Thrifty Thinking: Creative Ways for Cutting Back this Holiday (Guest Post)

According to a recent TNS survey sponsored by CashNetUSA, one in four Americans are worried about having money for holiday gifts this year. This comes as no surprise considering the current condition of the economy.

Because times are tight for majority of Americans, many are finding it difficult to come up with disposable funds on top of their necessary monthly expenses. The same survey found that 35 percent of families with children are worried about paying for holiday gifts this year, around 22 percent are worried about paying their mortgage or rent, and another 19 percent are worried about paying for education or student loans. So what can these moms do to make sure that they’re children are given as satisfying a Christmas as in previous years without breaking the bank? It just takes a little creative thinking.

Develop a Budget and Stick to It

We can all get a bit carried away when it comes to holiday shopping. But that’s why it’s important to allocate a budget and make sure not to exceed it.

First, figure out how much you have to put towards gifts, then, divide that by how many kids you need to buy gifts for. This will give you an idea of how much you can reasonably spend on each child. Use that budget to the best of your availability by utilizing resources such as couponing and daily deals sites. But most importantly, once you’ve hit that budget, stop buying gifts.

Utilize Secret Santa

Buying gifts for everybody and their uncle can really cut into your holiday budget. Instead, cut back on the number of gifts you have to give by suggesting a one-way extended family Secret Santa — it’s easier than it sounds. Have all the aunts and uncles from one side of the family draw names for a niece or nephew who they are then responsible for gifting.

By doing this, you can increase the budget of that one gift to say, $75 or $100, instead of buying ten nieces and nephews $30 presents, which would cost you closer to $300 (Have an uneven ratio of family members? Take turns buying an extra present each year).

Never Stop Shopping

This may seem counterintuitive but when done right, it can save you a lot of money come the holiday season. Chances are you’ve probably missed the ball on this theory this year but shopping year-round next year will not only help cut costs when November and December roll around, it will also give you time to spot any good sales that may pop up during the other 10 months of the year — keeping you from being pigeonholed into only buying towards the end of the year, when stores are expecting you to. Instead, shop for presents throughout the year so that you don't miss out on the great deals that pop up in January and February. A lot of the time, gifts from the off-season one year will make just as useful gifts the next year.

Bio:

Jason Mikula obtained his Bachelor of Arts from Michigan State University and his Master of Arts from the University of Chicago. He is an active blogger and social media user with a strong interest in personal finance, economics, budgeting, and more. He currently writes at It’s Economic by CashNetUSA, a company specializing in fast payday loans. While Jason enjoys discussing finance, he is not a financial expert and recommends you speak to your personal advisor when seeking financial advice.