7 Tips To Balance Food and Gift Expenses This Holiday Season
Written by
Brooke Barley
Edited by
Amen Oyiboke
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‘Tis the season for spending! Holiday shopping trips can get pretty pricey pretty quickly. According to a PissedConsumer.com survey, 29.8% of consumers expect to spend between $500-$1000 on holiday shopping.
This holiday season might mean you’re budgeting for get-togethers like Thanksgiving or Christmas, which often require spending quite a bit on food and drinks.
Here are some hacks to make sure you have a great holiday season without sweating all the money leaving your bank account.
Make a Budget
It sounds so simple that you might forget to do it, but having a clear budget is going to keep you from overspending. Take a look at how much you intend to make over the next few months, then subtract the money you need for essentials like rent, utilities, gas and things like that. Then, look at the money you have left over and decide how much you want to spend on the holidays.
Keep a List
Know who you’re going to buy gifts for before you head out to the stores. Even better: think about exactly what you want to buy them. This helps keep your shopping streamlined so you don’t overspend because you don’t know who or what you’re buying for.
Cut Out Luxuries
Once you know how much discretionary spending cash you have, think about what you could go without to add more to your holiday budget. Remember, you only have to cut it out for two months max. Whether it’s eating out or spending less on clothes, you can do it for two months.
Look for Deals
Another obvious tip — don’t settle for full price! Look for stores offering sales, or peruse sites like RetailMeNot to get coupons for certain retailers. You can also take advantage of browser extensions that look for ways to save when you visit an online retailer.
Pay in Cash
One idea is to withdraw exactly how much cash you’ve budgeted to spend on holiday spending. When you’re shopping for Thanksgiving appetizers or gifts for your friends, only pay with that cash. That way, you always know exactly how much money you’re working with. You also won’t be tempted to put purchases you don’t have the money for on credit cards.
Buy in Bulk
If you don’t have a Costco membership, this might be a great time to get one. This is especially helpful when shopping for food and drinks for holiday soirees. Buying in bulk feeds a lot of people while saving you money. Warehouse stores also tend to have a lot of really good deals on hot ticket gifts. Even though it costs money to join stores like Costco and Sam’s Club, the savings might be worth it.
Consider Other Types of Gifts
Not every present you give has to cost money. If you have an artistic skill, you could make something for someone, like pottery or a painting. This way, you get to explore your creativity while checking someone off your gift list. You can also offer a favor or experience to someone, like offering to pet sit or wash someone’s car. These are thoughtful gestures that people will appreciate, and you don’t have to spend any money of your own.
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