How to Save Money on Holiday Gifts in 2020

One of the best ways to spend the holidays is to mind your spending. Christmas is often expensive, but if you approach it with a good strategy, you can save on gifts for your friends and family and ensure you are not broke coming into the New Year. The tips below will show you how.

1. Set limits
Having a Christmas budget is the first step. The next is setting limits on how much you will spend per present or cutting your gift list short. Obviously, one big present will not wreck your budget, but buying expensive gifts for everyone on your list will. Either set a dollar limit for each person or shrink your gift list.

2. DIY presents
The trick in making homemade gifts welcome is to make them look thoughtful rather than cheap. If you have a particular skill, you can use to make high quality gifts. Good examples of homemade presents include bath and beauty products such as smooth body butters or scented facial scrubs, one-of-a-kind jewelry made from beads, and edibles like cookies, apple butter, or dark chocolate bark.

3. Buy gifts on sale
You have two options: you can either buy online or visit a store yourself. Whatever method you choose, the tips below will help you get the maximum yield for your dollar:

Stick to your list – Avoid impulse buys! Write your list and stick to it. Do not walk leisurely around the shop either. The more time you spend in there, the more unplanned buys you are likely to add to your cart.

Compare prices – The sad truth is, the sale price of a product at one store may be higher than the regular price of the same product at another store. Use shopping apps or browser extensions to compare prices in advance and find the real holiday deals.

Shop early or late – There is no shortage of sales between Thanksgiving and Christmas, but there are deals to be had throughout the year. The smartest thing to do is to spread your holiday shopping throughout the year. Remember to check deals post-Christmas, too. Retailers often place a big markdown on unsold merchandise. Shop these sales and squeeze every last drop of value from your dollar!

Ian Schindler