Setting Your Gift Budget

Setting Your Holiday Budget by preppy-lizzy 

The holiday season is officially upon us and with that the time to purchase gifts for loved ones. While the holidays bring feelings of love and cheer, many people also experience stress over finances and the cost of the holidays. In an effort to minimize that stress, I've come to enlist a few practices that help keep me focused on the joy and cheer of the season and not the expense of it.

1. If you can, purchased gifts as you come across them throughout the year. I keep a bag in my closet that I can add gifts I come across throughout the year so that when the holiday season is upon us, I can first go through my gift bag to see what I have already purchased. Spreading out my spending over the year really helps me from going overboard at the end of the year.

2. Set a savings goal throughout the year. If you prefer to do all your purchasing during the holiday season (and I get that), put aside some of your income over the course of the year so that you have a predetermined budget at by November. We make sure we save over the course of the year so that when the holidays come we have some reserve funds for gifts and holiday travel and other expenses.

3. Keep a list year to year on who you traditionally gift to and what you bought year to year. This helps me know how many people I am shopping for and set a budget based on headcount. It also helps remind me what I bought year to year so that I don't repeat anything too similar. 

4. Watch sales. Starting at Thanksgiving, watch the holiday sales. Check your emails for sale information from your favorite stores and take advantage of big sale days. I like to go on Black Friday in the late morning (after the crazy rush is over) to snag some great deals on gifts. It may not be a doorbuster, but there will still be huge discounts throughout the day.

5. And Remember the thought is more important than the price tag. Find a gift that means something to the recipient and your relationship. That will mean so much more no matter the cost.