The holidays are quickly approaching, and that means the shopping craze of Black Friday, Cyber Monday, and all the holiday deals. With these great deals, you may think you are trying to save money for the holidays, but often it ends up being quite the opposite. Black Friday and Cyber Monday deals encourage us to make impulse purchases. Learn our tips for best ways to save money this holiday season by making wiser choices with gift-giving.
Here are our Suggestions for Ways to Save Money for the Holidays:
Set a Budget
In order to effectively set a budget for the holidays, start with a list of all the people you plan to buy gifts for. We suggest not only thinking about gifts, but also budgeting for holiday parties (if you plan to host), decorations, and food. Once you have come up with your list, determine a budget for each person and item. You can create a list or spreadsheet – whichever you prefer.
Don’t Buy Sale Deals Unless They’re On Your List
It is easy to be tempted by great deals on electronics and other highly priced items during holiday sales. If the sale item is not on your list, don’t buy it. However, if the item is on your list, then it is a great time to buy it during a holiday sale.
Big markdowns on TVs, sports equipment, toys, etc. entice us to purchase things we otherwise would not have bought otherwise. Black Friday has now become a week-long sale at many stores. This is because of all the shopping that is done because of promotional work.
Buy Used Items
Purchasing used items is a great way to save money for the holidays – especially for kids. Children outgrow clothes and toys quickly, and there are many stores that sell secondhand items that your kids may enjoy.
Facebook Marketplace and Nextdoor are also great options for used items like electronics, sports equipment, and toys. You can find many great gently used items that are in excellent condition for much less than retail price.
Plan a Secret Santa With Family
If you are looking for ways to save money for the holidays, planning a Secret Santa may be a great solution. We often feel the need to get everyone a gift – but keep in mind that your relatives may feel the same way.
Plan a Secret Santa gift exchange with your family. Each family member gets assigned another family member by random to buy a gift for. That’s it! You only buy a gift for that family member, and you will only get a gift from another family member.
Buy Gifts for Kids Only
Another option with extended family members is to only buy gifts for the kids. You will need to plan this out with the other adults, and you may find that a lot of them are on the same page. This will take aunts, uncles, and cousins off the list. Revisit the idea mentioned previously about buying secondhand items for kids.
Thank you for reading Best Ways to Save Money This Holiday Season! At Members 1st of NJ, we are dedicated to providing our members with the financial products and services they need to achieve their financial goals, while maintaining the longstanding credit union principles of “Not for profit, not for charity, but for service” — and “People helping people”. Our goal is to deliver our services at the lowest possible cost while providing the outstanding service our members deserve.
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