Less than a month before the busiest day of the year and most of us are thinking of what to purchase with all the crazy offers going on. But, before you decide on spending and maxing out your card, take a step back and read below how you can get through the holiday gift-giving season of Hannukah, Kwanza, Christmas, and even New Years with a better perspective on gift-giving.
Here are our top tips for holding onto your wallet this holiday gift-giving season!
The Naughty or Nice List
It is always a good thing to plan. Regardless of the season, get into the habit of planning and making a list of all you have to do. This way, you can accomplish things more efficiently and less costly.
Planning can make any task seem easier without missing essential details. For example, this holiday season, know how much you have to spend by listing the names of those you plan to give gifts to.
Remember you do not have to give a gift to everyone in your family, all your relatives, your friends, or the people you meet or work with.
Thou Shall Not Spend Beyond Your Means
Stick to your budget! Now that you have curated a “naughty or nice” list, figure out how much you have and will save to reach the New Year without a hole in your wallet.
You should know exactly your financial status before your make any move. List out current and future expenses, the money coming in, how much you will spend, and how much you intend to save.
Savings and emergency funds are essential now more than ever, as the inflation rate over the year is quite high. You can show your love for the people you care about not only through material gifts but also through things that really matter.
Remember, It’s the Thought that Counts!
As the economy remains shaky, affecting our spending power deeply, learn to go back to the basics.
It is just society telling us that we are cheap if we don’t give a gift to people as part of “tradition.” In reality, we can offer our time and make an effort to reach out and talk to people instead of just giving something we bought.
Yes, it is also true that giving someone a gift can mean a lot for your relationship and even make it even more solid. However, it is better to give your loved ones time and ask how they are doing.
Start spending more time with the people you care about and checking on them on a regular basis. This is better than simply giving extravagant gifts for holidays and not even really caring about how they are doing.
Turn a Blind Eye on Retail Marketing Strategies
There are special holiday offers everywhere as Christmas approaches! A deal online, a mall sale, and everywhere you turn you see a red tag!
Businesses made Christmas the season to spend the most. We have been programmed to consume. People are spending millions and millions of dollars all over the world!
Mind over retail! Let us learn to control the impulse to spend just because of what we see. These are all just marketing strategies.
Retailers would make us think that if we buy a little of this and that, we will not overspend. That is a mistake. You could end up spending more than your budget if you fall for these retail tricks.
Re-gift. Reduce. Recycle.
It is time to look at our garage or storage corner! As we go around the house, let us try to make an inventory of the things we never used, even unopened gifts from last year, or gifted items from us over the past years.
Declutter and see what you can re-gift. This recycling process will help reduce so much retail waste and provide a bonus on not spending too much.
Just consider revisiting who gave you what and try not to give it to someone they know. You could hurt their feelings by doing this. Be careful that the person you will hand a re-gift does not know who gave you that gift in the first place.
Crafty? Are you Skilled? Maximize it!
Are you a DIY type of person? The artist? Or a fantastic cook? Use it! Giving handcrafted things as gifts is more affordable, although it can be time-consuming. So decide which is more efficient and at the same time a money saver.
Many people appreciate receiving gifts from scratch more than store-bought ones. Bake cookies, paint, or cook a Christmas feast! There is so much we can do and offer as a “gift” to our family and friends.
Some people even offer their skills in different trades as their Christmas gift. Like finishing a house project, offering digital services, or helping clean the house.
Let us not be limited to looking at gifts as something new, shiny, and beautifully wrapped.
Christmas Does Not Have to Mean Wrapped Gifts or Spending a Lot!
We have fallen into the trap where we think giving gifts is a way to show love and care for others. Let us try not to fall for this again. We do not have to lose so much money and be in debt just to show how much we care.
Think intelligently, act wisely, and always do a reality check, so you won’t end up being sorry.
We cannot put a price tag on real love and care. Think about that.