Who doesn’t love to spoil their loved ones during the holidays? But with this economy, it’s becoming more and more impossible to splurge, even if it’s just to treat yourself or your family during Christmas. In fact, 43% of Kiwis said they would cut back on gifts in a survey last year, mainly because of the growing cost of living in the country.
But before you start sulking, there are ways to still enjoy gift-giving during the holidays while still staying within your budget. Here are some tips:
Set a Realistic Budget at the Start of the Year
Oh, the “set a budget and stick to it” mantra. We’ve all heard of it at some point, right? But when you’re out holiday shopping, it’s sometimes impossible to stick to that budget, especially when you have a lot of people on your list. That doesn’t include expenses for parties, potlucks, and Christmas decor yet.
But when your pocket is really tight and you still want to allocate money for holiday shopping, you need to look at how much you can realistically afford to spend on gifts at the beginning of the year. A lot of people allocate at least 1.5% of their annual income for this. When you have that specific number, you can start allocating small amounts each month, which will help make things lighter than taking out a huge sum from your budget in just a month.
Narrow Down Your List
Of course, you’d want to give a gift to every loved one, family, colleague, and friend. But really, these people will understand if you can’t, so don’t pressure yourself to spend more than what you can afford. Narrow down your list based on your gift budget. You can just give gifts to your immediate family this year and write cards to friends. As long as you put in the effort, you’ll be appreciated.
Prepare for Gifts Before Shopping
If you want to save money, you have to go shopping armed with a list of specific products that you want for each person. This is where you do your research about what these people would like most. Are you giving a gift to a history buff? Does your young one have a favourite cartoon character? By making this list, you save yourself from being distracted into buying things that are not part of your budget. You also get to shop fast because you already know where you’re going.
Shop as Early as Possible
Who says you can’t go holiday shopping in the summer or the beginning of the year? A lot of people make the mistake of shopping during the holidays when prices are higher and the pressure to buy is higher.
But smart shoppers actually fulfil their holiday gift list throughout the year because it allows them to get the best deals, find the best products, and not feel rushed. For instance, if you’re planning to give jewellery to your mum or sister, you can watch out for Black Friday jewellery sales that will allow you to get the best deals on pieces that you’ve been eyeing on.
A lot of these websites even let you subscribe to their newsletter, so you’ll get notified whenever one of the products on your cart goes on sale.
Finally, if you have skills or talent, why not use that to make holiday gifts for your loved ones? For instance, if you’re a good cook, you can make your famous dish or baked goodies to give out? If you’re good at crafts, you can create handmade crafts for everyone. These gifts won’t cost you as much, but they’ll be so valuable to the people you give them to because you put your time and talent into making them.
