Holiday spending is expected to increase this year. According to Deloitte Consumer Industry Center’s holiday retail survey, shoppers expect to spend 8 percent more than last year, or $1,778 on average.
It can be challenging at this time of year to set a reasonable budget and stick to it, but you don’t want to kick the new year off with a heavy financial burden. If you’re looking for ways to rein in your holiday spending this year, here are a few ideas.
Shop Online
When you shop online, you have the benefit of being able to easily compare prices and take advantage of sales and coupons. Using sites such as Rakuten, which offers cash back on purchases, can also help. Shopping in person can lead to impulse purchases or decisions made out of fatigue. Of course, there are marketing tactics to look out for online as well, but the opportunities to shop strategically are greater.Cross Out One Gift
Take another look at your list and consider removing one gift per person. Especially if you’re the main gift shopper in your family and you’re stacking up presents for Christmas morning, think back to Christmases past. The quantity of gifts is rarely the focus, and it’s not uncommon for families to realize they’ve overdone it. Go ahead and cross some gifts off of your list. The gifts that are opened will be appreciated that much more.Serve Brunch
The cost of food can add a significant amount to the holiday bottom line. Make the food offerings a bit more casual this year by serving a hearty yet economical brunch instead of a rich dinner. Create a grazing buffet with eggs, ham, hash browns, crudités, fruit, bagels, muffins, and more that your guests can enjoy throughout the day. It’s fun and won’t break the bank.Simplify Holiday Fun
When it comes to holiday experiences throughout the season, these can add up very quickly. You might consider a ballet, a concert, a holiday experience at an amusement park, or a fun-filled day in your local city. Take the time to consider the costs of each experience carefully, and opt for simpler activities such as driving around your town looking at Christmas lights or baking cookies and watching Christmas movies at home.Double Necessities as Gifts
If you find yourself picking up some general necessities or perhaps items your family will need for an upcoming trip or event, allow those items to double as Christmas gifts. New toothbrushes, phone chargers, and socks can go in stockings, a bathing suit cover-up may be just what your daughter needs before your upcoming vacation, your son might desperately require some new sneakers, and your husband may be overly excited about receiving a new belt. If there are things you need to buy anyway, wrap them up and put them under the tree.
Necessities can make ideal Christmas gifts, since they are practical and needed. Pixel-Shot/Shutterstock
Choose Affordable Wrapping
Wrapping paper, bags, boxes, tissue, tags, cards, tape, scissors, ribbons, and bows—the supplies used to make your gifts look beautiful can vary widely in price. Don’t spend top dollar on wrapping. When gift wrapping is offered in stores, take advantage. Check your supply before you buy anything new. When you do restock, watch your prices, and be sure to notice the size on the wrapping paper rolls.Make Gifts
When it comes to giving, it truly is the thought that counts, and a homemade gift is a thoughtful gift indeed. Whether you’re adept at baking, cooking, sewing, making candles or soap, woodworking, photography, painting, or something else—put your talents to use and make gifts for your loved ones. They’ll be appreciated, and you’ll likely enjoy the process as well.Pool Resources
When friends or family members get together to share the cost of a larger gift for someone, the individual financial burden can often be reduced. So if you’ve got your eye on a big-ticket item for someone in your life, consider whether or not others would like to join in the fun of giving it.While the holidays can entice us to spend beyond our limits, it’s really the quality time with loved ones and the spirit of the season that make this time of year special. Count your blessings, stick to your budget, and enjoy this time of year.
