Holiday Shopping Done Right

Here we are again. Less than a month before Christmas and prices on just about everything are still up. Feeling stressed? Me too. In the middle of the busiest time of the year, how can you manage to find the perfect gifts to check every name off your list, and not go broke in the process? Fear not, reader. We are going to tackle this together.

Plan ahead

The first thing I can tell you is to start saving for 2023 now! One of the best decisions I made for our family’s holiday shopping budget was to open a Winter Holiday Club account. Every time my husband and I get paid, I set aside some cash. It was a welcome relief to see that money transferred to savings. I know this bit of advice does nothing for you now, but you will be thanking your lucky stars next year.

Another thing I try to do each year is to start my shopping early. July or August is a good time to start stocking up on gifts. This year, thanks to the joys of home ownership (and replacing multiple household appliances,) I was not able to buy early. Instead, I will mark my calendar for next summer.

Reign it in

It’s easy to get caught up in purchasing the latest “it” items, but how long will those last before they are tossed to the side? Instead of quantity, it’s best to focus on quality. Buying a smaller number of gifts ends up being more meaningful for your recipients. When it comes to buying for your children, consider the four-gift approach. Many people choose to buy something the child wants, something they need, something to wear, and something to read. What does that really look like? Here’s an example:

·         Want: If your kids are like mine, they are probably begging for electronics. The Nintendo Switch or Switch Lite are good options for this category.

·         Need: School supplies, a fancy new electric toothbrush, and music/art/swim lessons all fit the bill. You could even enroll them in a subscription box such as Eat2Explore, which teaches young children about a different country each month with recipes and fun facts.  

·         Wear: A cozy winter outfit – a sweater, pants, fuzzy socks, scarf, hat, gloves, and boots will keep your child warm and toasty even in the coldest temperatures. If that’s not your style, how about a comfy pair of PJs and slippers?

·         Read: If your child enjoys reading, a full set of their favorite series might be just what they were wishing for. Reluctant readers might simply need graphic novels or comics to fire up an interest in reading.

Use your skills

Skip the stores (and the huge expense) altogether by opting to make gifts instead. Are you a skilled painter? Why not make your family and friends custom holiday cards with a personalized inscription from you? If you are a baker, whip up a batch of goodies that are sure to be enjoyed by everyone on your list. Not crafty? Offer the gift of time by planning a fun outing, or offering babysitting services to the parents on your gift list. They will surely appreciate that more than any physical gift you might give them.

Get by with a little help from your friends (at InFirst)

The holidays are expensive! There is no sense going into massive year-long debt for a one-day event. If you are short on holiday cash, an affordable short-term loan is more reasonable. This can help you build credit and stick to a budget. Take a look at our Holiday Loan to see if it’s right for you.

You might have missed out on earning QUADRUPLE the Rewards Points by using your VISA Rewards Credit Card between Black Friday and Cyber Monday, but you can still earn Rewards Points on every purchase. If you are not a VISA Rewards cardholder, apply today so you can start earning points. Plus, you’ll already have the best deal in your wallet for next year’s Rewards Points promotions.

What are your favorite money-saving tips for the holidays? I want to hear from you! Leave a comment below or email me.

Krista Kyte is a personal finance blogger and personal banker with over 20 years of experience in the financial industry. Krista is passionate about helping our members understand their financial situations. She writes tips that help consumers reach and maintain financial security and start living the life they’ve always wanted.