Last-Minute Holiday Savings

Posted December 16th, 2008 by NFAN
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Early holiday shopping is a fantastic idea, but busy work and school schedules often make it difficult. However, you don't have to be stuck with a large holiday bill just because there is less time for your growing list of holiday chores. You can still enjoy the wonders of gift-giving without breaking the bank. Here are a few strategies for reigning in last minute holiday spending:

  1. It’s never too late for budgeting:

If you are a last-minute holiday shopper, you are making a lot of purchases in a short amount of time. If you have relatives or friends you won’t see until after the New Year, you can always put off those purchases a bit longer to spread out your spending and to take advantage of great sales after the holiday rush. But while it may be too late to spread out the rest of your spending, it’s never too late to budget.

Take a look at your account balances, your income, and keep in mind any irregular expenses that may pop up (like a tune-up or oil change you'll need before a trip, tuition bills that are due right after the New Year, etc.). Once you have a good idea of what you can afford, write down that amount and plan your gift purchases around it. This will help you avoid overspending and post-holiday financial hangovers.

  1. Make a list

Write down every person you need to buy for and every gift idea you have in mind. It’s easier to stick to a plan when it’s written down. Do not underestimate this tip! Making lists will help you plan and help you budget. They will also help you make sure you don’t forget anything. If you have your plan on paper, you can save gas by covering all of your bases in fewer trips.

  1. Compare Prices

Jump on the internet before heading out to the store; check prices, sale items, special deals and discounts. If you’re heading to the mall, visit your favorite stores and their top competitors before making any purchases. You can easily comparison-shop when it comes to books, clothes and games and other items that you can find at different stores.

  1. Kill two birds—or a whole nest—with one stone:

If the sale item you found at a store is perfect for more than one person, why buy one? There’s no law against buying the same gift for different people. Make a list of the people you still need to shop for and write down a few gift ideas for each. This will help you design your shopping trips to see if you can kill two or three or four birds with one stone. So, enjoy last-minute, on-sale savings while spreading your holiday cheer.

  1. Visit the Store the Evening Before a Sale

According to the National Retail Federation, many stores program their registers the night before an advertised sale, so if you show up after 6pm you might be able to benefit from the next day’s discount and beat the crowds. (Also see NRF’s Top 10 Shopping Tips.)

  1. Save all of your receipts:

This will help you track your spending and stay within your budgeted limits. Receipts are also good for future references. You can use them to remind yourself what gifts you gave to whom so you can avoid giving the same gifts again.

When making purchases with your debit or check card, carry around your checkbook and balance it regularly or use a small notebook to keep track of your spending total. If you just assume you’re within your spending limit, you might get a surprise when you go home and do the math. You can avoid overdraft fees by staying organized. Keeping a close eye on your spending will also help you remember to include lunch, gas, parking and other such expenses in your calculations.

  1. Personalized Coupons:

This option is inexpensive, personal and can be redeemed after the holidays. Write your gift in a note card (and maybe on your calendar so you don’t forget) or use software to design and print a fancy gift certificate and give the promise of a home-cooked meal, a trip to the zoo, a night free of the kids or a yard free of leaves. You can even include an expiration date! The possibilities are endless and the best ideas are the ones most suited for the recipient. Here are some others:

  • Good for one free lunch at [their favorite restaurant]
  • Redeemable for one trip to [their favorite museum, aquarium or movie]
  • Good for one home delivered [their favorite dessert]

More personal “gift certificates” can be the perfect gift for a special someone when jewelry or pricey cologne is not an option:

  • Redeemable for a one-hour massage (you can even include $10 massage lotion!)
  • Good for one candlelit home-cooked meal of your choosing (pull out a few cookbooks and review some favorite recipes together!)
  • Redeem certificate for one afternoon free of kids, chores and all responsibility! (include a specific date so your loved one can make plans with friends)
  1. Re-Gift

That’s right! I said it: re-gift. Last year your in-laws gave you a cheesy snowman sweater you will never, ever wear; is it better to hide it indefinitely in the back of your closet than give it to your boss’s little daughter or as a Secret Santa gift? You do have to be careful with re-gifting because getting caught can be embarrassing. And like all vices, re-gifting is not a habit in which you should over indulge. But it’s not a crime and the $30 or so you save will be well worth it.

