The holidays are around the corner. Have you started thinking about your gifting list this year? Whether you started in September or haven’t put a thought into it yet, that’s ok! We’re here to give you some ideas on holiday budgeting and how to stay financially smart while gifting. This time of year can feel overwhelming for many. We recognize that one of the hard parts about this time of year can be the financial side of things. Don’t feel like you have to spend a ton of money to show people you care. If you plan ahead, set a budget and think creatively, there are ways to make it work! Keep reading to find out our top tips when it comes to the holiday season.
Oh and if you’re looking for some gift giving inspiration, check out our blog from last year. The Best Christmas Gifts for Every Personality on Your List.
Create Your Gifting List
First things first, decide who you’re going to be shopping for this year. Maybe you have a large family and your list is long, or perhaps you opt for Secret Santa or a white elephant where you only need to get one gift for your group of friends or family. Whatever your case may be, plan ahead. We love to write out our list in the “notes app” and track some ideas in there, leading up to the holiday season. That’s also a good way to remember what you do end up buying and how much you’ve been spending. It’ll help you reference what you’ve gotten each person and can help you stay in line with your budget. Don’t forget to make a note on how much you’ve spent on each purchase. Once you have your list set out, now we can start budgeting.
Set a Goal Budget
Before you start shopping, you should determine your budget for the holidays. How much are you looking to spend? Once you know who you have to shop for, you can get a sense of how much you’re going to spend. Now we know it’s easy to go overboard. It happens to the best of us! But it’s important to take some time to plan ahead before your shopping begins, so you don’t end up in a huge pile of debt by the end of December. No one wants to start the new year that way.
Let’s say you can allocate $500 this year to holiday spending. First of all, find out how you’re going to bring in an extra $500? Maybe you work some extra hours this fall or you have a side hustle that can bring in a bit of extra cash around the holidays. Or perhaps start putting away $100 a week, leading up to shopping season. It’s all possible, we just need to plan for it.
Break Down Your Budget. How Much Do You Want to Spend on Each Person?
Now that you have a sense of who you’re shopping for and how much you’re able to spend this year, setup a budget for each person. This doesn’t have to be exact, it’s just helpful while shopping! For example; if I had to buy for my Boyfriend, my Mom, my Best Friend and get a Secret Santa gift for my families celebration, I need to break down those numbers.
These numbers are just examples, but let’s say I allocate $200 to my boyfriend as we tend to go a little overboard some years haha! $150 to my Mom’s gift, $80 to my best friends gift and $70 to the Secret Santa. That’s my $500. Now this doesn’t make up for any extra food shopping or little expenses that come up for the holidays, so perhaps we buffer in an extra $200 for groceries, perhaps a new dress or getting our nails done. That’s up to you, how much wiggle room you want to give yourself. As long as we go into the season with some sort of a plan, anything is workable.
Shop the Sales
Ok so my biggest hack for holiday shopping is Black Friday deals. Truly, they are the best of the year. Nowadays, most stores will have some sort of sale through Canada and the USA during this weekend. Which falls the day after American Thanksgiving. If you start your list early and have an idea of where you want to shop, you can hit up those websites or the stores in person, on Black Friday or Cyber Monday. Alternatively, if you want to start your shopping earlier, pickup things throughout the fall that spark your interest. Then by the time the holidays come around, you’re all set! No stressing for you.
Think Creatively
The holidays have become so overwhelming with the push to buy buy buy! You don’t need to fall into the consumerism trap and feel broke by the end of it all. Think creatively, what can you get for someone you love, that doesn’t cost a fortune? Perhaps you make something, or you purchase something from one of your favourite local shops and support the community. Or you treat a friend to an experience, rather than a gift. There are lots of ways you can show you care and give someone a treat, without breaking the bank. Your friendship and care means more to someone than a big gift. Something to keep in mind as we approach the holidays.
If you’re a candle lover like we are, check out Cornelia’s business, North Star Candle Co. Lots of great gift ideas and holiday scents!
We hope you found this holiday budgeting guide helpful and that you feel a little more prepared for the holiday season! Planning ahead and coming up with an action plan for gift giving are the best things you can do. And remember, don’t be so hard on yourself! Let us know any more tips that you find helpful around this time of year, comment down below. We love hearing from you!
Happy Holidays,
xo
Meg & Cornelia
