Originally published: 12/2/2020 | UPDATED: 11/21/21 for relevancy and accuracy.
It’s that time of year again. The most wonderful and magical time of the year: the holiday season. This time of year means different things to everyone, and for a lot of people it signifies a time of breaking the bank thanks to holiday shopping. Every year so many people complain about the fact that they spent more on presents than they wanted to, and that they are now going into the new year with more bills to pay and less money to do so comfortably. Most people don’t believe that there is a way to purchase holiday gifts without depleting their bank account drastically. But the truth is, holiday shopping can be—and should be—done without breaking the bank, and it’s a lot easier than you think. Keep on reading to learn how to do holiday shopping without breaking the bank.
How to do holiday shopping without breaking the bank:
Set a budget and stay within it.
In order to avoid overspending, you’re going to need to set a budget for yourself. This budget may vary from person to person, depending on your relationship with them, but regardless, one still needs to be set. This is also especially important this year because times have been tough for everyone.
Be realistic about your budget.
As fun as it can be showering loved ones with special presents that they normally wouldn’t get otherwise, you shouldn’t be draining your bank account over gifts. When it comes to setting a budget, be realistic about what you can spend in order to live comfortably and maintain the current lifestyle that you’re living. Besides, if you’re unable to afford a certain present this year, there’s always next year, and that’ll give you some motivation to get that cash flow up and moving.
Be mindful of other spending.
Since you’re going to be spending a little extra money on gifts, it’s important to be mindful of your other spending this month. Skip out on buying the things for yourself such as makeup, clothing, video games, etc. Don’t go crazy with getting takeout and delivery, or going out for food and drinks; make your coffee at home in the morning instead of buying one. The good news is that it’ll be easier to save a little extra money because of COVID restrictions, and the fact that most people are (should be) staying home anyways. (Literally probably the only silver lining to COVID.)
Don’t start shopping for yourself.
When you’re looking at gifts for other people, it’s easy to get caught up and go down the rabbit hole of looking at gifts for yourself as well; it’s easy to get roped in to the sales. But the truth is you’re only going to be dumping money down the drain. Instead of buying things for yourself, add them to your holiday wish list, or use any gift money to buy those things after the holidays. Not only will you not be spending your own money, you’ll catch the best sales that happen every year once the holiday season begins wrapping up.
Money and gift cards are always a good idea.
If you find that you’re having trouble finding gifts within your price range, opt for gifting money, a gift card, or even a prepaid visa instead. It doesn’t have to be much—it can be as low as $20–but you’re still getting them something, and they’ll be able to use that money however they want! Growing up, I got a ton of gift cards and money, and as I got older I appreciated them so much more because I could use them on normal things such as buying a tank of gas without having to dip into my own bank account.
It’s not about the money.
A lot of people think that the more expensive something is, the nicer it will be. Don’t let price points fool you—you can still get someone a nice gift that’s $20-$25. Along with the ideas I just mentioned above, things such as candles, dinnerware, silverware, or even a bottle of wine or champagne can fit into this price range.
Be smart with sales.
Companies will rope you in with their sales and you’ll end up paying more and overspending. Pay attention to what companies are offering. It’s easy to get sucked in and start picking up and/or adding more things to your shopping cart when you see that a reduced price point. This is why you should add up exactly how much you’ll be spending before you checkout. 9 times out of 10, you’ll end up over your budget if you don’t do this. Don’t overspend because things are on sale. Deals such as free shipping on all orders, buy one get one, and even 2 for the price of 1 are some examples of good sales that’ll have you shopping smart without breaking the bank.
Hold yourself accountable.
At the end of the day, you’re the only one who’s making the purchases. You’re the one who’s spending the money and going over budget, so don’t get mad or frustrated if you find that you’ve overspent. Hold yourself accountable for your actions instead of blaming it on the time of year and upcoming holidays. You’ll never break the pattern of breaking the bank every holiday season if you don’t take responsibility for it.
If you can’t afford gifts, let others know.
This season is a time for full transparency, which is why if you find yourself in a position where you’re unable to afford gifts, reach out to people and let them know. Instead of overspending, or even taking a gift from someone you got nothing for (which pretty rude, tbh) , talk to them and tell them the position you’re in. From there, together, you’ll be able to figure out the best course of action moving forward, as well as give them the option to still buy you a gift regardless. This is nothing to be ashamed of, and thanks to COVID, everyone’s on a tighter leash this year with money—you’re not alone. Besides, at the end of the day, the holidays aren’t about gifts, they’re about spending time with those you love. Don’t get caught up in stressing about breaking the bank, be open and honest with those around you, and enjoy this magical time—it only happens once a year.
