Ways To Save Money While Shopping For Xmas Gifts

It’s no secret that during the holidays, people tend to overspend. This year alone, the average American plans to spend $660 on gifts. That’s why monitoring Christmas spending and sticking to a budget is something that everyone should make an effort to do this holiday season.

To do so, it’s important to take the time to carefully plan and budget for Christmas gifts, so you don’t end up overspending and putting things on a credit card. Case in point: According to recent data, 24 percent of millennial shoppers still haven’t paid off their credit card debt from last Christmas. 

Don’t let this happen to you. Here are our five best tips to avoid overspending during the holidays – and still get that something special for everyone on your list. 

Stick to a Christmas Gift Budget

One of the most important things that you can do to save money on Christmas gifts is to stick to a gift budget. You can incorporate this into your monthly budget and put money away for Christmas in the months leading up to Christmas. This also requires budgeting how much you will spend on each gift – and sticking to it. 

Budgeting may not seem like a lot of fun, especially around the holidays, but look at it as a creative challenge. Often, carefully thought out gifts (think: homemade gifts) are a lot more meaningful than the more expensive ones. These Christmas savings strategies can help you stick to your budget:

• Consider expectations set by family members and social situations when making up your budget. You may want to advocate for lower spending limits if you have a large family.
• Shop sales and start shopping early. If you can purchase items throughout the year, it can make the holiday gift-buying season less stressful
• Setting aside each month for Christmas can also make budgeting easier.