The holidays can be an expensive time of year, but with the right strategies, you can keep your budget in check.
In this article, top finance bloggers share their best holiday shopping and budgeting tips to help you save money this season. Discover how setting spending limits, shopping in advance, and finding cheaper gift alternatives can make a big difference.
By planning ahead and following these expert tips, you can avoid holiday debt and maximize your savings.
1st Tip – Be a Smarter Shopper
To save money during the holidays, becoming a smarter shopper is essential. Here are some valuable tips from top finance bloggers to help you achieve this:
Gretchen Lindow – Retired by 40 Blog: “Gretchen suggests focusing on the true essence of the holidays rather than extravagant gift-giving. Her family follows the “Want, Need, Wear, Read” rule, which involves giving one item they want, one they need, one to wear, and one to read. This approach significantly reduces the amount spent on gifts while still making them meaningful.”
Miranda Marquit – Planting Money Seeds: “Miranda’s family has adopted a name-drawing system for gift-giving. Each family member draws a name and buys a gift for that person, with separate drawings for adults and kids. This way, everyone receives a thoughtful gift, and the financial burden is minimized, especially in large families.”
By implementing these strategies, you can cut down on holiday spending while still enjoying a festive and meaningful celebration.
2nd Tip – Holiday Gift Budget: Set Spending Limits
Setting spending limits is crucial to avoid holiday debt. Here’s what some top finance bloggers recommend:
Laurie – The Frugal Farmer: “Make a list of who you have to buy for and set a monetary limit for each person’s gift.”
Brian – Debt Discipline: “Talk to family and friends before the holiday to agree on a spending limit. With limits in place, you can better manage your overall holiday gift budget.”
Andrew Schrage – Money Crashers: “Create a budget for your holiday gift-giving. Break it down into how much you’ll spend on each person. For instance, you won’t spend as much on your kid’s teacher as you will on your mom.”
Kalen Bruce – Moneyminiblog.com: “Set a reasonable budget. Just because your parents spent thousands on Christmas doesn’t mean you have to. Express your love in cheaper ways.”
Setting spending limits helps you avoid impulse purchases and ensures you don’t go over budget. Knowing how much you can spend allows you to narrow down gift choices, making the shopping process easier.
3rd Tip – Shop in Advance: Best Deals for Christmas Gifts
One of the best ways to save money on Christmas gifts is to shop in advance. Here’s what some top finance bloggers suggest:
Gretchen Lindow – Retired by 40 Blog: “I shop all year for Christmas! The best sales are typically found from mid-January to mid-February. I visit clearance sections whenever I’m in a store to find great gifts for friends and family. Then I store all of those gifts and pull them out when Christmas rolls around.”
Kalen Bruce – Moneyminiblog.com: “Don’t wait until the holidays to start shopping. Black Friday deals are great, but you can find comparable deals year-round online.”
Andrew Schrage – Money Crashers: “Start your research and shopping early – sales start well before Black Friday.”
Shopping in advance might not work for everyone, especially if you live in a small house or apartment, but these tips highlight that you can find great gifts on sale throughout the year. Plus, you’ll be able to get unique gifts that aren’t available during the Christmas rush, making your presents even more special.
4th Tip – Holiday Gifts on a Budget: Cut Costs on Gifts
Finding ways to cut costs on gifts is crucial for holiday budgeting. Here are some practical tips from finance bloggers to help you save money on holiday gifts:
Laurie – The Frugal Farmer: “Make gifts less expensive by giving gifts of time, service, or homemade items.”
John & David, Debt Free Guys: “Use sites like GiftCards.com and GiftCardGranny.com to buy discount gift cards for stocking stuffers or use them to purchase gifts at a lower price. Additionally, smartphone apps like RedLaser, ShopSavvy, and NowDiscount can help compare prices by scanning barcodes, ensuring you get the best deals.”
Andrew Schrage – Money Crashers: “Deal-sharing websites like FatWallet can help you find holiday specials and discounts.”
Cutting costs on gifts is a reliable way to save money. From toys to electronics, great gift items go on sale throughout the year. Use recommended websites and apps to find the best deals and save by comparing prices before making purchases.
5th Tip – Prepare for the Season: Holiday Season Gifts
Most of us think of Christmas as a time to fit buying gifts into our normal monthly budget, but the bloggers told us we’re doing it wrong.
Planning ahead for the holiday season is crucial to avoid overspending. Here are some expert tips on how to prepare financially for the holidays:
Lazy Man and Money: “One of the best ways to buy holiday gifts without going bankrupt is to save money throughout the year. Even putting aside a few dollars each week can lead to significant savings by the end of the year. If you start saving now, you’ll be better prepared for next year’s holidays.”
Brian – Debt Discipline: “Plan and research to save money during the holidays. Make a list of everyone you plan to buy gifts for, note gift ideas, and set spending limits for each person. Research the best prices and free shipping options from different stores and online retailers. Being organized helps prevent impulse buying and overspending.”
If you haven’t saved up for this Christmas, it might be challenging, but you can still plan for next year. Careful planning and budgeting can help you purchase holiday season gifts at significant discounts, sometimes 50% off or more, which can result in substantial savings.
Do you have any money-saving tips to cut costs on buying gifts? Let us know.
About the Bloggers
Gretchen Lindow, Retired by 40 blog: Writer, entrepreneur, and founder of Retired by 40!, dedicated to early retirement.
Lazy Man and Money Created in 2006 to help people achieve financial freedom by working smarter.
Rick & Laurie, The Frugal Farmer: Laurie, a mother of 4, blogs about personal finance, self-sufficiency, and simple living.
David Auten and John Schneider, The Debt Free Guys: Authors and bloggers who help others live debt-free and financially conscious lives.
Miranda Marquit Freelance journalist covering financial topics for various outlets. Her blog is Planting Money Seeds.
Kalen Bruce, Moneyminiblog.com: Helps people master their finances and productivity. Offers free books on personal finance.
Brian, DebtDiscpline: Personal finance expert and founder of Debt Discipline, focused on helping others achieve financial control.
Andrew Schrage, MoneyCrashers.com: Co-owner of a personal finance site providing practical financial resources.