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12 Ways to Not Go Broke Over The Holidays!
Time is running out for Christmas shopping, but you can still save money with my 12 days of Christmas list of ways to save money over the holidays. Follow these steps, and you’ll avoid a credit card hangover in January.
- Shop online, especially if you are buying electronics. Online retailers have less overhead, more rebate promotions, and they will lower their prices deliberately to compete with brick-and-mortar retailers.
- Pay Cash for your gifts. I’m talking about paying with cold, hard cash. Studies have shown a correlation with increased spending when using plastic, even if it’s your debit card. Remember, negotiating price is easier when you pay with cash.
- Stay away from shopping malls. I have no clue why so many people are drawn to the atmosphere of a busy, crowded shopping mall. All of the most expensive retailers are in the mall, because they are the only ones that can afford the lease agreement in shopping malls. The frenzy of watching everyone else spend might influence you to spend over your budget. There’s a reason why shopping malls constantly pump music in your ear. They know that it motivates you to get into the holiday spending spirit!
- Do your research. If you prefer seeing the gifts before you purchase them, then go online first and do pricing research to make sure that you are getting the best deal. iTunes has an application for the iPhone and iPod Touch that allows you to scan a 2D or 1D bar code and receive tons of pricing research from other retailers.
- Avoid impulse buys. Sometimes we see something that looks, smells, and feels like a great deal, but in reality it’s not that great of a deal. We get caught up in the moment of shopping, so we go ahead and purchase something without much thought. To avoid this, if you see something that you weren’t planning on buying, put it down and sleep on it. If you still want to buy it the next day, then go back to the store and buy it. This will avoid buying lame gifts that seemed make much more sense when you bought them.
- eBay is still a good resource for hard-to-find gifts. If you are looking for a collector’s item or antique as a gift, eBay is still the leader and best place to find a bargain on these items. Clothes are also great items to buy on eBay. I would avoid buying everyday electronics on eBay. It’s too risky, because many of them are not new, or they are imposters made to look like the actual product.
- Write down everyone you want to buy a gift for and put a dollar amount next to each of their names. For instance, mom gets a $50 gift, sister gets a $30 gift, and so on. It sounds like you are taking away the “spirit” of giving by placing a set dollar amount on gifts for each person, but in reality it helps you budget your gift giving. And remember that it’s not about the gifts, it’s about the thought and time you put into thinking about someone.
- Do your December budget without factoring in Christmas bonuses. The holidays require a lot of extra cash to have on hand. Save your Christmas bonus for gifts, holiday food, and having fun. It’s the holidays, relax and have fun with your family! If you already budget out your bills with your normal income and save the bonus for Christmas expenses, then this will save you from using credit cards on the holidays.
- Be a creative gift giver. Many of you have a ton of talent when it comes to making crafts. Being creative and making a gift for someone can turn out to be a much better gift than receiving another Gap sweater. When faced with giving a gift to your parents who seem to have everything, go with something sentimental that reminds them of you or family memories. They’ll eat it up with a spoon.
- Spend time spending time with loved ones. So many people go to the movies and spend $8 on a ticket and $20 on food and candy. All this does is get you fatter on the holidays and avoid having to talk to your family. Play a board game, go bowling, or go to the park during the holidays. Try doing something that facilitates more time to catch up on what’s going on in your lives.
- Make the most of your leftovers. Another thing people do is go out to eat more on the holidays. Again, i’m not a scrooge, so live it up on the holidays, but don’t go overboard. You’ll spend more money on groceries over the holidays, so utilize and be creative with the yummy leftovers in your fridge.
- Host a pot-luck New Year’s Eve party. You’ll spend much less money having a party at someone’s house rather than going out somewhere, plus it’s safer than going out. Ask your 8 - 10 closest couple friends over and assign them with a different food category to bring over. Some music, good laughs, and games will bring you through to the new year without killing your wallet.
Do you have any other suggestions for ways to save money this holiday season? Post a comment below to share with everyone.
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Thanks for the many good advices for saving money during this holiday season. I wish I read this blog last week before I did all my Christmas shopping. I think I broke almost half of the list already. :) I really like #10 because I personally believe that watching a movie, entertaining as it is, does not allow spending quality time together. Great post!
You have some good tips. I am planning on making most of the gifts I'm giving this Christmas. I can't afford even $10 gifts for everyone, but I have plenty of yarn and fabric on hand that's already paid for. I'm thinking of adding in some inexpensive dollar-store items, like candles, to go with the handmade gifts.
The funny thing is I have this same list in my head. THe hardest one... IMPULSE BUYS!! I'll see something and think, "Susie would look so great in this!" Another thing I enjoy doing is making Creative Gifts!! People enjoy those a lot more. It comes from the heart. You're exactly right about money, you don't need to spend alot ot have a good time. Family is family, and they love you for who you are not for how much you have (in most cases). Great job and keep spreading the ideas!
What great advice! I agree with you on the mall - I don't even go there on "regular" days, and I definitely won't be found there during the holidays.
I do have to add one thing about shopping online, though: ALWAYS check the shipping charges! Especially if you don't order from a huge retailer like amazon. Shipping deadlines are important as well.
