove any tension that you may have this holiday season by developing and sticking to a holiday budgeting plan that’s unique to you.
Having a holiday spending plan will help you to reduce the pressure and stress from overspending your hard-earned money and will hopefully prevent you from potentially racking up debt this holiday season.
Here are 9 fantastic ways to survive holiday shopping on a budget this year.
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9 Ways To Survive Holiday Shopping On A Budget This Year
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1. Know your spending limit with a holiday list.
Let’s start with average spending statistics and see how it can prevent you from overspending this holiday year.
The National Retail Federation estimates that the average American will spend $700 on holiday gifts and goodies, totaling more than $465 billion.
So whatever spending limit you have, it’s best to set a realistic limit before you even spend your very first dollar.
How do you do this? Write down your finances in a planner and make sure to add all your potential giftees and put a realistic number of what you can afford beside each of their names.
Don’t forget to add in food, events, and extra stocking gifts to have a budget that you can adhere to. Once you know your spending limit, you’ll be one step closer to sticking to it.
2. Don’t leave your shopping to the last minute.
If you would love to reduce the amount of holiday stress and extra money that you usually spend during the gift-giving season, then know that waiting until the last minute to go shopping and purchasing all your presents in a hurry is one of the best ways to overspend your budget.
Not only are you likely to spend more than your initial budget but it also makes the year’s already stressful time even more so.
If you procrastinate, your stress and your budget will amplify — do not procrastinate!
Holiday’s come around every year and we all know this. Get out there and start as soon as you can. This is a smart way to reduce holiday spending and simply to be more organized.
See Also: 6 Smart Ways to Save Money at Home
3. Try to buy last year’s electronics, to save even more $.
If you would like to save your money this year, then try to save your money by purchasing last year’s inventory. Electronics, for example, are a great way to save with this tip.
The latest and best features are not important to many people. And by purchasing an older version of a phone or electronic device that was the latest and greatest just a couple of months ago, you are likely to save big.
4. Keep a tally of all your purchases.
Keep track of all your purchases once you start the holiday season. In fact, make sure to keep track of the value of your holiday-related activities and other expenses so you can even plan more accurately for next year’s budget.
You can easily do this by taking your gift list with you on every shopping trip and keeping a tally beside everyone’s name by writing down every penny that you are spending along the way.
5. Comparison shop your gifts online and don’t forget to use discount codes.
If you would really like to stick to your holiday shopping budget with ease, then comparison shopping online will be your next best bet.
Online shopping can save you a lot of time and money when you are comparing your items with other stores. You’ll have all the information that you need just with a simple few clicks and this is a great way to comparison shop for lower prices.
Don’t forget to look for free shipping codes on sites such as Honey and allow your gifts to arrive with plenty of time.
6. Stick to a cash-only system when out with friends and shopping.
If you would really like to save your holiday money this year, try to stick to a cash-only system when out shopping for your giftees.
Placing the gifts on a credit card makes overspending just so much easier. But if you leave the house with a set amount of cash and stick to your budget, no matter what else you may see that catches your eye, you won’t have it added to your list.
7. Keep a couple of generic gifts with their receipts as a backup plan.
If you receive a surprise gift or forget to buy something for someone, keep a couple of backup generic gifts with their receipts.
By keeping backup gifts that are generic enough, they’ll be just what you need, and it’ll ease your mind and save you from scrambling to find something at the last minute, that is either marked up or already overpriced.
Holding onto the receipt will always give you the option to return later if you didn’t need it.
8. Make price checking with your phone a habit.
Despite your best intentions, there’s a way to blow the holiday budget through the roof if the gift is perfect but overprized.
So for those cases, use your mobile to see if you can find a better deal elsewhere if you really want to buy a gift that’s over your budget.
Many shops have price matching policies. Price matching is a practice where a retailer agrees to match a lower advertised price from a rival store, selling you the same product for the lower prices, so take advantage of this!
If you happen to find a better deal elsewhere, then you are mastering your holiday budget like a pro.
9. Start saving in January.
Now, this sounds very intimidating because you have the whole year to get ready, but it really does work wonders in helping reduce holiday stress and saving your hard-earned money.
Start saving in January to make Christmas shopping easier.
If you put aside money to cover your Christmas expenses every month, when the time comes, your stress will be much less about your holiday spending.
If you need help, there’s a little trick that you can do… Try to recall the budget you followed last year to see how much you spent, and then divide it by 12. The number that you get is how much should be set aside each month to cover holiday expenses for next year’s festivities.
Budgeting sounds like a task and truth be told, it is.
But if you follow just some of these budgeting tips for this holiday season, you’ll be well on your way to staying on budget and being much happier for it. Happy Holidays!
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Author: Everything Abode
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