How to Budget for Holiday Gifts

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Gifts are tokens of appreciation to the people we love the most. We try to buy gifts for the people who are important to us and hopefully put a smile on their faces. As the holiday season draws near, we face the task of making a budget for holiday gifts. Listed below are some tips and steps on how to make the most of your budget for holiday gifts.

Plan way ahead of time before the holiday rush.

Planning is an essential part in making a budget. In this step, it is important to come up with the list of people you’d like to give gifts to. Next to the person’s name, you may just place a temporary amount that you’d like to spend for the gift to that person. After that, tabulate and sum up the costs and you have a temporary budget. In this stage, it’s not important whether you have the money or not. What’s important is to know whether or not you can spare that amount for buying gifts.

Look into the person’s interests.

Once you have the tentative list and the temporary budget, it is time to look into the details of each person. Know what they like and what they want, what they’re into. Having an idea of a person’s preference gives you a better chance of giving that person a gift that he/she will appreciate.

List possible gifts for each person.

Now that you have an idea of what each person likes, you may list down possible things that you can give them. If your budget per person permits, you may give multiple gifts. The trick here is to get these gifts at the least possible price.

Canvass.

Now that your list has the information that you need (e.g. what to buy and the quantities), it is time to canvass. Look for the items on your list and note the price and the retailer who sells the goods. Look for retailers selling the same goods at a lower price. Another way to save money when purchasing items is to buy in bulk. For an example, buying a t-shirt per piece may cost you more than buying multiple t-shirts and designs in bulk quantities. Also look out for special discounts and promotions that retailers and storeowners provide you.

Have the money at hand.

Make sure that after canvassing or as early as the canvassing stage, the money that you have allotted for buying the gifts is ready. This is to ensure that when you already see the items that you like to purchase, you may do so at the least amount of time. Buying it later might get you at risk at losing the item to someone who bought it earlier. It would also be good to ask the retailer if he/she can possibly have that good or service reserved for you. This gives you ample time to secure the money to pay for them.

Those are just basic tips in making a budget for buying gifts for the holidays. Another thing that you can do is to make your own gifts. Instead of buying gifts, making your own gifts gives it a more personal touch. It gives the recipient the impression that you exerted effort and gave it sometime just to show them how much they mean to you. Some examples of these gifts are CDs or DVDs that you have burned that contains a person’s favorite tracks and pictures or a movie clip of a nice vacation that you spent together. Baked goods, knitted accessories and caps are just some of the few items that you can give. They cost less but have a higher impact with regard to the recipient’s sense of importance. 

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