Now that the holiday season is here, it's time to start thinking about Christmas shopping — if we haven't already. As much as we want to make all of our kids' dreams come true when they wake up on December 25 to see what's under the tree, we have to be realistic. Most of us have a certain holiday budget we need to stick to, and money doesn't grow on trees — especially in 2020. Plus, has everyone seen what they're charging for a PlayStation 5?
Fortunately, there are a few things we can do to help make that budget go just a little bit further. By planning ahead, shopping smart, and using a few tricks, we'll be able to save this year … and we can use that money to buy even more presents (or spend responsibly on bills and stuff. Whatever).
Read on for ways to stretch the holiday budget a little bit further this year. There's no magic trick to suddenly becoming a millionaire who can afford the entire toy section at Target, but we have a feeling that, no matter what we end up buying, our kids are going to love their gifts anyway.
Choose One Big Joint Gift
Is there something all the kids are into this year that would blow their minds to share instead of getting a bunch of individual gifts that would make less of an impact? It may end up saving money to buy them a joint PlayStation 5, after all … or something like a swingset, or agreeing that this is the year to have a pool put in.
Agree on a Budget
Setting a budget ahead of time for holiday spending (and sticking to it, of course!) is key in making sure things don't get out of hand. Setting a price limit for overall spending, or how much the goal is for each person we're buying for, can really go a long way in making sure we stay in control.
Do a Secret Santa Gift Exchange
In big families, this can be a major game changer! The best way to save money during the holidays? Unfortunately, the answer to that is usually "buy fewer presents," which is no fun. But exchanges done Secret Santa-style means that there's only one member of the extended fam to buy for, which is much cheaper and means gifting something of a much better quality.
Use Cash-Back Sites Like Rakuten
For those of us who are online shopping, we might as well benefit from it! Using shopping portals like Rakuten can help us earn cash back on our purchases … which we can then turn into more Christmas gifts to earn more cash back on. Pretty sweet cycle!
Always Search for Coupons
Make a habit of never making an online purchase without checking for coupons first! It's simple enough to use Google and find out if any discounts are being offered, or installing a browser extension that looks for coupon codes, like Honey, is pretty easy, too.
Try a New Gifting Tradition
When it comes to buying gifts for kids (and even adults), some parents follow this saying: "Something they want, something they need, something to wear, something to read." This helps keep the gifts meaningful while also keeping the budget reigned in, especially for those of us who are trying to buy less this year.
Go Pinterest Crazy
A great way to save money on gifts is to DIY them. Sites like Pinterest have tons of ideas on how to get crafty to make the holidays magical, and for people on our list like grandparents, few gifts can top something made by our kids — and it's an activity we can all do together, too.
Make a Shopping List Ahead of Time
Planning ahead can definitely help — if we lose track of what we want to buy or what we bought already, it can be so easy to overspend (especially when holiday shopping is so much fun). Make a list of what to buy each person on the list, and cross those things off as they're purchased.
Find Other Places To Cut Back
If holiday spending is a nonnegotiable, find other ways to save money. Sometimes, it's as easy as cooking every night in December and sending our Uber Eats budget straight to the Christmas fund instead, or giving up other entertainment that month to have an extra special Christmas.
Sell, Sell, Sell
A good way to come up with last-minute holiday shopping cash? Selling what we don't need. It's easier than ever to clean out our closet and sell what we don't want anymore on Poshmark, or to get rid of extra furniture and electronics on Facebook Marketplace and turn it all into our gift budget.
Shop Second Hand
While there are certain gifts we'd probably want to buy new, shopping second hand for some of the bigger expenses can really help us save. Kids want a Nintendo Switch? It may be a little cheaper to grab a used one online that's still in great condition.
Use Credit Card Benefits
Have a card with pretty sweet rewards or cash-back perks? It's the perfect time to use it for holiday shopping. The purchases we make now could end up padding our holiday budget even more, or help pay for other expenses during the holiday season instead.
Give the Gift of Experiences
Instead of gifting something physical when the budget is tight, we can also gift our time. Offer a day full of house cleaning, babysitting, or something else that someone would love to receive, and it might even make a bigger impact than a tangible present would.
Do the Research
Before making a purchase, do all the research first. By taking a few minutes to research sales and find out if there's somewhere offering what we're buying for a lower price, we can save a little at a time … and when it comes to the holiday budget, even a few dollars here and there add up.
Buy Discount Gift Cards
Planning to buy any gift cards this year? Check out sites like CardCash that sell gift cards others didn't want for discount cards — and even buy gift cards here for cheaper to spend on gifts at stores like Target.
Keep the Real Meaning of the Holidays in Mind
As tempted as we get to overspend (especially if we want to make sure our kids have the most magical holiday possible), the important part of the holiday is spending quality time with the people that we love. Gifts are fun, but what they'll really remember in the future is the time we spent together. It's not worth causing ourselves financial stress this time of year; our kids just want to enjoy the season with us.
