Despite some families feeling their budgets pinched by rising prices, shoppers are expected to spend more money this holiday season.
A Deloitte survey reported on by Bloomberg shows that shoppers are expected to spend more money this season than in the last couple seasons. The average amount of spending is projected to be around $1,652.
The holidays can cost a lot of money. Between decorations, gifts and holiday meals, the price tags on all the fanfare can quickly disrupt a carefully curated budget, but it doesn’t have to do that.
If you’re looking to save some money on the holidays this year, consider employing a couple of these tips.
1. Stick to a budget using only cash
After you have determined what your budget is for gifts and you have a list of people to get gifts for, take out that amount in cash and only use that cash for gifts. If you struggle to stick to a budget, using only cash is a great way to ensure that you do not overspend.
2. Make homemade gifts
Homemade gifts can be a thoughtful way to show appreciation for those you love. You could consider baking a fancy holiday bread (like this spiced apple-pecan swirl bread from Southern Living) or a cake (such as Broma Bakery’s upside down winter citrus cake). Check out these great DIY Christmas gifts from Martha Stewart including marbled soaps, terra cotta bowls, hand warmers and blankets.
You could even do little homemade kits such as a movie watching kit (popcorn, shortbread cookies and homemade chocolates) or a hot cocoa kit (packets of cocoa, hot cocoa stirrers and fun toppings) or a bath kit (homemade soaps and bath salts). These homemade gifts can be a thoughtful way to express appreciation for your family and friends, plus they can help you save some money.
3. Look for sales
If you are looking to save some money, it may be a good idea to do some homework. Some stores like Macy’s will have gift deals or offers if you buy certain products, which can be a way to help you save money on gifts.
If you’re looking for a specific gift, you can compare prices across multiple stores and see if there are any coupons at these stores that would bring the price down. Spending the extra few minutes to look around for sales can help you have big savings.
4. Start shopping now
Instead of rushing to buy all your holiday gifts in December, consider starting your shopping now.
Here’s a couple reasons why: If you start shopping now, you can spread out the money you spend over time, so it doesn’t feel like you’re taking a big hit out of your paycheck all at once. Another reason you should consider starting now is that you might be able to score some deals that you wouldn’t be able to get closer to the holidays. Plus, if you’re looking for a specific item that’s popular, starting now can help ensure you get it.
5. Find cute budget gifts (think gift baskets)
If you don’t want to go the totally homemade route, consider doing some gift baskets of a bunch of items you put together.
For the movie lover who still likes DVDs:
- A new movie or an old classic.
- Popcorn.
- Candies or cookies.
- Hot cocoa.
- Reusable popcorn bucket.
For the book lover:
- A new book.
- A mug.
- Hot cocoa.
- A favorite snack.
- A fancy bookmark.
For the chef:
- Some fun spice mixes.
- A fancy pasta.
- Some jam.
- A sauce.
- A box of crackers.
- A fun wooden spoon.
For someone who loves a snow day:
- Pancake mix.
- Hot cocoa.
- Toppings for hot cocoa.
- A blanket.
- A book or puzzle or game.
The options for this are endless, and it doesn’t have to be extravagant. You can make several of these baskets and customize them for your friends and family. It’s a great way to show that you’re thinking of someone without breaking the bank.
6. Do potlucks for holiday meals
If you’re hosting a holiday meal, consider making it into a potluck rather than doing it all yourself. Doing a potluck can have the added bonus of variety: You can try dishes important to your family and friends that you may not have been able to try before. Consider making a couple dishes (main dishes, appetizers, desserts, sides — whatever you want to make) and having a variety of condiments ready. The best part about a potluck is how free-form it is: You never know what a guest will come with, whether it is a delicious appetizer or a fun cake. As a special touch, you can send your guests home with cinnamon rolls for breakfast in the morning as a fun party favor.
7. Put an emphasis on thoughtfulness, not price tags
The best gift is a thoughtful one. If you don’t have endless dollars to spend on gifts, try to add a thoughtful touch to the gift. This can be a letter you write expressing appreciation for the love and friendship of a beloved friend or family member. It could also be giving the gift of your time — if your friend doesn’t like shoveling show on their driveway, offer to do it for them a couple times during the winter. Sometimes the best gift is a creative one, not the most expensive one.