How to Save Money for Christmas

 

Photo by Joslyn Pickens 

When the Christmas season rolls around it is a time for gift-giving. However, before you go ahead and start spending, it is a good idea to try to save. 

With inflation rising, it's best to try to keep spending as minimal as possible. Here's a closer look at how you can control your spending this holiday season.

Create a Budget

The first step to saving money is to create a budget for the holiday season. First, write the names of all the people you want to buy gifts for and then decide how much money you want to spend on each of their gifts. 

This is an easy way to immediately control your spending. Once you have finished allocating the amount you want to spend, you can then calculate your expenditure. 

It might also be a lot more fun to try to fit the gifts you buy into the amount that you set for each person, instead of the other way around. Remember that getting gifts is simply a way to help us learn about the true meaning of Christmas. In the end, it's the thought that comes.

Use a Tracker

If you always have your phone with you a good idea will be to start using a tracker to keep your spending down this holiday season. It can be easy to say that you will think about how much you are spending in January. 

However, when January rolls around you will likely regret that you have spent so much. Getting an app on your phone to assist you with keeping track of your spending in real-time, is a good idea so that you can avoid regrets.

Start Shopping Early

One of the best things you can do is to start shopping as early as possible. The earlier you start shopping the less likely it is that you will overspend. 

Don't wait until the week of Christmas or the day before Christmas to start trying to find gifts. You are likely to end up having to buy things at more expensive prices. Take advantage of Black Friday deals and cyber week sales.

Combine Orders

If you decide to shop online you should consider combining your orders to ensure that you are getting the best value for your money. Buying all your gifts at one time and then getting them shipped out at once is the best way to avoid high shipping costs when you are purchasing gifts online.

Stay Off Your Credit Cards

Another thing you can do is try to stay off your credit cards during this time. Try to use cash instead. 

This is where making a budget becomes critical. You can then pull all the cash that you need at once.

Once that cash runs out your spending is done. Do not carry your credit cards with you when you go shopping. This will make it even easier for you not to use them if you run out of cash.

Set Up a Dedicated Christmas Account

If you typically have a lot of people you need to give gifts to at Christmas, you can set up a dedicated Christmas account. You can start putting funds in it from January so that at the end of the year you will have a good stash of cash ready to buy Christmas gifts. 

The good thing about having a separate account is that you get a debit card for that account. It helps you to separate your money. Even if you don't save in the account every month, you can decide on your budget for Christmas spending, put all the money into that account and then use your debit card. 

Shop All Year

Yes, you are trying to save money, but if you start your Christmas shopping a little bit every month by the end of the year you will already have a special gift ready for everyone.

Take advantage of all the sales that happen throughout the year and purchase something whenever you can. By the end of the year, you will have saved money and avoided the Christmas shopping rush.

Get the Gifts You Need

Getting gifts for the people you love at Christmas is critical. You don't want to disappoint anybody. However, gift-giving can rack up some very high bills. It's always a good idea to be as prepared as possible so that you can save as much money as you can for the new year.