If you’re like many shoppers, the idea of spending hundreds or more on gifts during the holiday season is stressful. Thankfully, there are many ways to help you stay within your budget while searching for the perfect gifts — and it starts with setting a budget and sticking to it. Whether you’re shopping for a few close friends or your extended family, consider these tips to help you stay within your holiday gift budget and get through the season without burning a hole in your pocket.
Set a Budget and Gift Price Limits
To stick to a budget, you need to create one first. Not sure where to begin? U.S. News and World Report (U.S. News) recommends looking back at your holiday gift purchases from last year to help you recollect who you shopped for and what kinds of gifts you purchased. This can help you create a base for this year’s budget and gift list. You’ll also want to consider your current financial situation and be realistic about how much money you can afford to spend. U.S. News states that you should start saving early, and remember to set funds aside for upcoming expenses and travel plans (and don’t forget to have an emergency fund). Lastly, you should set price limits per gift to help you stay on track. Plan to spend a certain dollar amount for each friend, child or family member on your list and do your best to stick to it.
Written by Allstate