As you progress through maturity, your understanding of the true meaning of the holidays evolves. If all goes well, the holiday spirit and goodwill will remain, but your perspective on gifts may change.
The anticipation fades, and the waiting becomes a chore.
Possibly an exaggeration, but once you’re in a position where you’re expected to give as much as you receive, the meaning of gifts changes. Spending so much money on so many people can feel like an imposition, especially if you’re already on a tight budget. It’s no surprise that many Americans still have significant credit card balances as the new year begins, and even fewer manage to pay them off before the next holiday season.
Nonetheless, holiday buying need not break the bank. There are many ways to save money during the holidays, whether it’s just a few dollars or nothing at all. All it takes is a willingness to explore new options.
Create a plan for your money
It’s not uncommon for Christmas spending to go overboard when shoppers don’t check their lists against their budgets. Find out how much money you have set aside for Christmas and then write a list of everything you have to do leading up to the holiday that will cost money—from buying a Christmas tree to preparing the table for guests. Next, assign a somewhat inflated dollar amount to each item.
Although cutting back on Christmas spending may be painful, remember that many people still haven’t paid off their credit card debts from last year’s celebrations (according to CNBC). If you find yourself in a similar situation, total up your interest payments from last year, and resolve to stay within your means financially in the new one.
Don’t forget about next year
Since you plan on spending money anyway, you might as well maximize your investment. You could try saving a little bit for next year’s holiday season. Evaluate your holiday spending on presents, food, and decorations, and then figure out how you may cut costs even further in the new year. The next step is to begin saving regularly for those costs.
Even better, begin saving for next year while you’re still buying presents for this year. Whenever you use a linked credit card, apps like Acorns will automatically round up your purchase amount to the next dollar. Afterwards, even a five dollar sum can be put into the stock market.
Find coupon codes
There are many sites that compile discount codes, so you can always find a good deal.
Capital One Shopping is one of the best that we’ve seen; it’s a free add-on for Chrome that inserts discount codes into your shopping cart for you. After seeing an item, the extension can notify you of any further price decreases.
Join the shop’s email list
If you are a new member, you can usually save an additional 10–20%. So that I can take advantage of many coupons, I sometimes make a separate email account just for that purpose.
Make use of a credit card that offers cash rewards
While it’s not a good idea to open a credit card just to buy Christmas presents, if you’re in the market for a new card, it can be smart to take advantage of sign-up bonuses and fantastic 5% cash back categories.