We are one week into November which means the holidays are just around the corner. While I enjoy giving small gifts to my friends year-round, the holidays add an extra layer of extravagance that can be intimidating to a budget. So how do we give meaningful gifts to others this time of year while still respecting the financial guidelines that we have set?

Save up for the presents. This may seem like a simple rule, but it takes foresight and diligence to set aside money for holiday gifts one, two, or more months ahead of your expected shopping time. By setting values on your expected cost of gifts for each person, you can approximate how much you should save for the purchases and strive to reach those goals.

Use points for gifts from IWU. For students on campus, using points included in the meal plan can be a great option for gifts since you have already paid for those points. The Tree of Life Bookstore has a wide selection of gifts from coffee mugs to sweatshirts to ball caps to pens. These varying sizes of gifts could be great options for grandparents or siblings that want to support you with college merchandise.

Craft a unique handmade gift. For the artists or at least competent DIYers, crafting a gift from a template online or from Pinterest can be a cheap way to put your own design into your gifts. It is important to remember to save up for the crafting supplies, but by making it yourself, handmade gifts can be cheaper overall.

Keep track of your spending. Whether you decide to save up for gifts over a couple of months, include gifts in your monthly budget, or craft your gifts, it is important to keep track of your spending. Knowing that you have money to spend on gifts, but failing to keep track of the cash flow can result in spending too much or having money left over that you could have spent.

Price check. When you have been shopping in the past, there is a chance you have thought to yourself that it would be too much work to find the same item for cheaper elsewhere. However, with the magic of cell phones you can price check items wherever you are or order a cheaper version online. Price checking can help your gift budget stretch further with every search. You can also use https://www.popcart.com/ to help you find the cheapest prices as well as ask for price matches at many stores.

Do not procrastinate. When you put off gift shopping, it can result in a more stressful experience as stores run low on items or more people are bustling around. Procrastinating can also cause you to overspend as you rush around to find everything you need and settle for the most convenient items. Plan ahead, enjoy the holiday shopping season, and your budget will thank you.

Factor in shipping. Finally, if you are online shopping, do not forget about the extra $5-$10 in shipping that will be added on at the end of your purchase. If you are being budget-conscious, that is one charge that could catch you off guard. By thinking ahead, you can find gifts online that are cheaper than in-store to offset the shipping charge or you can look for free shipping deals as they occur.

Following these simple guidelines can help you to get wonderful gifts for the people that matter most to you while still respecting your budgeting and savings goals. If you would like additional support in achieving your goals, you can meet with a NEXUS coach to talk about your specific holiday shopping goals: https://ronblueinstitute.com/schedule-an-appointment/. Happy shopping and Merry Christmas.

References:

“How to Keep Your Holiday Spending on Budget.” Bank of America, Better Money Habits, https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/holiday-shopping-tips. Accessed 5 November 2020.