Three ways to save money on gifts this holiday season.
The most wonderful time of the year is near, the holiday season, of course.
There will be bright lights and holiday decorations everywhere in a couple months. It is a festive season that allows loved ones to reconnect and spread love and cheer in the atmosphere.
However, businesses exert efforts to get the most from our pockets during this lucrative season. It is the time when companies take advantage of the season for limited-time offers to encourage high-volume spending.
My love language is gift-giving and I take pride in giving the very best gifts so of course, the holiday season hits my wallet big-time.
According to Investopedia, there has been an increasing trend of spending during the holiday seasons since 2009.
Also, it mentions that the average planned spending for 2021 was $998. These expenses focus on gift and
holiday-related purchases.
Deloitte forecasts that $1.47 trillion will be spent during November 2022 - January 2023.
Do not let yourself fall into the limited-time offer and high-volume spending trap during the holidays.
An overspent budget means you have to adjust the future budgets for the extra expenses.
You might lose the opportunity to purchase what you need when the time arises. The best time to practice
healthy financial habits is the holidays. It practices a will to resist the discount and other store offers.
However, do not let money-saving habits restrict you from celebrating the holiday season with your loved ones.
Just be mindful of your spending habits, please.
Save Your Holiday Coins, Sis!
Here are my money-saving tips to control my expenses for the holiday season:
Establish a Spending Limit for Gifts
The best plan for spending money in any circumstance is a budget. Assign a limit on spending for gift-giving during the holidays.
Provide an Act of Service vs. Buying Gifts
An act of service is the least costly present you can provide for the holidays. It allows the receiver an opportunity to get your services for free.
Set Up an Annual Secret Santa Gift-Giving
It is a helpful money-saving tip as it limits your gift-buying expenses to only one person. You do not need to
purchase multiple presents for every family member.
Moreover, the secret Santa participants are the only ones who get to give and get a gift for the holidays.
When I host a secret santa with my sorority sisters, I add all of our names into a paper cup and we draw a
name from the cup. So when you host your secret santa other people will draw your name.
You will draw one from the cup as well.
I try to have this done by October so everyone can prepare their spending budgets accordingly.
An advance name draw can help you financially prepare for the gift-giving event. It can help you prevent
unprepared spending for gifts during the holiday season.
Get Creative and Sincere: That is What the Holidays are For
Holidays celebration does not focus on gift-giving and spending. It centers on the opportunity for family and
loved ones to reunite and catch up. It is a window for families and friends to bond.
Do not let this festive season get in the way of your financial freedom.
Get creative and be sincere. That is the goal for saving money during the holidays.
Happy Holidays to you and yours.
-W/Love Alicia :)