You don’t have to dip into your savings account in order to have a good Christmas. In fact, with a bit of careful shopping, you may have money left from your holiday budget to invest in your savings account. The following are just a few tips to help you stay on budget during the holiday season.
Set a Realistic Budget
Let’s say that you receive a bonus from your employer each holiday season that you spend on your holiday shopping, and that bonus is $1,000. Instead of spending the entire bonus on the holidays, why not save half of it for next Christmas or another big occasion? CareOne has a great savings calculator that will show you how much that money can grow. And, don’t worry; you’ll still have a healthy holiday budget. You’ll just need to do some planning to make it work.
Plan, Plan and Plan Some More
After you’ve set a budget, you need to consider how much you want to spend on each person and who you really want to buy gifts for. A number of people buy gifts because they feel they are expected to. Only buy gifts that you really want to buy. This will greatly cut down on your holiday expenses. Once you’ve made a list of recipients, come up with at least 5 ideas for each person. This will allow you to shop around and find a gift that fits into the price range you want to spend.
It can be convenient to buy all your gifts in one location. Unfortunately, you will pay for that convenience. Take the time to check the prices at a number of stores. If you’re shopping online, this is easy to do through comparison shopping websites.
Draw Names Instead
Last, but not least, drawing names with friends and family or even coworkers can save your budget. Not only is drawing names fun, but you’ll only be expected to buy one gift instead of dozens. Bring this up with your friends and family and see if they want to cut their expenses with this fun solution as well.
You don’t have to overspend this holiday season. In fact, you can even get ahead on the next holiday season by simply saving a bit of money and creating a reasonable budget.