The holiday seasons such as Christmas, New year’s eve, thanksgiving, and valentine’s day are the prime time to buy presents for your special ones. However, your generosity gets the best of you, and before you know it, you are having trouble paying the bills.
Purchasing presents for your family and friends can cost you a fortune. In 2022, it’s better to create a gift-buying budget and follow money management tips to avoid stress.
So if you don’t know how to buy gifts on a budget? Don’t worry; we will help you ease your tension before your pockets are ripped out due to buying expensive gifts.
Without wasting much time, let’s hop in!
1. Make A List Of People To Buy Presents
Sit down, grab a pen and paper and start making a list of all the people you’d like to buy a gift this year. After making your list, break the list of people into subgroups. Close family might be one group that you’d spend more on while colleagues would get gifts that cost a bit less.
You can also use a spreadsheet to quickly build and maintain the list for an uninvited gift, such as a valentine’s day gift to your new crush.
Writing down everyone’s name you’d like to give presents to will allow you to put your budget into perspective.
2. Determine How Much To Spend
Instead of allocating a dollar sum to each person right away, start with a total amount for all your purchases combined. For instance, maybe your gift-buying budget is limited to $250 this year.
You can start assigning dollar amounts to each person with a digit in mind. The kinds of gifts you buy will depend on how many people you need to accommodate.
3. Track Your Budget
After you have created your list to buy gifts on a budget, stick to it. If you fear that you might stray from your goal, try using finance tracking software. An app or software will help you stay out of financial trouble and restrain you from overspending your money.
4. Avoid Multiple Presents
You shouldn’t feel obliged to buy a person more than one gift. Often people overspend on someone because they are afraid their gift will seem dull or petite in value. They try to make up for it and end up buying more than one present per person.
Don’t fall into this trap. Your family and friends will appreciate whatever they receive, so don’t get yourself under too much pressure to impress everyone.
Some Secretive Money Saving Tips
If you really can’t afford much, buy gifts for everyone each holiday season. There are some acts you can do to decrease the gift-giving pressure.
- Plan a fun holiday get-together with your friends instead of exchanging presents.
- Make cookies and watch movies, so it feels festive but not expensive.
- Talk to your family about setting a secret Santa or white elephant gift to reduce the number of family members you are buying gifts for.
- Make DIY cards and gifts instead of buying them from the store.
Looking For A Budget Management Software?
If you are searching for budget management software to manage your money to buy gifts on a budget this holiday season, you can contact My EasyFi for smart app access.
Track your money quickly with My EasyFi!