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Personal Finance, Save, Spend · October 30, 2012

Saving Money This Holiday Season

The holiday season is coming and that means families on a tight budget may feel stressed. Fortunately, there are many ways to save money on holiday spending. The holidays should be a time of joy and making good memories. It is difficult to get into the spirit with worry looming overhead. Give yourself a break and follow these holiday money-saving tips.

Start Early

The sooner you begin your holiday shopping, the less hurried you will feel. This means you will be less likely to buy an item just because you have run out of ideas and time. In addition, some stores have discounts on decorations prior to Thanksgiving.

Form a Plan

Do your budget ahead of time and figure out how much you are able or willing to spend. Next, divide that amount per child and adult. Doing this gives you a more concrete idea of how much you can spend – so, when you are toy shopping for a child, you will be more careful with your selections.

Shop Online

Besides convenience, one nice feature of shopping online is you can quickly compare prices. If you find an item you like, you can do a search on the item to see if another place is selling it cheaper.

Another advantage of shopping online is you may find some amazing cheap prices for Christmas items. Stores are competing like mad for your dollars and often go as low as they can to get them. Frequently, shipping is free if your purchases exceed a specific dollar amount; in those cases, it is a win-win situation. You get to shop from home, avoid the crowds and save on gas, and you pay even less than were you to shop at a mall.

Shop Discount Stores

Children will not know or care that the doll or toy car you bought them came from a discount store. Discount stores, which usually have the words dollar or 99-cent in their name, stock many decorations, cards and toys for Christmas each season. You can also find some small gift items for adults at these places.

What to Buy

For adults, buy practical items you know they need or want, such as a new watch, or buy an item with sentimental value, such as a personalized picture frame. For children, buy toys that they will use more than once. The classic toys, such as building blocks, plush animals, dolls, and games get a lot of use. Do not give into the pressure to buy the newest gadget unless you can afford it.

What to Avoid

Avoid overpriced technological gadgets. New technological devices, such as newer, fancier phones and computers, come out every year. When they first come out, they are sold at a premium price. Soon, often even within a few months, the price starts falling. Make an agreement with your spouse that you will not buy the newest gadget when it is first released, but you will wait until prices fall.

Avoid expensive toys for toddlers. Toddlers have very basic playtime needs, and all of them can be met with basic, inexpensive toys.

Filed Under: Personal Finance, Save, Spend

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