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Christmas is just right around the corner and it’s time to think about Christmas gifts ideas.
People tend to overspend during the holidays and this year, it is estimated that the average American will spend $700 on Christmas gifts according to the National Retail Federation estimates.
Well, what about kids? How much should you spend on each kid for Christmas?
According to RetailMeNot last year, the average American spent $330 for each child! This is just on Christmas gifts and does not include other holiday activities or parties.
I was blown away by the statistics when I was researching how much people spend during the holidays.
There is definitely a more frugal and smarter way to spend during the holidays and still get the satisfactions of gifting your friends and family.
How do you save for Christmas?
Set a Budget
The first thing I would recommend is to monitor your holidays spending and setting a budget. This will help prevent overspending, which will help you enjoy your holidays rather than worry about money afterwards.
Saving money for gifts in the months leading to Christmas is a good start and you can do it month by month.
Determine and estimate what kind of gifts you want to buy for your family and friends. Then divide how much it will cost by the months you have left. This will give you a rough estimate of how much you should be saving.
If you are creative then homemade gifts are great for friends and family. Even if you are not creative, there are many resources online, like written or video tutorials.
You could also cook or bake them gifts. This a great way to save money since you can bake a batch of dessert for a fraction of the price.
You can buy supplies from Etsy, Michaels, Amazon, etc…
Recycle, Reuse, Reduce
I’m sure there are gifts that we have received that we either didn’t like or haven’t used. So why not re-gift it to someone who will appreciate or use it rather than let it collect dust.
This is a great way to save money and declutter as well!
Another way to save money is by doing a name draw or Secret Santa, where you would only be buying a gift for one person within the group. This also allow you to spend more money on meaningful gift for that one person.
This could be done for large groups of friends or family and also with office co-workers by drawing names.
You could also set the max amount to be spent for each person as well. This will allow you to know what your budget for the Secret Santa.
This makes it easier to incorporate your Christmas budget into your normal budget (if you already have one).
This might sound weird to some people but if you have friends or family members who are into antiques items then yard sales are great places to look. I have seen new items being sold from online yard sales group and even on Facebook Marketplace.
People buy items and they tend to forget to return it without ever using it. They then sell online for a fraction of the price.
If you are tight on money but want to get your children Christmas gifts then Facebook Marketplace and yard sale groups on Facebook are great places to get items from new to very good used conditions.
Baby and children items are very popular and you will find all sorts of cool things for your children.
You can also bargain with the seller for a lower price and the worse they can say is no.
Selling your items online on Facebook is another great way to make money and declutter. Given that you won’t be making the big bucks but anything helps if you’re on a tight budget.
I have had success selling on Facebook a lot of baby items that were collecting dust or my baby outgrew. My husband and I are not fond of clutter and we are selling different things little by little.
Gift Your Time
If you cannot spend money on Christmas gifts then you can give your time. Spend time with friends and family or volunteer to help with a party, project, etc…
Since in this day and age everyone is so busy that gifting your time is a great way to bond with family and friends during the holidays.
When I am shopping online, I always search for a coupon code to see if I could save some money. I use a combination of RetailMeNot for coupon and Ebates for cash back on my purchases. I also have started to use Honey, which is a browser extension that automatically scan for coupons, promo code, and deals for you. This is convenient since all you have to do is just shop and Honey will show coupons available for the online retailor.
Any amount saved during the holiday is a must and if you’re like me you would shop during the holidays leading to Christmas.
Black Friday and Cyber Monday usually have great deals as well.
Related: How to Use Ebates to Save Money
Side hustles are nothing new, as people have been doing it for a long time. However, with more people learning how to use the internet, finding a side hustle is easy.
Finding a side hustle several months before Christmas might help make extra money to spend on yourselves or others during the holidays. I mean who would say no to extra money!
There are many sources that list different side hustle that you could start today!