We’ve all done it – spent too much money on holiday shopping and started the New Year more in debt than we anticipated. Holiday shopping can be tempting and a slippery slope into easy debt, and as many collegiate are full time students, we don’t have much money to work with in the first place.
Avoid the holiday debt this year by following these simple tips. Stick to them, and you should even have money left over in the end to treat yourself:
1. Establish your budget
The most important step to keeping in mind when trying to save money is establishing a budget. Since holiday shopping season has officially begun, make a list of all of your expenses between now and January. Include your cell phone bill, insurance, loan payments, or any other mandatory payments and expenses. From there, estimate your paychecks and establish what kind of a total you’re comfortable spending. Set that total and remember it!
2. Make a list of required gift recipients
There are many people that touch our lives throughout the year, so make sure to write down each and every one of them. Include all members of your family that it’s customary to buy for, paying special attention to your immediate family. Also be sure to include your friends, significant other, and either of their families depending on your relationship with them.
Don’t forget people like your mailman or landlord and hair dresser and other beauty personnel during the holidays, as many are doing double the work during the holiday season.
If you’re the type that donates to different charities or organizations during the year, don’t forget to add those too.
3. Evaluate people based on need and interest
To ensure you purchase the perfect present for your budget and your recipient, propose the ideal gift for each person on your list. Don’t waste time buying something extravagant and expensive for your mom, when all she really might want are some new dish towels.
Also take note if your recipient is the type to appreciate homemade gifts. Some boyfriends would much rather a plate of homemade brownies than a generic bottle of cologne from their girlfriends.
If you believe that you’ll go over budget after you’ve written all this down, start weeding out the less important members and opt to make them something home-made or baked. It will save you time and money and keep you from unnecessary guilt that you had to leave them out.
4. Shop early and shop around
Along with the sales and discounts comes the price hikes at certain stores. Many raise the price of their merchandise and then take the discount off of that to trick the customer into thinking they’re saving. Don’t be fooled!
Make sure to shop around, look for coupons, Groupouns, sales and specials to cut back on costs. It may take a little more time and patience to find the perfect present for your best girl friend, but you’ll thank yourself in the end for not spending more than you should.
5. Don’t let people change your mind
Once you’ve set your goals, your budget, and your list, don’t let people persuade you to deviate from it. Spending extra here and there on gifts to save time will catch up with you in the end, and cause unnecessary holiday debt. Avoid that this year by sticking to your plan.
If you should forget someone after all is said and done, baking is always a great go to for a last minute gift that isn’t cheesy and doesn’t let on that you forgot to add them in the first place. If baking isn’t your strong suit, try something simple like cake pops or cupcakes, or cook something to bring to their house for dinner.
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