Budgeting for Holiday Shopping

If you had to guess a single time of the year that hits your wallet the hardest, you’d probably be correct in choosing the Christmas season. Between shopping for your family to getting little gifts for your office’s Secret Santa exchange, you’re going to shell out of lot cash, potentially more than you should. If you want to make it through the holiday season without feeling like you gave away an arm and a leg, try these tips for budgeting for holiday shopping.

List out everyone you’re shopping for.

Write down any family member, friend, or other person you’re shopping for and assign each person a specific dollar amount that you’re willing to spend on them. This will help you stick to your budget and avoid spending a crazy amount of money on people who you only see twice a year.

Price check everything.

Don’t just take a store’s word that their price is the lowest you’ll find. Use your phone to check if an item is being sold elsewhere for a cheaper price. This way, you can purchase it there or the store you’re already at may price-match it.

Don’t wait until the last minute.

We all know the feeling of rushing out three days before Christmas after putting off shopping all month long. Not only will procrastinating stress you out, but you’ll be willing to spend more money on gifts just so you don’t show up to holiday gathering empty-handed. Give yourself plenty of time to go shopping and find affordable presents.

Consider making gifts yourself.

While it can be nice to get a perfectly-wrapped store-bought present, sometimes the best present is one that is crafted out of love. Homemade presents give you the chance to give your loved one a one-of-kind gift at a fraction of the cost.

At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From managing your cash to 529 savings plans, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.