When I made my Christmas list this year, I took my total budget for shopping, divided into dollar amounts like you suggested, and set aside cash for each person. Holding myself to this has been a huge help, and it has helped me avoid impulse buys. No one is getting a dancing Santa from me this year! Great tips!
Great blog! I love the idea of making people gifts for Christmas, but I worry that my gifts just won't be good enough. All of the suggestions are definitely doable, though.
This blog is so helpful. Unfortunately, it's a little too late for me to save any money on Christmas. I just bought Christmas presents throughout the year, until my Christmas shopping was completely done. I even had to fight crowds on Black Friday for good deals. I can assure you that after reading this blog, I will apply these tips to my Christmas shopping experience.
I find the hard part is not getting caught up in the spirit of giving. I'll shop for bargains until I spend myself into the poorhouse.
I voted a yes on this one. Most of the stuff is common sense but for some reason most people just don't do it. Though online is almost always better than going to the store, make sure you can have it sent in time. I've had books and presents show up weeks after their arrival date. That could make for a very awkward Christmas. Personally I'm going for obscure (and cheap!!) presents this year, like re-usable hand warmers. Good luck on your shopping this year everyone and watch out for scams and phishing sites.
I have been subjected to impulse buying so many times now that even though I know its wrong, I still do it. But thanks for the reminder anyway. Hopefully I can still save some money. I was going to the mall tomorrow but I guess now I will just go and visit a friend.
by the time January rolls around... I'm totally broke... At least for 2009 my finances will be looking a little better now that I've learnt to budget... thanks for the money saving tips :)
Great advice and ideas, I think finding the best value is something we can carry on to everday not just the holidays.
While these are good tips on how to save money during the holidays, there is nothing new that hasn't already been covered by the news media and talk shows. The basic messages I took away from this article are to make a gift-giving budget and stick to it, conduct research first and do your buying online, avoid buying on credit, and that just because you didn't spend a fortune on a gift doesn't mean it's worth less to the person you're giving it to as long as you're heart was in it.
Great list of tips! I have found your tip about buying online electronics to be true. Buy.com has saved me a lot! Another tip that's not listed but I use it to Christmas shop year round.
I especially like 5 and 9. The other day I went shopping for a gift for my girlfriend and I ended up getting some hamsters! Having a list and sticking with that list, I think, is one of the best advices. Also, I like number 9, but I am not really good at it. I don't think I have ever "made" a gift for anybody.
Most of these tips are common sense to me - and actually not just for the holidays. Our income is based on completed jobs, rather than hourly pay and you have to find ways to be thrifty to make ends meet. This year we are giving a lot of gift cards as gifts, that we were able to order as a reward from our credit card company. The teenagers will be thrilled to do their own shopping I’m sure!
All very good tips! I would also add drawing names rather than buying for everyone in your family. Another suggestion is to take all the money you were going to spend on gifts for everyone, divide that amount in 1/2, and donate that money to a charity in all of your family's names. Also, the potluck idea is great! Why not do that for the other holiday meals as well!
Thank you so much for the advice! I've been going crazy trying to figure out how to buy gifts for my family without going broke! This really makes a lot of sense. I think I may have to make a list and then check out eBay. Thank you!
This is awesome advice! It may be common sense, but at the same time, how many of use remember common sense around the holidays! I agree especially with electronics online- I've gotten some of my best deals that way!
All good advice. I'll write a dollar amount for each person I buy for, shop online and find a good deal (Walmart, Target, etc), and then go buy it in the store. This keeps me true to my budget and I'm not so tempted buy on impulse.
I bought all my gifts online this year (from Amazon) and saved a ton. The only drawback, which I learned the hard way, is that the mail system is screwy this time of year, so there's a good possibility you won't get everything in time for Christmas. And I couldn't agree more about ebay, but at this time of year it's not very likely you'll get what you need in time.
Thanks for the great advice! I did my shopping all online last year and I was done early. That was great! No lines... no hassles! My husband comes from a big family and they all put their names in a bag and whoever you picked is who you buy for. We forget what the holidays are all about and become soo stressed!
I probably spent too much this season. #2 could have helped me a lot. #5 and #7 are also great.
Great ideas... I wish i had read them about two weeks ago! :)
Thanks for the many good advices for saving money during this holiday season.
I wish I had read this sooner! lol
Nice suggestions. I'd be interested in hearing creative things to do for people around the holidays, INSTEAD of giving gifts. It's not that I'm cheap, it's just that it seems that most gifts are really not something that the recipient really would have wanted. Even though they make sense logically, I hate the idea of gift cards, because at that point, you might as well just hand out cash. Any creative ideas for letting people know I'm thinking of them, without buying them some piece of junk they will never use?
Shopping online!! Yes! This is the BEST money saving tip
Good article. Not only that, but it was worth reading just for the picture that went with it!!
Great article! I have already started saving for next Christmas. I agree, shopping online is the best way to save money because you can bargain shop and compare prices.
Good tips here! Can I add shopping for Christmas gifts before Christmas? If you find a great gift in June for your mom BUY IT! and save it for Christmas. I like your tips about avoiding impulse buys and doing research.
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