Write a List
Lists are an important part of holiday gift shopping. Without a list, it's easy to go overboard with gift-buying and end up selling plasma the last week of December just to make ends meet. To start, write down a list of people who you plan to buy a gift for. Afterward, write a designated amount of money representing the amount you're willing to spend on each person. Finally, total the amount and see if it fits into your budget. If it's too high, lower what you plan to spend accordingly. Once you know what you can afford for each person, gift ideas can be planned appropriately.
Shopping at the last minute can be stressful, which sometimes result in overspending in the rush to grab whatever is immediately available. Not only that,
but the holidays get busier and busier as Christmas approaches. More competition makes the urge to hurriedly grab an item even more powerful. Also, selection tends to dwindle quickly and it can make completing the Christmas list significantly more difficult, so you may be forced to find alternatives.
Focus on a Few Meaningful Gifts
Instead of piling a slew of smaller gifts underneath the Christmas tree, it can actually save quite a bit of money to instead get one or two larger, more meaningful gifts for the people you care
the most about. People appreciate gifts which have a lot of thought behind them. If you
the look of having tons of gifts under the tree, there's always the possibility of wrapping a package of small things, like socks, individually.
A good strategy with any shopping venture is to use cash instead of digital payment like a debit or credit card. Cash has the benefit of feeling tangible, so you'll be more aware of what's being spent. Also, a lot of people use credit for the holidays so they can pay the balance later. However, this almost guarantees to ultimately cost you more in the form of interest and fees.
Cheap Stocking Stuffers
There's really no need to go all out with stocking stuffers. They're kind of a tease anyway, and though a fun tradition, can add up quickly. It's possible to buy quite a few presents for under a ten dollars. If you can't find enough to complete the stocking, a ball of socks or something like an orange takes up room.
With these strategies, it's possible to save some money for the holidays. Try putting the bounty to profitable use this year with Jason Hartman's income property investment strategies. (Top Image: Flickr 1 | Tax Credits)
The Young Wealth Team