  1. Use Cash

Using cash instead of credit or debit cards significantly reduces the amount you spend. You are more aware of your spending and you have a concrete limit so you will be forced to spend frugally. Using cash can also help you avoid tempting impulse purchases at the cash register. Remember – if you use you credit cards your creditors will know. This significantly compromises ongoing and future settlement negotiations!

  1. Frugal Gift Ideas

Here are a few last minute ideas that won't break your budget:

  • Give a poinsettia plant; they are inexpensive and will last for months
  • Consider giving couples 1 present instead of 2 separate gifts
  • Print a picture of you and your mom from the past year and place it in a nice frame
  • Give cookies! Either homemade or store bought cookies are a great way to spread holiday cheer
  • Break up a set – buy a set of 4 fancy glasses and give two to your neighbor and his wife and the others to your cousin and her husband
  1. If There's Still Time…

Here are a few more ideas that may require time, but could still be solutions to last minute holiday spending:

    1. Homemade Gifts

If you crochet or knit, compose music, paint or draw, take pictures, write poetry, make jewelry, make furniture, cook, or do anything else creative, share this gift with your loved ones. Homemade gifts are more meaningful and always appreciated. They make take a little more time, but cost a lot less money. Check out AllFreeCrafts.com for more homemade ideas including tree ornaments, wreaths, scrap-booking tips and even peppermint candy cane bath salts! Be sure to search the internet for other homemade holiday gifts.

    1. Personalize it:

Get your children's latest artwork printed on mugs for your friends and family members. Visit online t-shirt shops or other stores that will personalize shirts, jackets, hats, mugs, and who knows what else. Send in your favorite picture, an inside joke or inspirational quote and create a thoughtful, one-of-a-kind present. There are plenty of ways to personalize gifts and doing so can save you time, energy and money. Just be sure to ask when you can expect your gifts to arrive in the mail. You may want to skip this idea if it takes too long to deliver the items via standard shipping and rushed shipping costs too much.

Here are a few sites to check out:

    1. Just the Kids

If your family or your friends have many kids, suggest skipping the adults this year and focusing only on the children. Choose a cut-off point (when they turn 18, for example, or when they graduate high school). This way you can focus on the ones who get most excited this time of year and the adults can give each other a break.

    1. Donate to Charity

Start a new tradition with your family and friends – cut down on gifts and donate to charity instead. Learn some of your loved ones’ favorite causes and donate to an organization in their name. Next time someone asks you what you want this year, ask them to make a small donation to your favorite charity. Charitable donations have the added benefit of turning into a tax deduction in the coming year!

    1. Consider a January Party

If you’re too busy and stretched too thin, consider postponing the holiday! Spend time with your family this month, but leave all the festivities with your friends until after the New Year. This will give you more time to plan gifts for people you may not even have time to see in the next few weeks. You can also catch post-holiday sales on merchandise and party supplies. Run the idea by a few friends; chances are they’ll also be grateful for the extra time.

    1. Shop Online

You can find better deals and even free shipping options by browsing online stores and their competitors. Just make sure there is enough time to receive your gifts!

Almost everyone is looking for ways to cut down on expenses this time of year, so share these suggestions with friends and family. You just might brighten their day and ease a little bit of their financial burden.

The gift of time is one of the most appreciated and least expensive gifts of all. Not only can it be easily tailored to everyone on your list, but you don’t have to brave the mall to find it! Make plans to spend time with your loved ones this holiday season. Chances are they already forgot the gifts they got last year, but quality time lives on in memory forever.

Remember, as good as it feels to give during the holiday season, no gift feels as good a debt feels bad. Set specific boundaries, especially for last minute shopping.