On the first thought of the Holiday Season, the idea that often comes to mind is being showered with gifts from your friends and family members. As per the National Retail Federation, the holiday season during Christmas represents 20-40% of the yearly sales done by the retailers. China is considered as the new North Pole of America and it is deemed to be the biggest supplier of Christmas trees, tree ornaments, and toys. More than 20 billion cards, packages, and letters are delivered by the US Postal Service during the days of Thanksgiving and Christmas.
Amidst all this, it is indeed tough to stay within your budget limits. But as none of us wish to enter into a New Year saddled with debt, we have to rein in our finances. Here are few ways in which we can prepare today for the holidays.
Make a List and Check it More than Twice
How much money do you have to spend this Christmas? Deciding on an amount all the way back in August or even earlier will help you to have a very merry Christmas. Although this task is equally boring as stringing Christmas lights, if you wish to stay within your gift budget, this is the only way out. Compute the total gift-giving budget for each recipient.
Decide whether to maintain or discard your family traditions
Continuing family traditions can make Christmas the most exciting day of the entire year. But, now that times have changed and budgets are tight, you have to decide whether or not you want to follow the tradition or change it. If your traditions are breaking the bank, consider putting a pause on them until you can afford them.
Shop for Christmas on Vacation
Because you put your list of Christmas gifts to give together in August, you still have plenty of time to shop for gifts on vacation. Make sure your loved ones know that you thought of them when you went out for a vacation. And you can save money by buying them one unique item from abroad rather than something off the shelf.
Go plastic but not that type of plastic
Buy the discount gift cards from the favorite stores and use the gift cards to purchase those main gifts. For instance, there are often deals where you can get a $100 gift card and get another $25 gift card along with it. Different sites rotate promotions for different gift cards throughout the year.
When you’re wondering about the different ways in which you can stay on track during the Holiday season, make sure you follow the above-mentioned tips and strategies. The ultimate thing that you have to keep in mind is to take action in such a manner that you don’t fall into financial trouble in the New Year.