The holidays are quickly approaching, so if you haven't started your shopping yet, you may need to get started soon. Those costs can really add up, but with some preparation and a budget mindset, you may be able to save money and feel better about your finances heading into the new year.
1. Create a Budget
Start by creating a budget. Determine your total spending limit, list all holiday expenses (including travel costs, decorations, parties, and postage), and prioritize your spending. This will give you a clear idea of your expected holiday expenses, allowing you to plan for gifts and spend accordingly. Try to stick to your budget as best as you can.
2. Utilize a Savings Account
Consider utilizing a savings account to help manage your budget. Saving now can provide a better understanding of how much you can spend as you begin your shopping and other holiday festivities. If you don't already have a savings account or need one specifically for this purpose, contact Nevada State Bank to get set up.
3. Compare Prices
As you shop, it can be helpful to compare prices from different stores. Smartphones have made it easier than ever to do so. Even when you're already in a store, see if you can find the same or a similar item for significantly less than the price in front of you. If you are doing most of your shopping online anyway, you can take your time with this from the comfort of your home.
4. Make a Gift List (and Stick to It)
In addition to having a budget, you should make a gift list to help you plan your spending. Figure out what to get each person on your list, or at least set a dollar amount for each. This will help you narrow down your gift options and control your spending as you shop.
5. Keep an Eye on Sales
Watch for sales and discounts to save money on items you might be looking to buy. Check emails from stores you shop with, as well as their websites. Look in the newspaper. Pay attention to Black Friday, Cyber Monday and other holiday sales. Even if you don't know what you want to buy for family and friends, these sales can help guide you. If you see an item for a great price on Black Friday, for example, and it seems like a great fit for a specific person, you it may be a great time to buy it, if it’s within your budget.
6. Use Coupons
It's also a good idea to look for coupons throughout the season. This might help you save money on some gifts, but can also help you save on grocery items, and any savings this time of year is appreciated! You might even be able to find coupons on food items that you'll need for holiday feasts or parties.
7. DIY or Buy Second Hand
You can probably save money on some of your gifts by opting to hand-make items or buy them second-hand. You probably have certain people in your life that will appreciate these types of gifts more than others, so take that into consideration. Depending on your skills, you can make homemade baked goods, create scented candles, make jewelry, hand-paint ornaments, or create any number of arts and crafts. When it comes to buying second-hand, some great types of items to consider include gently used books, video games, vinyl records (if you have a collector on your list), antique jewelry, vintage clothes, musical instruments, and sports equipment.
8. Take Advantage of Free Shipping
Shipping costs can be a lot, especially when you not only have to order gifts, but also send them. This can really eat into your budget. If you're shopping online, look for retailers who offer free shipping. Many will do so when you spend a certain amount, so it may be helpful to buy multiple gifts from the same stores to save on shipping. Others may offer limited-time free shipping during the holidays to entice you to buy more.
The holidays can be stressful, and all the spending associated with them can be a large part of that. You can save money, however, if you're smart about your shopping. Following these tips may help you avoid overspending, allowing you to stay focused on the true meaning of the holiday season.