The holidays are a hectic time for everyone. Many feel stressed and overwhelmed about buying gifts for their loved ones and about the effect on their bank account when they do. If you don’t have the money to spend, don’t go into debt in order to purchase expensive gifts for your family members. There are many things that mothers can do in order to save money during the holidays in order to make it more affordable and meet their budgeting needs.
Develop a budget
Take your resources into consideration and come up with a budget and be sure to follow it. If you cannot afford something, it should not be purchased regardless of how desired it is by your family member. They would rather be without the gift, than to have you struggle or stress out about how you are going to pay for it. You should not go into debt to show someone how much you care about them. With a little creativity and careful planning you can enjoy the holidays without having to fear the financial burden when you over spend. As a rule of thumb do not spend more than 1.5 percent of your household annual income on gifts for others during the holidays.
Within your budget, break down how much you are planning to spend on each person that you need to purchase a gift for. Write out each person’s name and the gift you intend to purchase for them as well as the estimated purchase price of the gift, make sure to include the tax in the purchase price if applicable. Additionally, add it the costs of any additional items that you need to purchase for their gift such as cards, postage, wrapping costs, dinner or meal expenses, travel, etc. This is important because this will give you an accurate cost associated with each person’s gift, and it will help you to be more cautious about over spending.
Don’t Wait to Shop
Doing your holiday shopping is a great way to save money on holiday gifts. The end of season sales are a great time to shop because stores are pushing their inventories by offering them at reduced rates. Also, if you do your holiday spending over a year’s time, you won’t be taking a huge hit at once, like the people that start their holiday shopping in November and December.
If you wait to the last minute to buy presents, you may end up overspending or buying other items that were not planned on because the intended gift is no longer in stock for sale and a gift has to be given to that family member. Giving yourself extra time to find the best deal is very helpful when you have to purchase expensive items like electronics, if you wait until the last minute you may not have the option to save money and will end up spending top dollar on these items.
Take these tips into consideration in order to save money around the holidays. If you spend your money wisely this time of the year can become less burdensome and less feared as it is for most people today, and it can be enjoyed and embraced as it was intended to be.