25 Tips to Save Money this Christmas! — Part 1

If you want to keep rocking around the Christmas tree without racking up the Christmas debt, be more thoughtful in your spending and saving this season. How? Good question. We’ve got 25 answers for you right here. Keep reading for money-saving Christmas tips. 

Christmas Tips to Save Money

1. Develop a gift-giving philosophy.

Normally, our first suggestion in every instance of life is to budget. And we’ll get there. But before you budget, our very first Christmas tip is this: You’ve got to create your Christmas gift-giving philosophy.

What does giving mean to you? Is it about finding the perfect presents? Do you hope to impress others with how much you spend on them? Or do you feel obligated to buy for people? These motivations (and others like them) can really shape how you view the season. Be honest with yourself and think about why you’re buying presents before you think about how you’re going to pay for them all.

2. Budget.

Now, the way you become the hero of the holidays is by budgeting. That’s right—if you want to stay on Santa’s nice list, set a limit for how much you’re going to spend and stick to it.

3. Track your spending.

So, lots of people spend like crazy throughout December and never check in on their budget. They just think, I’ll worry about it in January. Future you has some advice here: Don’t. Do. That. Track your expenses as you go so you don’t end up overspending and ruining this month’s and next month’s budget.

4. Rein in other spending.

First of all, don’t spend outside of your comfort zone this season or any season. But what about the money you do need for Christmas? If you’ve been shopping all year or stashing cash into your Christmas sinking fund, you might be set. But if not, you’ll have to find that money somewhere else. The first step here is to move money around in your budget—spending less on some categories in December to make up for the extra Christmas celebrations.

Christmas Tips to Save Money on Gifts

5. Choose time over money.

There’s an old saying that goes, “It’s the thought that counts.” For some people, the thought of spending time together really is better than the joy of a physical gift. You can save money this year by being intentional about being together—in whatever way you can, whether that’s in person or virtually. This year, value experiences over accessories and conversations over clutter.

6. Shop early.

Don’t wait for Black Friday to start Christmas shopping—look for sales all year long. Grab that stuffed Sasquatch on clearance in July for your bigfoot-loving nephew. When you’re mindful of your list throughout the year, you’ll spread out both the spending and the stress (and maybe even get rid of the stress altogether). If you missed the chance to jump on the early shopping train this year, remember it in January when you’re budgeting for the next Christmas season!

7. Give fewer gifts.

As you’re in the spirit of trimming the tree, trim down that Christmas list while you’re at it. Of course, you do have a bit of holiday-induced obligation to deal with. You can’t pass around gifts at family Christmas and be like, “Uh, sorry, Cousin Scott . . . You’re the only person I couldn’t find anything for.”

But not everyone needs a gift—this year, send your tidings of comfort and joy to some people on your list through a thoughtful card. And if you want to save even more money, have a kind chat with your family members. Are you all giving just to give? Do you all want to cut back? A clear conversation about skipping presents this year for a shared meal (if you’re able) and stocking stuffers instead could be just the thing both your family and your finances need.

8. Resist retail marketing.

Friends. Americans spent $936.3 billion on the holidays last year.1 That’s a lot. Don’t let yourself get wrapped up in all the sales and spending. You may think these retailers are posting deals from the goodness of their hearts to help you—but their real goal is to get in on a part of that $936 billion holiday “magic.” Stick with your budget—and shop wisely.

9. Use old gift cards.

Think about all the money you have left on old gift cards, as well as the cards you’ll never use because they’re to places you never shop, eat or visit. Consider the partial cards as discounts and use them to buy presents. Regift (which is not a dirty word, as we’ll explain later) the other cards to people who’ll appreciate them. Don’t let those little pieces of plastic go to waste this Christmas!

10. Order online early.

Ordering online means shopping from the convenience of your very own couch as you roast chestnuts on an open fire. That’s the kind of multitasking we’re all about. Cross-check the price on that plush puppy across multiple stores without ever putting on real pants.  But make sure you do this early enough to get the cheapest online shipping options—and remember shipping is taking way longer this year. The last thing you need is a budget ruined by all those additional rush order costs. (Prancer doesn’t deliver in a day without a hefty fee, after all.)

11. Combine your orders.

Speaking of shipping, plenty of stores offer it free of charge if you spend a minimum amount. So, do that! If you see the perfect superhero-themed sweatshirt you know your dad would love, but you’re below the minimum amount for free shipping, keep shopping inside that store. Is there anything for your brother or cousin on that same website? Don’t buy just to buy—but be thoughtful and combine orders to lower shipping costs.

Also, here’s a quick Christmas tip: Check out that ship-to-store option. A lot of retailers offer this free and don’t even require a minimum order. You’ll have to brave the cold to grab the gift, but if you ship several things to the store together, you’ll just need to bundle up in your hat and gloves once.

12. Live by the list.

There’s a reason Santa checked his list twice, and it’s not because he’s absent-minded. When we go off the list, we overspend. Now, if you realize you forgot a friend, of course you add them in! But once you’ve got your philosophy and budget set, don’t get swept up in the Christmas spirit and start buying every snowflake-themed item you find for every person you’ve ever met.

We’ll have more tips next week.

(Partially reprinted from www.ramseysolutions.com)