1. Gift-Giving Philosophy
Before you even think about a budget, it’s important to consider your approach to gift-giving. Ask yourself what giving means to you. Is it about finding the perfect presents, or are you driven by a desire to impress others with how much you spend? Perhaps you feel obligated to buy for people. These motivations can heavily influence how you view the festive season. Take some time to reflect on why you are buying gifts before deciding how you will fund them.
2. Set a Budget
Once you’ve considered your philosophy, it’s time to become the festive hero by setting a budget. Decide how much you are going to spend and stick to it. This is key to staying financially sound during the holidays. You can use a Christmas Gift Planner to help manage your budget.
3. Track Your Spending
It’s all too common for people to spend recklessly in December, assuming they’ll deal with it in January. To avoid a financial headache, track your expenses as you go to prevent overspending. You can make this easier by using budgeting tools that connect directly to your bank account, allowing you to easily monitor and control your spending.
4. Curb Other Spending
Try to avoid spending beyond your comfort zone, even during the festive season. If you’ve been saving throughout the year or have a specific Christmas fund, you may be prepared. If not, you’ll need to shift your budget, reducing spending in other areas to cover the extra festive costs.
Christmas Gift-Saving Tips
5. Prioritise Time Over Money
There’s truth in the saying, “It’s the thought that counts.” Sometimes, spending time with loved ones, whether in person or virtually, is more valuable than buying material gifts. This year, focus on shared experiences rather than expensive presents.
6. Shop Early
Don’t wait until December to start shopping. Look for deals throughout the year to spread out both the cost and the stress of Christmas shopping. If you missed the early-bird train this year, make a note to start early next year.
7. Give Fewer Gifts
Trim down your gift list as you trim the Christmas tree. While it’s difficult to exclude everyone, consider sending thoughtful cards or having open conversations with family about scaling back the gift-giving frenzy. Sometimes, a shared meal and small stocking fillers can be more than enough.
8. Resist Retail Marketing
Retailers spend millions enticing customers with festive sales and deals. Stick to your budget and resist the temptation to overspend. Retailers’ ultimate goal is to increase their profits, not help you save money.
9. Use Old Gift Cards
If you have old or partially used gift cards, this is the perfect time to use them. Consider them as discounts towards your holiday spending or regift them to someone who would appreciate them more. Don’t let them go to waste!
10. Order Online Early
Ordering online can be convenient, but make sure you do it early to avoid rush fees and delays. Check multiple websites to find the best deals and avoid extra shipping costs by planning ahead.
11. Combine Orders
Many retailers offer free shipping if you meet a minimum spend. Try to combine orders to reach this amount without buying items unnecessarily. Also, consider using the free “ship-to-store” option, which allows you to pick up your order without paying for delivery.
12. Stick to Your List
Santa checks his list twice, and you should too! Having a plan and sticking to it will help you avoid impulse purchases. Don’t let the festive spirit cause you to overspend.
13. Say No to Random Gift Exchanges
Opt out of those white elephant or secret Santa gift exchanges that feel more like an obligation than a joyful event. Christmas is expensive enough without adding extra, unnecessary expenses.
14. Contribute to a Group Gift
If a more expensive gift is on your radar, consider teaming up with others to buy it. Group gifts allow you to give something meaningful without bearing the full cost yourself.
15. Regift Thoughtfully
Regifting doesn’t have to be taboo if done right. Only regift items that are appropriate and unused, like a duplicate kitchen appliance or an unwanted voucher. It’s a simple way to save money and reduce waste.
16. Make Homemade Gifts
Homemade presents can be personal and meaningful. Whether you bake some treats, make a craft, or assemble a thoughtful gift basket, the effort will be appreciated, and it can save you money.
Christmas Money-Making Tips
17. Sell Unused Items
As Christmas approaches, consider selling items you no longer use. Not only will it free up space, but you can use the extra cash towards your holiday expenses.
18. Pick Up Extra Work
If possible, consider earning some extra income to cover Christmas costs. From seasonal jobs to offering gift-wrapping services, there are plenty of opportunities to boost your budget during the festive period. Just remember not to overextend yourself financially.
Other Festive Spending Tips
19. Spend Less on Traditions
Not all traditions are worth continuing, especially the expensive ones. If certain holiday practices no longer hold personal meaning, consider cutting back. For example, sending cards to acquaintances you haven’t seen in years or buying costly decorations just because it’s a tradition.
20. Be Thrifty with Stocking Fillers
Stocking stuffers don’t need to be pricey. Discount shops can provide plenty of affordable treats, from small gadgets to sweets. There’s no need to overspend on these small tokens.
21. Donate to Charity
For those who are hard to shop for, consider donating to charity in their name. Some charities also offer products, allowing you to support a good cause while giving a meaningful gift.
22. Wrap Gifts Creatively
Instead of spending on expensive wrapping paper, get creative. Use reusable bags, newspaper, or simple brown paper with twine for an eco-friendly and budget-friendly option.
23. Be a Thoughtful Spender
Put thought into the gifts you give, and ensure they suit the recipient. Sentimental or practical presents often hold more value than something picked up in a rush.
