Have you saved anything for Christmas gift-giving yet? Although some people save for Christmas all year long, if you’re just now thinking about it, it’s really not too late. In fact, there is plenty of time to plan and execute a cash-only, debt-free Christmas. Check out these tips.
Plan Your Christmas Budget
A Christmas budget is simple to do. On a sheet of paper or even a spreadsheet, you’ll need these three columns:
- the people you will be gifting
- ideas for gifts
- an amount you will not exceed for each person
Draw Names: Need to trim your list already? One idea is to draw names, setting a maximum price for everyone to adhere to. Whether it’s a big family, church group, or office co-workers, most people appreciate the simplicity and affordability of drawing names. For coaches, teachers, and scout leaders, ask all the parents to donate a minimum amount and purchase a gift card to a favorite restaurant or department store.
Timing is Everything
Some presents can’t be last-minute. For example, there are usually several photo book deals available, and there will be at Christmastime too. But to create something really great in a photo gift, you need a little time. You have more time now than when the craziness of the holiday season arrives! I love to give the grandparents photo books of their grand-kids. When I put my all into creating one, I can easily click on “quantity” and multiply that work into presents for grandparents, aunts, and uncles (and me, too). Also:
- Start taking advantage of daily deals now. Check out the deals at Groupon, Living Social, Zulily, and more. The daily deals these sites offer are like Black Friday on a daily basis.
- Edible homemade gifts. If you like giving baked goods or drink mixes (See my Cranberry Pumpkin Bread, Hot Cocoa Mix and Vanilla Chai Tea Mix) as gifts, make a list now of the food items you will be needing and be on the lookout for coupons and sales in order to put these together for the lowest possible price. i.e.) cranberry sauce, flour, powdered creamer…
Collecting Cash Now
Sacrifice Simple Pleasures for Big Savings. If you give up your daily Starbucks, you’ll save around $3.50/day. That adds up to over $200 by Black Friday. I’m not saying, don’t drink coffee—I love my coffee! But how about if you take a little extra time every morning to brew your own? Get all the goodies you need on sale and with coupons, and you’ll be surprised how good it is. (Try my Homemade Vanilla Latté recipe.)
Fall Yard ale/Consignment Sales. Now is the time to clean out those closets and have a yard sale or consign. Fall consignment sales are popping up all over the place. Get your kids gently used clothes and toys together and put the money you make in your Christmas fund.
Pantry Challenge. Take a week to skip going to the grocery store except for your dairy and produce items. Eat from your pantry and freezer, and use the rest of your grocery budget to jumpstart your Christmas savings. You may find that you have enough in your stockpile to go for two weeks.
Coupon for the Next Three Months. If you’re not into couponing on a regular basis, try it for the next three months. Put everything you save back for Christmas.
Wait. Put off major purchases until after the holidays. If it can wait until after Christmas, let it.
Prioritize. Cut out all the things in your budget that can go.
- Are you still using the gym membership?
- Could you do without those movie channels?
- Do you really need your land line phone?
What are you paying for that you are not using? Cut out the nonessential items. If you’ve never done a budget, then look at your bank statement. What expenditures are showing up that you do not need or want anymore?
Do a Monthly Budget. Really, a budget is not a bad thing, I promise! It just tells you where your money is going. When you know where it is going, you can redirect it. Before I did a budget, my money was going places I didn’t want it to go. But after getting a budget in place, I became intentional about where it was going. You can, too. This year, you can have a debt-free Christmas!
What tips and tricks do you have to save money for Christmas? I would love to hear your ideas and comments.
GREAT list of ideas! I use Swagbucks throughout the year as much as possible and then trade my points in for Amazon gift certificates to be used for my Christmas shopping! =)
I make Strawberry Jam in the summer when berry prices are good. I then deliver homemade jam and homemade bread to coworkers and church friends for Christmas. Saves me time during the holiday and is relatively inexpensive.
I know it sounds silly but my husband and I usually end up saving about $300 worth of change through the year.
my parents did that once when my brother and I were kids. They saved nothing but change for 3 years and paid for a trip to Disney World with it!! It adds up faster than people think!
I shop year round for Christmas b/c I have so many ppl to buy for. A few months ago Walmart had Toy Story edition of Operation on sale for $5 Hasbro had $2 coupon on thier website! Made the game $3!! Always always always check the clerance aisle at Walmart or any other store. Found a barbie there once that they were “overstocked” on for $2! I buy all of next years wrapping paper in January when it has marked down 75 and 80%. I usually end up paying 20 cents or so a roll. I also look for ornaments when they are marked down the same way. The ladies from our church do an ornament swap every year. They also make good couple gifts. Couples gifts are also a way to save money. One gift for 2 people.
Right about this time of year, I ask my extended family members for some ideas of what they’d like for Christmas. Its kind of silly to start planning so early, but both my mom and mother-in-law are plan-ahead women as well. This gives me time to get an idea of a “good” price so that I don’t end up paying a “high” price last minute. I also shop stores that are good about returns. So that if something changes in the meantime, I am not in trouble!
I have vowed to save every $5 bill that I get. I opened a special “Christmas” savings account, and each $5 bill that I get goes into that account. I was able to pay cash for a flat screen TV for my husband’s 50th birthday in May, and I already have a little over $700 in that account again. It’s kind of hard to do, but when you see how quickly it adds up, it’s worth it!
OOH, Janet I love this idea!
L O V E this idea. Thats awesome and a great way to save for a vacation as well.
Thanks for reminding me of that! I used to do this but haven’t in a while. I even wrote about it. $5 savings plan. 🙂
http://www.manymoneysaversblog.com/2009/04/abe-lincoln-savings-plan.html
My 7 year old has been bugging me for a couple years to go to Disney World. I travel for my job so I saved all my airline and hotel points over the last 9 months and did some research when the best time to go to Disney world. The week of December 8th is the cheapest and least crowded. We are surprising all 3 of our kids with a early Christmas Present and going to Disney using my points! Great deals during the that week. Also can by tickets to Sea World with Amex points! This will be a present they will remember!
That is wonderful! Have a blast. 🙂
We save up our rewards points on our credit card throughout the year and then take the rewards as cash at the end of the year to use for Christmas gifts. We try to put as many of our purchases as we can onto our cards to rack up points. Although this may not work for some people, we live by a fairly strict budget and pay our card in full every month so we have no credit card debt. The past few years we have had about $400 to use for gifts.