When the Christmas holidays are fast approaching, don’t get caught financially off-guard. The shopping season may sneak up on you, after which you’ll find yourself in the money crunch of buying last-minute Christmas gifts. Start planning and develop a gift-giving budget. With a little preparation, you can avoid those high-priced gifts bought out of desperation. You can also save shipping costs and circumvent credit card purchases that will accrue a high interest rate.
Step 1
Sit down and make a Christmas gift list, prioritizing the people on your list who need gifts. If you’re a parent, well, this means that your kids come first. Your spouse or partner comes next, then your parents, siblings, friends, and so on. Decide what those people might want or need and start from there.
Step 2
Focus on the most expensive gifts first. Do some comparison shopping on these big-ticket items. The high-priced gifts should be purchased after you do some careful price consideration, ensuring that you found the best deal.
Step 3
Start buying a few gifts with each paycheck from this point forward. It is amazing how quickly this will take care of your Christmas gift list and how much easier it will be to enjoy the holiday season.
Step 4
If you’re broke this year, think about going the homemade route. Don’t be afraid to make some crafts or cookies to give as gifts. People really do enjoy homemade gifts – especially people who know you well – as it signals a willingness to invest some time to create a gift.
Step 5
Pay cash whenever it is possible to do so. Try layaway, if you need to pay in installments. Avoid using too many credit cards. Those credit card bills will give your buyers remorse and make the month of January really seem long and dreary.