The holiday season revolves around giving and being generous. We give presents to our family, friends, neighbors, and even coworkers. A downside of this season of generosity is that it is easy to get carried away and spend hundreds, or even thousands of dollars on presents. To help you save on Christmas presents this year, look to the five tips below.
1. Set a Budget
One of the best ways to save money no matter what season or purpose is to set a budget. Look at how much you are comfortable spending and set different budgets for your family members, friends, and anyone else you will be purchasing a present for. This is also helpful for making sure you are spending equally amongst your kids. Setting a budget will help you save money on Christmas presents because it gives you a limit on how much to spend. With a budget in mind, you may be less likely to get off track and you will be more aware of how much you are spending.
2. Start Shopping in Advance
It can be beneficial to start shopping for Christmas presents in advance when there are sales. Whether this be purchasing winter coats in the summer when they are on sale or on Black Friday, take advantage of sales. Even saving just 10% off the main bulk of your presents will add up and could be worth the planning in advance.
3. Shop Online
One of the most exciting ways to save on Christmas presents is by shopping online. You will be able to easily compare prices between stores to ensure you are getting the best deal, and you can find great coupon codes. Many stores offer free shipping when you spend a certain amount with them, so when you are buying multiple gifts, you will likely get free shipping, making shopping online no additional cost.
4. Price Match
There are many stores who will price match products from different stores or their online store. For example, many big box stores will price match with their direct competitors and/or online retailers. So, with just a few extra minutes of work while you are shopping, you can potentially save hundreds of dollars.
5. Make Your Gifts
If you love arts and crafts, it may be a good idea to make your own gifts. You can paint a nice quote on a canvas, knit a blanket, or even create a photo collage of you and your loved one. Handmade gifts have a personal touch and can feel more special than other gifts, so this is a great way to save some money.
Here at Dayton and Sydney, our financial professionals give tips and advice on ways you can save, invest, and protect your money. For more ideas on how to spend your money wisely, please contact us, and one of our financial professionals will be happy to speak with you.
This article is for informational purposes only. Please be advised that this article is not intended as legal or tax advice. PPG-139592 (1/20)(Exp. 9/20)