Christmas is one of the biggest expenses that most families face. While it can be a lot of fun, nobody wants to go into the new year in a lot of debt. Luckily, there are ways to cut the cost of Christmas, you simply need to follow the tips below to ensure your balance stays in the black.
1. Go directly to manufacturers for savings
If you’re looking to buy prestige items, such as jewelry, you can save money on your purchase by cutting out the middleman. Finding local jewelry factories and buying directly means you don’t get the markup that jewelers often add. After all, if you buy pieces from a jeweler who has overheads such as a city center studio, those costs are going to be passed onto you, so it’s better to buy direct.
2. Draw up your gift ideas early
Last minute shoppers are usually the ones who pay the most and have the most stress over the festive season. The best thing to do is to draw up a list of everyone you have to buy for, then start coming up with ideas as early as possible. Stuck for ideas? Check out the top 5 timeless Christmas gifts for inspiration. Once you know roughly what you’re getting people, you can look out for things like sales and special offers, letting you save money on your purchases.
3. Keep gift giving simple
Gift giving becomes a lot more complex if you have a long list of people to buy for. Some ways to cut down on the number of recipients include:
- Holding a Kris Kringle gift exchange – if you’re getting together with a small number of relatives on Christmas day, consider organizing a Kris Kringle, so you only buy one quality gift each
- Only buy for the children – many families only buy gifts for the younger relatives, with adults agreeing not to exchange gifts
- Avoid stocking stuffers – focus on buying one thoughtful gift per person, and avoid buying lots of little gifts, as things like bath salts and cheap gadgets are often unwanted
Ultimately, it is the thought that counts when it comes to gifts. Get them something that shows you know the person, and they’ll be much more grateful than if they receive a big, flashy gift.
4. Don’t go into debt for Christmas
It may be tempting to borrow money to pay for Christmas, but ultimately, this only leads to a spiral of debt that it can be hard to come out of. When you borrow money, you pay it back with interest, meaning you’ll be overpaying for Christmas until the next holiday and beyond. If you are struggling with bills, you may want to look at tips for dealing with debt, and consider getting help from an independent organization who can help you get back on track.
Christmas doesn’t have to mean maxed out credit cards and going into the new year with regrets. This year, take control of your holiday spending and look for ways to save money, so you can relax and enjoy the festive season.