Smart Gift Shopping for the Holidays

If you’re like many people, the holidays are a time to celebrate by giving presents to your family, friends and other important people in your life. The cost of those gifts can add up, though. Instead of starting the New Year facing credit card debt, do some planning now. That way, you can give some great gifts without breaking your budget.

Try these holiday budgeting tips and smart purchase strategies this season. And if you want a checkup on your financial health before the holidays, connect with Farm Bureau anytime.

Review Last Year’s Spending

If you have access to your records from last year, look through them to see how much the holidays cost, and how you paid for everything. Did you budget enough for your gifts? Or were you paying for them, plus interest, for months? Understanding your past holiday spending habits is one of the best first steps when budgeting for the holidays.

Talk to Your Family and Friends

There’s probably a good chance others want to keep their holiday spending under control, too. If your family has grown over the years, maybe it’s time to start a name exchange instead of buying gifts for everyone. Or you might agree to shop only for children and forego gifts for adults.

Make a List

Write down everyone you plan to buy a gift for this year and the amount you would like to spend. Add up the amounts. If it’s too high, look for ways to shave a few dollars from what you spend on each person, or consider taking people off your list. Save the list so you can refer to it again next year.

Come Up With Gift Ideas

Instead of wandering around stores or browsing online hoping for inspiration, think about what each person might need or want. That way, you can look for the best deal on that item or service.

Watch for Deals

Once you know what you plan to buy, you can look for the best prices. Tools like CamelCamelCamel for Amazon and Honey for online retailers can help you spot good prices. Just make sure you only jump on deals for the gifts on your list. Don’t get tempted to buy things you don’t need just because they’re on sale. 

A lot of times, you can find discounts on gift cards for the holidays, so think about the stores and restaurants your loved ones like and see if you can find deals.

Be Cautious with ‘Buy Now, Pay Later’

You may get the option to split your payments over three or four months, especially when you’re shopping online. You usually don’t pay interest with “buy now, pay later” options. If you’re careful, paying with installments can help you spread out the cost of your holiday shopping. Just be sure you’ll have the money to pay in the future, and don’t be tempted to overspend.

Consider Giving Experiences

Time together can be more valuable than store-bought gifts. Invite your loved ones over for a homemade meal, plan a board game night or watch a favorite movie together. Inexpensive ideas like these can create memories that last throughout the year.

Don’t Forget the Other Expenses

Planning for gifts is a big part of budgeting for the holidays, but don’t overlook other costs. Cards, postage, wrapping paper, shipping, gas and holiday meals can also add up this time of year. Be sure your holiday budget includes these expenses.

Get Year-Round Financial Advice

Smart planning and budgeting shouldn’t just happen over the holidays. Farm Bureau can help make sure your finances are on track throughout the year. Reach out today for more information about how you can reach your financial goals.