How to reduce Christmas spending
To cut down Christmas expenditure and other holiday related spending can become an uphill task if not managed with an iron will and a strong hand. All you require is a little planning and smart spending to avoid getting buried under a year long debt. It is important that you view your holiday spending as you would any other big expenditure and have an action plan. Here are a few tips on how to keep your spending within limits.
Some suggestions
- Write down the amount that you plan to spend for different categories; gifts are just the beginning, don’t forget you will also need money for postage and shipping, decorating or greeting cards.
- Write down the names of people for whom you want to buy gifts and then divide up the budgeted amount accordingly.
- Christmas and giving are synonymous and many studies have proved that people buy and receive gifts that are never used. So give gifts to people who really matter to you, for the rest buy cards.
- Buy your gifts well in advance so as to avoid panic buying in the end (which more often than not results in you choosing the wrong kind of gifts) or buy them just after the holiday season is over when most goods are sold at discounted prices.
- Buy your wrapping paper similarly, just after Thanksgiving or Christmas when prices will be the lowest you can get.
Do’s
- Do your Christmas gift shopping at bargain stores such as Wal-Mart or the Dollar Store. In fact if you plan in advance you can capitalize on many sales that certain high end stores hold from time to time.
- Invest in a good book and make gifts at home. Your gifts will have the distinction of being unique as well as thoughtful.
Don’ts
- Don’t buy your gifts through a credit card. Always spend cash; this way you remain in control of your expenditure.
- To avoid spending a fortune as postage, don’t send heavy gifts by mail.