Personal finances

6 Tips to Spend Less on Holiday Gifts – Motley Fool

Summary

The holiday season is near, and for many, that means it’s time to buy holiday gifts for friends and family. If you’re just getting started with your holiday shopping, you may be feeling overwhelmed financially. But you don’t have to skip out on gift-giving this season just because you’re trying to shop on a limited budget. Check out these tips so you can spend less this holiday season.

1. Set a…….

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The holiday season is near, and for many, that means it’s time to buy holiday gifts for friends and family. If you’re just getting started with your holiday shopping, you may be feeling overwhelmed financially. But you don’t have to skip out on gift-giving this season just because you’re trying to shop on a limited budget. Check out these tips so you can spend less this holiday season.

1. Set a spending limit for holiday gifts

Before you start shopping, it’s good practice to set a spending limit. Doing this will help you avoid spending more than you can afford. Take a look at your finances and figure out how much you can comfortably spend on gifts. As you do your shopping, be sure to stick to this budget. It’s not worth it to overspend on gifts if you’ll feel guilty or be in a difficult financial situation afterward.

2. Participate in a Secret Santa gift exchange

One way to help lessen the financial burden of gift-giving is having a Secret Santa gift exchange or another similar gift exchange. With this method of gift-giving, everyone only has to buy one gift instead of buying gifts for everyone. This style of gifting is a perfect idea for families, friend groups, and coworkers.

If it’s still early enough, go ahead and suggest a Secret Santa gift exchange. Buying gifts for everyone that you know can be time-consuming and costly.

3. Pay attention to sales fliers

Don’t ignore the sales fliers in your mailbox and email inbox. Sales may help you save money on your holiday shopping purchases. You can get some excellent deals on the latest toys, electronics, and essential household items, and these items can make great gifts. Before making your shopping trip, flip through some sales fliers to see what discounted items you can pick up.

4. Sell used electronics and other unwanted items

You likely have some older electronics and other items lying around your home. If you’re not using them regularly, it may make sense to sell them. You can use the money you make to buy new gifts. Plus, you’ll free up space for new gifts.

Now is the perfect time to sell unwanted items because everyone is looking for a great deal, and many people buy used items during the holiday season. Check your neighborhood sales groups to see what items are selling well.

5. Spend the gift cards that you haven’t used

When was the last time you took note of the gift cards taking up space in your wallet? If you have gift cards that you have yet to spend, consider using them to buy gifts for others.

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Source: https://www.fool.com/the-ascent/personal-finance/articles/6-tips-to-spend-less-on-holiday-gifts/