Budgeting in the Holiday Season
While the holidays are over, the gifts are not! There are so many deals and promotions available as we enter the new year. We bring you steps to ensure proper and fun budgeting for the holidays, New Years, and even the upcoming year!
By Finance Board
Step 1: Deciding Your Budget
Plan ahead
Account for shipping costs
Be mindful of your other costs that need to be paid like bills, tuition, etc.
Keep track of how much you are spending
Step 2: Make a list of who you are purchasing gifts for
Establish how much you can afford to spend on each person
Step 3: Check if you can get a discount with a price match guarantee!
Many stores like Target, Walmart, and BestBuy have price match guarantees
If you find your gift at a lower price from another online retailer like Amazon, these stores will match that price!
STEP 4: Don’t wait until the last minute
Shopping in a rush may induce you to spend way more than you should
Make a gift-giving plan and stick to it!
STEP 5: Take advantage of holiday sales
Look for deals more often than just event-based sales that might not even be as marked down as we expect
“Free Shipping Day, on Dec. 14” - many retailers have free shipping this day
Some special holiday sales if you look around
Step 6: If you have a big family/group of friends, doing Secret Santa could be an alternative
White Elephant is a good alternative too
Turn it into something fun without feeling obligated to give each and every single person a gift
Step 7: Make homemade gifts!
By taking the DIY route, you can buy gifts in bulk and customize it to save up some money
A lot of ideas on Pinterest, YouTube, etc.
Examples: Cookies and baked goods, photo gifts, candles
Step 8: Save!
If you put money aside each month throughout the year to cover your expenses, you will stress a lot less when the holiday season comes around
Once you get into the habit of creating a budget for the holidays, use the previous years’ budget for reference
For more information about budgeting during the holiday season use these resources!
How to Stick to your Holiday Budget
Ways to Save during the Holidays
7 Tips to Budget Holiday Spending