Christmas is a time when families and friends come together. It’s also the season of giving, which means that there’s plenty of money going around to buy presents for family members.
One thing you may not have considered is how to budget for your Christmas gift list this year. Here are some tips on how to do it in an affordable way.
1. Plan ahead
If you want to make sure you don’t spend more than you can afford, you need to decide how much you can spend and then stick with it. You should plan to set aside at least half of your income for holiday gifts (if not all of it). If you’re working remotely during the holidays, you might be able to save even more.
When you’re making your budget, you should keep in mind that things like rent, insurance, utilities, and food will continue to cost money throughout the year. So if you’re spending $500 per month on those items, you shouldn’t expect to cut them out entirely.
In other words, don’t try to skimp on any part of your expenses just because you want to give a lot of people nice gifts.
You also need to figure out what your priorities are. Do you really want to get everyone something expensive? Or would you rather help your loved ones feel less stressed by buying them something simple and thoughtful?
Once you know your priorities, you can then decide whether you want to buy gifts for everyone or focus on a smaller group of people who you care about more. For example, you could choose to give fewer gifts but put more effort into getting them something they really enjoy—or you could give everyone something expensive, regardless of its quality.
2. Don’t spend too much on one person
It’s tempting to splurge on someone you love, especially with the holidays approaching. But that doesn’t mean you need to go overboard. Instead, you should consider what type of gift you want to buy and the price range it falls under. Then, determine how much you think he or she would appreciate it. And finally, figure out how much you can afford to spend.
For example, if you’d prefer to give your significant other a small gift, such as flowers or a card, you can easily spend less than $50. But if you want to give your best friend a sweater, you might want to spend more.
Also, before you start shopping for gifts online, remember that most people will probably already have what they need. So before you go looking for something specific, take a look at their wish list. If you see something you think they’ll like, make note of it so you can check it off your list later.
3. Look for sales
The last thing you need to do is shop for gifts. If you’re worried about spending too much money, you should start early and look for sales instead. This allows you to find good deals without breaking the bank, and you won’t be stuck trying to find the right gift among hundreds of options.
To learn more about finding sales, you can read our article on how to find online deals. The key is to look for sales where products are discounted or priced lower than usual. This is often done by retailers in order to boost sales and generate more revenue.
Of course, you shouldn’t rely on sales alone. To ensure you get the best deal possible, you need to know what you want to purchase and when you’re likely to find it. In addition, it helps to research the item you’re interested in to find out where it comes from and what problems it has.
After doing all this work, you should be able to pick up a great deal. And if you find a better deal somewhere else, you can always use coupons to bring down the price further.
4. Get creative
Another thing to keep in mind as you prepare for the holidays is that you don’t necessarily need to buy the same gifts every year. That’s why it’s important to think outside the box and consider unique ideas instead.
Don’t worry about having to buy multiple items either; many stores offer the option to buy multiple items as a bundle. This is a great idea if you’re planning to have lots of guests over for the holidays. If you’re buying for only one individual, it’s fine to split up purchases into separate orders.
And if you can’t find anything you like, you can always ask a store associate or customer service representative for suggestions. They can usually point you towards a product that they think would make a good fit for the person you’re buying for.
5. Make a wish list
Even though you’ve determined how much you can spend on each individual gift, you still need to make a wish list of everything you’re considering. If you put all of your gifts on paper, you can refer back to it when you’re picking out the perfect present for each person.
Before you start making your wish list, think about what you’d like to receive. Are you thinking about practical items, such as books or games? Or are you looking for something more exciting, such as a night out with friends?
Keep in mind that different types of gifts require different types of budgets. If you’re planning on buying a bunch of electronics, you’ll need to have a tight budget, whereas if you’re looking for a big-ticket item, you can afford to spend a little more.
You should also think about what you want to do with your gifts. Will you be giving them straight to the recipient or putting them in a basket and passing them around? Once you’ve thought about these questions, you can create your wish list accordingly.