How to Scale Back on Holiday Spending This Year
We all feel the pinch of inflation costs. This time of year causes additional stress as we start thinking about our holiday gifting budgets.
The holidays are a time to get together and make memories with friends and family. They are not a time to be stressing about finances. But sadly, as the holiday shopping season approaches, that is the truth for many of us. Ease the pressure of added expenditures this year by trying these tips to scale back on holiday spending.
Shop Clearance Racks Early
Our his is the year of the clearance deal. Many retailers have an oversupply of stock on the shelves due to over-ordering during the pandemic and facing supply chain issues that resulted in inventory overages across the country.
An insider tip for holiday shopping this year? Take advantage of these deals now and don’t wait for lower prices during the holiday shopping season. Discounts are steep and if you find a deal on a great gift idea, snag it now and rest easy knowing you’ve got a head start.
Draw Names For Larger Groups
If you celebrate with a large, extended family, holiday gifts can take a huge toll on your end-of-year spending. Propose a gift exchange where everyone is pooled into a hat or bowl and everyone draws one name. Purchasing a gift for one person cuts down on holiday spending immensely. Bonus: you can use the name drawing event as a reason to all get together another time earlier in the year.
Start A Pool For Expensive Gifts
We’ve seen this option on baby and wedding registries, so why not use this tactic for holiday gifts? Websites like eGifter and GiftCrowd allow you to set up group gifting completely free! If your child’s grandparents are begging for gift ideas, consider letting them contribute to the cost of an expensive gift your kid has been dying to get.
Set Lower Spend Limits
If your friends and family set spending limits for holiday gifts, suggest that the limit be lowered this year. Get even more creative by requesting a no-spend gift exchange where the items must be handmade. Not crafty? Gift a free night of babysitting, a full home cleaning, or a homemade dinner.
Grandparents who want to give a financial gift might also want to consider Series I Bonds this year. High inflation means these classic gifts pay higher composite rates this year than they have in previous years.
Suggest A No-Gifting Year
If you’re really focusing on frugality this year, suggest skipping gifts with certain friends or family altogether. Chances are, your loved one may feel relieved! They might also be excited to save money they would have otherwise spent on your gift.
Even if you aren’t faced with a struggling budget this year, be aware of family and friends who are. Be the one to suggest a no-gift holiday so nobody feels pressured to make a purchase they can’t afford.
Shop The Best Holiday Deals
Our experts are constantly searching for deals to help make holiday shopping less of a financial burden. We know this is our time to shine and we don’t take that lightly. Our absolute favorite thing in the world is to hear that we helped you get deals on holiday gifts for your family and friends. Be sure to download our free app to get access to all of our favorite deals on the go.
