Holiday spending and maintaining a budget can never go hand in hand. As soon as holidays come around, our budgets start shriveling and start to hide. But, we go in, pull it out, and spend all that we have just to pretend and compete with others, or to be too generous with our gifts.
Sometimes we go overboard trying to show people how much we care about them. To show someone how much they mean to you, you don’t have to go broke. Being broke is helping no one. They can do without the latest gadget, but you can’t do without food.
Here are some ways to keep your spending on the budget:
1. Set Price Limits
Setting a price limit for gifts is a great way to not overspend on just one person’s gift. You can set x amount for your partner, y amount for family, and z amount for friends. This will help you cut down on the gift hunting time and will also narrow down your options.
2. Check Online
Online shopping has made everything so much easier. It is easy to compare prices, to search for discount coupons, and to be more strategic about purchases. But, if you are shopping outside and like something that is just a bit out of your budget, make sure to check the price online. Chances are you will find a cheaper price.
3. Don’t Buy the Latest Gadget
My friend recently bought PS4 but instead of getting it immediately when he wanted, he waited for the release of PS5, which happened just days ago. This made the price drop a little for PS4, so he saved a good amount.
You don’t have to buy the latest gadget to get a great device. Most of the time, the latest model has just a few updates that might not even be needed by the person you are buying gifts for. When new models launch, the prices of older models go down.
4. Don’t Wait for the Last Moment
Unless you are waiting for a sale or a new product to launch, waiting for the last minute to shop is a bad idea. Last-minute shopping is stressful and can lead to overspending just because you will not be thinking rationally, and also there is a markup on prices when you are too close to the holidays.
5. DIY is the Way to Go
Homemade gifts show people how much you care more than bought-presents. You can put together a mixture of home-made and purchased goods and make a much elaborate gift concoction without having to spend a ton of money.
Being vigilant during holidays is really important to keep your finances in control. Make smart decisions instead of impulse ones when shopping. Planning and research is the key to saving money and being within budget.