Tips for Budgeting This Holiday Season

man with credit card online shopping

The holidays are just around the corner! This month is the perfect time to get ahead of the curve by planning out your shopping list and your budget. With friends, family, and coworkers to get gifts for, it’s important to consider where and when to shop, and what types of things your loved ones might like. To avoid breaking the bank this season, we’ve compiled some tips for you to be able to check off every name on your shopping list without breaking the bank.

Put Your Budget in Perspective

Each year, the holidays usually sneak up on us and we have to rush to get gifts for everyone without any rhyme or reason. This often leads to poorly thought out gifts and spending more money than we should. So how can we get ahead this year? First things first: the list. To get an idea of how much gift-giving is going to cost you this year, start by making a list of everyone you would ideally like to get a gift for. Then, separate the list into different categories. For example: best friends and family, friends and supervisors, coworkers and acquaintances. Set a budget per person for each category and see what the total cost would be. For example, let’s say you have 10 people in each category. Your budget for best friends and family is $50 per person, friends and family $25 per person, and coworkers and acquaintances $10 per person. The total comes out to $500 + $250 + $100 = $850. Then, divide your total budget by the number of weeks you have to finish shopping: $850 divided by about 7 weeks until Christmas = $121 per week. It adds up fast! Seeing the names and numbers on paper can really bring into perspective how much you’re spending.

Get the Most Out of Your Budget

Once you have an idea of who you’re shopping for, how much you can spend on each person, and how much you can spend each week leading up to the holidays, shopping is a lot less stressful. To get the most out of your gift-giving experience, consider taking advantage of discount stores and sales. During Thanksgiving weekend, there are usually Black Friday and Cyber Monday deals and sales in shopping malls. With a little patience, you can find designer clothes, the latest electronics, and plenty of other goodies without having to pay full retail price. This way, you get the most bang for your buck and your loved ones are none-the-wiser (besides, it’s the thought that counts, right?). Add a special touch to your gift with a personalized message. Taking the time to write out a heartfelt card is unexpected these days. You’re likely to pleasantly surprise your friends and family by letting them know how much they mean to you.

Quality Over Quantity

Another tip: quality over quantity. Instead of getting your significant other five stocking stuffers that they’re likely to stick in a drawer and forget about until next year, use your budget wisely to pick out one special gift that they’ll truly enjoy. Maglite makes a practical, useful, and affordable gift for anyone on your list. It offers legendary performance with an iconic design that everyone is sure to love. Check out the popular Complete Home Bundle, Complete Professional Bundle or the City Life Kit.

Happy shopping!