Christmas is a time when we give gifts to our loved ones. It's a period when we spend and if we aren't careful can overindulge when it comes to gifting. Here are five useful tips that will help you save extra money on your Christmas gifts.
Have a budget
One mistake that we make is not having a budget. Without a budget, you do not have a plan for your money and you will most likely end up spending more than you necessary, and you may find that some of your hard earnt savings goes towards buying extravagant gifts for others.
Stick to your budget
First, start by having a list of the people who you will give Christmas gifts to, these are family members, best friends, and other people who really matter in your life. Set the amount that will be used for this purpose and then allocate the types of gifts that you will buy. Stick to this budget and your emergency and savings funds will be safe. Ignore it and you may find yourself resorting to credit cards or borrowing money from people.
Buy the gifts during off season
If you buy your gifts during an off season period, you are highly likely to save money. This is the period when the demand is low and retailers will not hike up the prices. You will get the gift that you need at a much lower cost than you would if you were to buy during the Christmas season.
Give out some of the gifts that you have receive
There may be some gifts that you were given but have not been used. It will be better to give this unused gift to someone who would put it to good use rather than keeping it in your house as clutter. This will save you money on gifts and no one will know that you did not purchase the gift yourself. Keep this in mind this Christmas when you receive unwanted gifts. Leave them untouched and re-gift them the following year!
A great way to ensure everyone gets a gift whilst saving money is starting a secret Santa gifting method with your family. Put your family members' names in a hat that everyone must pick out of. Whichever name they get they must buy a gift for that person. This is a great way to ensure that you don't spend money on gifts for all family members while at the same time all family members' will receive a gift each. You can also set a gift budget that everyone agrees on so that no one overspends and others do not feel bad if they spent a minimal amount.
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Note: The above is intended to be general information and not financial advice. Cashtillpayday does not give financial advice.