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<\/p>\n\u2018Tis the season to shop, and whether you\u2019re buying your gifts online or in physical stores, the urge to overspend can be especially strong during the holidays. But, while Christmas spending can be high, efficient budgeting could prevent you from having a month of regret in January.<\/p>\n
For that reason, we turned to several financial experts to find out how you can spend New Year\u2019s Eve counting back the seconds \u2014 and not your money. Here\u2019s what they had to say:<\/p>\n
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It’s important not to focus solely on gifts. Instead, keep all of your seasonal costs in mind, and remember that although your possibilities can be limitless, your budget is not.<\/p>\n
\u201cIt can really help to lay the whole thing out in front of you. One of the sneaky things about holiday spending is that people think about a single category, like gifts, or they’ll think about everything that\u2019s needed for a specific party, but they won\u2019t put the entire season\u2019s expenses in one mental space. If you budget in terms of the whole season, you\u2019ll have more reasonable expectations of the overall bill, and you\u2019ll also be able to strategize by buying in bulk for multiple parties or taking advantage of two-for-one deals on gifts.\u201d<\/p>\n
\u201cDecide beforehand how much you want to spend in total on the holidays. Set this as your limit. There\u2019s no going over it. Then, start to work backward and figure out what you need to buy and what you want to buy for those in your life. Break it out person by person, and don\u2019t go over the amount. If you are spending $50 on each person and you find something for $60, keep looking, or add it to a list and check back to see if it goes on sale.\u201d<\/p>\n
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Having a plan is not enough. It\u2019s just as important to stick to it. Making a list will help you stay in control of your Christmas spending \u2014 and also keep you on track amid the shopping chaos.<\/p>\n
\u201cSet out a shopping list and stick to it. Buy early during the sales at the very beginning of the shopping season when selection and prices are both best. Total all of your planned purchases in advance to make sure the amount spent fits within your budget, then stick with it.\u201d<\/p>\n
\u201cIt is nearly impossible to keep control of a budget that is very slowly being doled out. When you are shopping a little bit one weekend, then a bit more every day of the week for a month, it is very hard to know how much you have spent, and to mentally justify overspending \u2018just a bit at a time.\u2019 The best way to avoid breaking a budget is to make your spending very transparent. What I recommend is to buy everything in one day. You will know exactly what you are spending and, if you are breaking your budget, you can\u2019t hide it from yourself.\u201d<\/p>\n
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Planning a dedicated shopping day doesn\u2019t mean you can\u2019t look around and compare deals and prices. If you want to avoid overspending this year, be determined to say no to impulse buying and learn to shop smarter, not faster. For example, don\u2019t go for extra decoration items if you already have enough left over from last year. Likewise, prioritize your gift list \u2014 even if that means making some cuts.<\/p>\n
\u201cImpulse buying wrecks holiday budgets in a big way, and the best way to avoid it is to plan ahead. If you know what you\u2019re going into the store for, the whole feel of your trip changes. You\u2019re seeking out specific things, rather than simply browsing in search of inspiration.<\/p>\n
Shopping around can make a huge difference in your holiday budget, so don\u2019t allow yourself to be rushed into buying the first thing you see. Of course, you don\u2019t have to visit 10 places or websites for every item you buy, either. Just take a bit of time to compare costs (especially on more expensive items), and then use what you\u2019ve found to make a smart decision.\u201d<\/p>\n
\u201cYou might spend more or less than budgeted for specific items, but you won\u2019t drastically overshoot your budget if you buy only what you planned to buy before the season started. In other words: No impulse buys. Set holiday spending priorities \u2014 this might mean crossing less-important recipients off your gift list.\u201d<\/p>\n
![\"christmas](\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2021\/12\/shutterstock_1865860648.jpg\")
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Think back to Christmases past in order to determine what you want to achieve with your gifts, and aim for quality over quantity. A good purchase is a memorable one.<\/p>\n
\u201cMy best tip to differentiate a good purchase and a wasteful one is to think about what gifts you remember from last year and years past. You likely have a few that stick out, which means you have forgotten the bulk of them. A good purchase will add to your holidays and make you (or someone else) smile. A wasteful one will end up in the trash or tucked in a drawer and quickly forgotten. Aim for quality this year. You will be happy you did.\u201d<\/p>\n
\u201cUsefulness is an important measure of value. Will you or the person you\u2019re buying for actually use whatever you\u2019re buying them? Will they enjoy it? If the answer to either of these questions is \u2018no,\u2019 don\u2019t buy.\u201d<\/p>\n
![\"enjoying](\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2021\/12\/shutterstock_1819607177.jpg\")
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When planning for a gift<\/a>, it\u2019s important to keep your loved ones in mind, as well as what they value. Material things are not always a given, so don\u2019t be afraid to get creative and consider gifting experiences and activities.<\/p>\n \u201cIf you\u2019re buying a gift, the first question should be whether the person you\u2019ll give it to will actually like it or use it. It\u2019s good to be mindful of costs and such, but if you\u2019re giving someone a gift simply because you got a good deal on it, you\u2019re missing the point. The good news is that great gifts can run the gamut from inexpensive to crazy-pricey, so you\u2019ll have plenty of options.\u201d<\/p>\n \u201cIs this really the gift you\u2019d like to give? Could you give an experience instead of stuff? Could you make something that is personal rather than commercial? What are the values your gift is expressing? Do you value the convenience and time saved by giving stuff, or do you value the relationship and the person by giving something that has meaning?\u201d<\/p>\n As twinkle lights and carols begin to take over our homes, we\u2019re all getting in the spirit of Christmas. Yet, sometimes the joy of celebration can also bring some stress, as well. Fortunately, efficiently budgeting for a season filled with holidays can help manage that stress. So, keep your mind off of spending money and refocus it on spending time with your loved ones, instead. Your 2022 self will thank you for it.<\/p>\n We encourage you and freely grant you permission to reuse, host, or repost the research, graphics, and images presented in this article. When doing so, we ask that you credit our research by linking to\u00a0RentCafe.com<\/a>\u00a0or this page, so that your readers can learn more about this project, the research behind it and its methodology. For more in-depth, customized data, please contact us at\u00a0media@rentcafe.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" \u2018Tis the season to shop, and whether you\u2019re buying your gifts online or in physical stores, the urge to overspend can be especially strong during the holidays. But, while Christmas spending can be high, efficient budgeting could prevent you from having a month of regret in January. For that reason, we turned to several financial…<\/p>\n","protected":false},"author":2611,"featured_media":118554,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[38969],"tags":[38980],"class_list":["post-118535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budgeting","tag-budgeting-tips","gallery-content-unit"],"yoast_head":"\n\n
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