Christmas is this Sunday and there is still time to do your holiday shopping without going in the red. According to the National Retail Federation, the average person will spend $935.58 this holiday season – that’s a 3.6% increase over last year. With all the holiday cheer, you can easily get side-tracked and spend more than you anticipated. This is especially true when you are trying to find last minute gifts.
Thankfully, with a little planning you can stay within budget and save. The season is here, so consider these TaxSlayer tips to slay the holidays.
- Make a list and check it twice. Write down the individuals you need to buy presents for and how much you’d like to spend on each gift. If the list grows too long, purchasing a group gift for a family instead of several small gifts could help you cut back. Know your spending budget and adjust your list not to exceed the limit.
- Cut back on the extra. Some people save throughout the year but if your list is longer and more expensive than you expected, start making cut backs on other spending habits such as eating out or buying daily coffee. Set aside the money you save and use it to purchase gifts.
- Get the deals. Sign-up for newsletters and emails from stores where you know you will shop. You will get coupons and know the best days for sales. Stores are known to offer BIG right before Christmas, which is now.
- Don’t panic. Don’t make the mistake of over thinking gift giving. Most people enjoy practical things that they can use during their daily lives. Therefore, if you can’t find the perfect gift consider a gift card to their favorite restaurant or store.
In preparation for next Christmas, consider creating a holiday savings account. Some banks offer holiday savings accounts that allow you to make regular contributions and withdraw the money for your Christmas shopping.
Merry Christmas and happy holidays!