The holiday season is a time for gift-giving, but for many this year, thanks to financial impacts from COVID-19, shopping will be on an extremely tight budget.
We’re here to help. Here are five things you need to know to survive the holidays on a budget:
- Make a list before you leave: Shoppers should make a list of the people they plan on buying gifts for before heading out to the store, said Scott Alan Turner, the host of a financial management podcast. When looking at the list, consider some names that can be taken off or can be given smaller gifts.
- Look for extra savings: During the holiday season, there are coupons and sales galore so before heading out to the store, make sure to check them out, according to Money Under 30, a financial savings blog. With a prepared list of locations and items to buy, shoppers can better navigate when and where to pick up their gifts
- Redistribute your travel money: Maybe you had money set aside for those notoriously pricy holiday airplane fares or road trips. If you’ve decided to stay home, move that money into your gifting budget, Real Simple advises. It may mean you’re able to give a bigger gift a loved one you won’t be able to see this year, after all.
- Make your own gifts: If there is a particular hobby or craft that you’re good at, surprised loved ones with a thoughtful, handmade gift, according to Refinery29. This can be something that will both excited the receiver and save money for the giver.
- Start preparing for next year: While this year December might have surprised you, it doesn’t have to next year. Refinery29 suggests creating a separate savings account for the holidays so throughout the year, you can set aside money to be ready for the next season.