Source: Olelole / Getty
If you’re feeling the financial stress of the holidays, you’re far from alone. The National Retail Federation reports that Americans will spend between $942.6 and $960.6 billion on holiday gifts this year. How does that break down per individual? Gallup says the majority of Americans plan on spending just shy of $1,000 on holiday presents for 2022.
There’s a lot of pressure to make the holidays special – particularly when you have children. But even those small gifts for spontaneous visits and parties really add up. This should be a time of year that’s about relaxation and rejuvenation. But for some, it’s a time of sweating over credit card bills and blowing a chunk of the money you saved all year in a matter of weeks. If you’re looking for ways to be generous and get in the spirit without going over budget, here are tricks to avoid overdoing it on holiday spending.
Communicate Your Holiday Spending Needs
https://giphy.com/gifs/J2szWbDQaXQ6Q
According to research from Bankrate, nearly half of Americans feel pressure to spend more than they want to on holiday gifts. There’s a good chance that many of the people on your shopping list are feeling financially stressed this time of year. A little communication can go a long way, and you’ll probably find everyone appreciates it. Send out a memo to your circle stating that you are on a budget this year and will keep spending limited. Then they’ll know that they don’t need to feel pressured to over-spend on you, either.
Check Your Credit Card Shopping Portal
https://giphy.com/gifs/FinanceJar-credit-score-boost-booster-hPrQJTBDaTAsuldk3q
Take advantage of credit card rewards and cashback offers. You see them in your email every day – don’t ignore them this time of year. If you already have one (or several) credit cards, they’re likely each offering special cashback deals on several categories. Don’t forget to check the rewards portals. You might find that 5,000 points is either $50 in cash or good for $75 when you shop select merchants in the portal. And don’t forget to adjust your preferred top-earning cashback categories. If your card lets you choose which category you earn top cash back on each quarter, set yours to online shopping or retail asap.
Cover Your Inner Circle First
https://giphy.com/gifs/lifetimetv-lifetime-its-a-wonderful-merry-liddle-christmas-TgIY04ICdRhokV1yvq
Make a list of people for whom you must buy gifts and then people for whom it would be nice to buy gifts, but isn’t essential. Make sure you get through that first category before dipping into the second. It’s easy to grab “just a few” little things for your outer circle, but before you know it, you’ve eaten into your gift budget for your inner circle. You need to get a great gift for your parents. You don’t need to get a great gift for those neighbors you have dinner with twice a year.
Be Smart About Wrapping + Cards
https://giphy.com/gifs/BigLots-wrap-wrapping-paper-NsBdKKJmZC84ZXyXIo
Having a gift bag, gift wrapping, tissue paper, gift tags, and greeting card for every single present is pricey. With many major retail greetings cards costing as much as $4 these days, according to the Greeting Card Association, you could easily spend a small fortune on these small but essential items. Skip the big box stores and pharmacies for these. Check out your local dollar store, or discount shops like Marshalls, T.J. Maxx and Home Goods.
Sign Up For Email Coupons
https://giphy.com/gifs/moodman-J147q8Ip0EmLQFJOPZ
If you want discount codes for particular brands, visit their website and click around. You might find that they’re offering a 10 to 20 percent discount code to people who sign up for their newsletter. Remember, you can always unsubscribe once you’ve used your coupon. Likewise, don’t forget to follow the social media pages of the brands you shop, since they sometimes provided limited promo codes to their followers.
Always Search For Coupon Codes
If you’re serious about cutting back on holiday spending, never shop without looking for coupon codes first. The Retailmenot app is a great place to find coupons on thousands of major retailers and is easy to search for product types. Download the Honey plug-in to your browser, and it will automatically search the entire Internet for applicable coupons before you check out. You can also use the app ShopSavvy to rapidly compare several platforms offering the same product.
Buy Discount Gift Cards
https://giphy.com/gifs/0b0HXRP4BIoR8SA6dR
Don’t forget about discount gift cards. Sites like CardCash, CardCookie and GiftCardPlace offer gift cards on sale. You can also sometimes find discounted gift cards on eBay and Facebook Marketplace. Your credit card rewards portal is another smart place to look for discounted gift cards. Many major credit cards have deals with big box stores and offer gift cards to places like Target and Best Buy at a reduced rate, so you might find a $50 gift card for $40 when you use your points.
Sign Up For Rewards Programs
https://giphy.com/gifs/cbs-the-neighborhood-theneighborhood-passive-income-VunXXRrkcfFlWqN352
Be sure to sign up for rewards programs at the major stores you shop at often. If you plan on doing most of your holiday shopping at one store, then these rewards really add up. You can be strategic about how you shop to get more rewards, too. Split up your trip. Fill your cart and buy only a few things. You might get a coupon code for your next purchase with that receipt. Then use it immediately to finish buying the items on your list.
