According to American Research Group Inc. in 2008, consumers were planning to cut their holiday spending almost in half. By making a list of gift recipients and amounts to spend on each, as well as early shopping with sales and discounts, it is possible to save considerably on holiday gift giving.
Make a List of Gift Recipients
Write down every person that will receive a present from you or your family. Start with members inside the family and move on to other relatives. Next, think about close friends and their families, co-workers and acquaintances. Finally, think about people that may get overlooked until the last minute: teachers, mailperson, or babysitters.
Budget an Amount for Each Person and Gift
Think about a reasonable amount to spend on each individual in the list. The task may seem daunting if the list of people is long. However, planning in advance means saving money in the long run. The amount may vary from person to person. When deciding how much to spend, think about how much you want to spend (a lesser amount) and what you may have spent last year. Try to find a figure somewhere in between,
Start Shopping Early
Don’t wait until the last minute to complete the Christmas list! Use the list of people and amounts to spend as a guide. As the holidays approach, shopping opportunities increase. At each shopping trip, look for opportunities to purchase for someone on the list. The spending will be spread out over a couple of weeks instead of a large amount all at one time.
Take Advantages of Sales and Coupons
Mailboxes and newspapers will be flooded with holiday ads this upcoming season. Check each ad with your gift recipient list in mind. If a store offers a coupons for making a purchase of a certain dollar amount, try to purchase multiples gifts at the same place to take advantage of the discount. Black Friday, the day after Thanksgiving, will provide lots of opportunities to save money on gifts.
Don’t Go Overboard
It can be tempting to pick up a little something to add to a gift at the last minute. Remember that all of the “little things” add up to a lot. Stick to your set amount for each person. If you find a gift for someone on sale and it costs less than what you were planning to spend, don’t purchase something else to make up the difference.
Planning and creating set amounts for gift giving this year will make saving money on presents a real possibility. Be sure to take a look at the list and see how well things went when the holidays are over. Think about what worked well and start planning for next year.
HOL 101
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