Although it may be the most wonderful time of the year, the holiday season can also be the most stressful. Trying to find the perfect gift for all of your loved ones, having to attend every family gathering, or hosting an event yourself can all cause stress. However, the worst contributor to the stress is spending money.
The National Retail Federation announced its expectation of retail sales between November and December to increase by 3.6 to 4 percent or $22.95 to $26.2 billion from last year. Millennials are also expected to spend the most compared to other demographics this year.
Whether it’s your friend, a family member or coworker, or maybe yourself, we all know someone who spends a little too much time and money picking out the perfect gift. In order to stop spending all of your savings, Standard Affluent Private Bank created a list of tips and tricks you can follow to help keep your wallet full this holiday season.
1. Get a head start
Let’s face it—everyone has run out during the weekend of Christmas to buy a present last minute. We’re human and procrastination is our weakness. Starting your gift shopping earlier can make your life less stressful and help budget your money accordingly. Be sure to look out for those big sales, most leading right up to the big day.
2. Set a budget
People love to spend money, and what better way to show someone you care than by getting an expensive and ravishing gift. Wrong. If you have a big family, this can be difficult. The best way to not break the bank is to have a budget—spend about the same amount on each person or don’t go over a certain limit. Create a budgeted list in order to ensure an organized and stress-free shopping trip.
3. Don’t treat yourself
A great way to save money throughout the year is to stop treating yourself to those overpriced coffees and expensive dinners. Randy Becker, owner of Becker Retirement Group, estimates that cutting out a $3.89 coffee each workday will add up to $933 a year in savings. That’s a lot of money someone can utilize for his or her holiday presents.
4. Use cash
It’s so much easier to swipe your card and not think about the prices. Withdrawing cash from an ATM can help you better keep your budget in mind and know how much you have left to spend on loved ones.
5. Homemade presents
Some of the best gifts you can give are personalized. Maybe you're thinking to yourself, “I’m not creative enough” or “I’m scared it will turn out bad.” Well, the beauty of the Internet is that it is full of amazing and unique Do-It-Yourself videos of personalized gifts and how to create them. They show you step-by-step instructions on how to bring these crafty gift ideas to life.
And lastly, but certainly not least:
6. Know when to stop
Always know when to stop shopping so you can start putting away extra dollars for next year. After all, the holiday season is truly about spending time with the ones you love. Spend less money and more time with family and friends this year!
