I’m sharing the very best tips on saving money this Christmas season! With the holidays right around the corner, and the biggest shopping week of the year coming up soon, I wanted to share some ways that you can start preparing your finances for this season!
I know personally, November and December are high spending months for me. With all the gifts I’m buying for others, items I’m buying for myself, holiday decor, food, party outfits, it can all add up super fast.
However, knowing that and preparing in advance can be a total game changer. You will feel more in control and on top of everything this season if you go into it with a plan. This is why I decided to publish this post early, so you can start getting your budget ready and feel confident about your finances going into the holidays!
Here are my best tips on saving money this holiday season!
1. Start planning early (like now)
Before you spend any money on gifts for the holidays, figure out who you need to buy for and your spending limit for each person. Write out the names of family members, coworkers, teachers, friends, boyfriends, girlfriends, etc. Then write down a few gift ideas for each person within the dollar limit you set.
Do not go shopping until you do this! If you head to the store without a specific plan in place, you’ll be more likely to spend more money and pick out items that are more expensive!
2. Create your budget (your spending plan)
Now, based off of your planning that you did in step one, you can now start incorporating these numbers into your budget. If you haven’t created a budget yet, you can download the exact budgeting sheet I use every month here! This will help you plan your budget for the holiday season, visually see all your purchases, track your loans and monthly bills, analyze your income and expenses by category and more!
If you’re looking for a step by step budgeting guide, check out this post! I walk you through my exact budgeting strategy and how to use my free budgeting download!
You can download your free monthly budgeting sheet here.
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How To Budget Your Money Like a Professional!
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Around this time of year, it’s not enough to just look over your online banking expenses and call it a day, you should actually sit down and plan out your finances so that you don’t end up overspending or stressing yourself out.
Personally, I plan my budget the same way I would any other month first (without the holiday gifting in it). I account for every penny of my income, including how much I plan on saving for the month and have that all laid out.
Then, I incorporate the amount of money I have planned to spend on presents and holiday activities into the budget (I get this number from Step 1).
To do this, I analyze my variable categories (categories like: entertainment, personal care, dining out, groceries, clothing, how much I’m saving each month) and see how I can move money around to fit in holiday gifting or activities. I adjust my budget accordingly, and if needed I’ll lower some of the spending limits on presents I’m buying for people.
Feel free to try this out as well! There are so many ways to budget your money though, so do what’s best for you and your financial situation! I do recommend having some sort of budget or plan in place, though no matter what!
3. Choose less expensive gift options
This might be obvious, but if you know you want to buy someone a certain gift I recommend comparing the item across different stores or even different brands! Different stores run various sales/specials on the same item, so do your research to make sure that you’re getting the best deal.
I would also look at comparable items that are cheaper. Nowadays, there are so many great dupes for expensive clothing, purses, electronics, etc. so try looking at those as well. To make sure the item is worth it, I would read through some of the reviews and make your decision based off of that!
4. Sign up for Rakuten and Honey to make sure you are getting the most savings and cash back
I love Rakuten! If you haven’t heard of it, Rakuten is a way to earn cash back on all your online and in-store purchases. It’s totally free to sign up for and there are over 2,500 stores that you can earn cash back from like Macy’s Amazon, Loft, Gap, Ashley Homestore, American Eagle, Sephora, and so many more.
I actually downloaded the Rakuten browser extension for my laptop so that whenever I shop online, it automatically adds in the cash back. It’s just a super easy way to get a few extra dollars back on your purchases, and it’s especially great during the holidays when you’re ordering gifts for other people!
Honey, is also a great shopping tool that can help you save money when you’re online shopping! Honey is a website extension that automatically finds coupon/discount codes when you’re checking out and applies them to your purchase. This way, when you have the Honey extension, you know that you are getting the best possible deal.
5. Work a seasonal part time job or pick up a few extra hours at your regular job
Honestly, every extra hour you work counts and that’s money you wouldn’t have had previously! It can make a huge difference and help pay for the gifts you’re buying for others, or the winter ativities you plan on doing.
There are so many places that are looking for seasonal help, but if you’re thinking about picking up a retail position, I’d recommend choosing a store that you shop at frequently or that offers a really awesome employee discount. This way you can even save some extra money on gifts when you use your discount! I used to be a Sales Associate at Boston Store before it closed, and I loved using my discount around the holidays.
6. Save money wherever you can
Stop shopping just to shop! And do not buy things you don’t need! If you’re normally a person who just goes to Target to look around and browse, stop doing that! Stop shopping just to shop. You will save so much money if you stop going to the stores just to browse and instead only shop when you actually need to.
During the holidays, I definitely recommend going in with a plan. Write down the items you need and when you go to the store, only walk down the necessarily aisles you need to in order to get those items.
This tip goes for online shopping too. If there’s nothing you need, don’t tempt yourself by browsing clothes or other items online just for fun.
7. Compare In-Store vs. Online prices
A majority of times, the online and in store prices differ slightly. This is most definitely the case at Target. The other day I was buying board games and almost all the games I was buying were $19.99 in store, but when I check online, they were $14.99. That $5 can make a huge difference if you’re buying a lot!
Sometimes there are even extra percentages off if you shop in-store or online, depending on the retailer and the deal they have going on. All in all, make sure you are double checking prices and specials happening both online and in-store to guarantee you are getting the lowest price!
The holidays are supposed to be fun! So, start planning and preparing your budget now so you can do your holiday shopping stress-free. If you go into this season with a good financial plan, you will feel so much better, trust me!
So remember, start planning early, make your budget, sign up for cashback and coupons, and always compare prices/specials across stores to make sure that you are getting the best deal!
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Happy Shopping!
Other Posts You May Like:
How To Budget Your Money Like a Professional!
15 Money Saving Tips To Save Hundreds
15 Things I Stopped Buying to Save Money Immediately
These are all great ideas! Going to implement these during this holiday season for sure.
Thank you! These are all things that have helped me tremendously, so hopefully they will help you too! 🙂