The holiday season is upon us, and that means holiday shopping! Whether you are buying gifts for family and friends or splurging on a present for yourself, you don’t have to drain your wallet. You can continue your budget plan throughout the holidays and use some tips to ensure this holiday season is special without breaking the bank.
Tip 1: Give yourself a set monetary budget for gift buying. Make a list of items you plan or want to purchase. Then estimate how much each item will cost before you buy and see if your total costs come in under budget. If not, consider making some sacrifices or substitutions on the type of items on your list.
Tip 2: Shop around for deals online or in-store. Almost every store offers some sort of discount or a free gift with purchase around the holidays, so browse the internet or use a discount site for special deals before you buy it. Chances are there are multiple stores selling the same item, therefore see where you can find the best bargain. Check to see if the store you like has an app, which you can then download and keep coupons right in your pocket.
Tip 3: Make your gift! DIY gifts are usually a cost-effective way to spread some holiday cheer. The internet offers homemade ideas for almost every item on the market. The recipient is likely to be very touched by something you made! Seriously, search the internet for “homemade gift ideas” and see what pops up.
Tip 4: Do a gift exchange with friends or simply get together instead of exchanging gifts. If you have a group of friends who want to exchange gifts, suggest a gift exchange where everyone draws the name of one person instead of buying individual gifts for everyone. Better yet, have a get together at someone’s house. Instead of buying gifts, everyone can bring a dish potluck style and enjoy each other’s company and food!
Tip 5: It’s okay to get off budget a little. The holidays can tempt you to spend more than you anticipated. Don’t be full of regrets. You can always remind your friends and family you are on a budget. You are a college student after all! Know when to stop your holiday spending and get back on track with your budget for the New Year.
Money Management wishes everyone a safe and happy holiday season. See y’all in 2020!