Money Saving 101: The Holidays

So it isn’t even October yet, but I want to stress that the holidays are coming up fast. I have some tips to keep you out of debt this holiday season.

1.       Start saving NOW. We have just over 15 weeks until Christmas. If you save $10 per week, that’s $150 you’ll have set aside. If you save $20 per week, that’s $300. The more you put away now, the more you’ll have and the less you’ll need to worry about putting items onto your credit cards and putting yourself in debt.

2.       Similarly, a lot of places use layaway. Can you afford to pay a little at a time? Go use a layaway system where you pay off a small amount at a time and you need to have it paid off by the time you come to pick it up. Pay as much cash as you can at a time, and you won’t need to worry about debt this Christmas.

3.       Buy things at after season sales. Go out right now and buy summer clothes and stash them away for Christmas gifts. In November, fall clothes will go on sale, stock those up too. Back to school supplies are on sale now too. How about stuffing their stockings with school supplies? Everyone knows you can always use more pencils/pens/notebooks after Winter Break! (See the last blog post for more about after season shopping!)

4.       Don’t buy so much! Seriously. Does Junior REALLY need 8 more GI Joes? Does Sally need 10 more outfits when she rarely wears all the clothes she already owns? Think about buying things your family actually needs along with a couple of their wants. There is no point in going into major debt because you have to get everything Junior and Sally want. There is no rule that you have to get everything on a child’s Christmas list.

5.       Don’t buy for everyone. In my family, we don’t buy for extended family, just immediate. I have a large family and could easily spend thousands of dollars if I bought something for everyone. If your family gets together and you have a large family, try a secret Santa, or pull someone’s name out of a hat so each person buys one gift. That will save your family a lot of money. Not to mention, you won’t have so much stuff to find room for when you get it all home.

6.       Finally, make a budget! See how much you can afford to spend and stick to it. I usually stick to $50-$100 for each family member I buy for. 

Do YOU have any tips for saving during holiday shopping?