Budget Shopping During The Holiday Season: 3 Tips To Keep Your Family And Your Wallet Happy

With the holidays approaching and most of the world feeling the financial crunch because of the pandemic, these tips to save money on holiday gifting from a reader probably will be very appreciated. 

With the holidays fast approaching, many families will be preparing to begin their holiday shopping. The holidays are one of the major financial sore points for families, particularly if you are trying to live on a budget. The National Retail Association estimates that the average American family spent $942 on gifts alone in 2019. That is more than they have ever done before. However, with the cost of raising a family rising and many families battling with debt, it is no surprise that families are looking for a wallet-friendly approach to shopping during the holiday season. Before you start online shopping, try these simple tricks to help you satisfy your family’s wishlist without the massive credit card debt or breaking the bank this year.

Do A Realistic Gift Budget For Everyone On Your List

A common recommendation when families want to cut their grocery bill is to head to the supermarket with a list. It is no different from gift shopping during the holiday season. As Black Friday and other shopping events get closer, take the time to write out a holiday shopping list this year. Include the persons you are buying for, what they would like (or you think they would like) and how much you can allocate to each person. This gives you insight into how much you can expect to spend on each person and doing it before the holiday rush begins gives you time to research great deals or alternatives if it is out of your budget.

Choose a Gift Everyone Will Enjoy

It is easy to get carried away with the consumer draw of the holidays and gifting. When you are buying for multiple family members or children, the costs can quickly add up. To save money and still give a gift that they enjoy, think of a combined gift that they would all like. For instance, if you are a parent of teenage boys, consider what presents would appeal to teenagers like video games, earphones, and other tech gadgets. Then instead of getting them a separate gift, choose a present that would appeal to them both like a gaming console or video games if they already own a console. Of course, this is only successful if you stick to your spending budget and the combined gift costs less than the individual items would have.

Max Out Money Saving Opportunities With Introductory Offers, Comparison Shopping, And Seasonal Coupons

To get the most for your buck, do your research before hitting the stores (or websites) this holiday season. If you are planning to use a credit card for your gift purchases, check out introductory offers like 0 percent promotions. This saves you from paying interest for a specified period of time and if you budget your finances well, you may be able to pay it off in full before the interest charges kick in.

Another thing you can do is visit price comparison websites and track upcoming holiday events that retailers are advertising. Most retailers are operating in a competitive atmosphere and are happy to match a competing price or lower theirs. Finally, check out coupon websites or store coupons like Ibotta and Rakuten for coupons on the items you want to buy or retailers you are planning to shop at. Some retailers also offer introductory discount coupons for signing up for their newsletter or becoming a loyal customer. All you need is a printer and email address. After the holidays are finished you can always unsubscribe.

Also, don’t forget to check discount stores for some hidden gems this gifting season. Stores like TheDollarTree or TJMaxx have great deals on smaller gifts or stocking fillers. So before you head over to the larger retailers, stop by your local discount store to see if you can spot a bargain. Shopping for gifts in the holiday season doesn’t have to be scary. With the right financial planning and tricks, you can focus more on enjoying the holidays with your family and less on the cost of it all.

What are your favorite ways to gift for the holidays on a budget?