It’s that time of year again when consumer spending in the U.S. can easily turn into overspending. A bankrate survey recently found that 51% of consumers feel pressure to spend more money than necessary on gifts this time of year.
If you are considering saving instead of spending this holiday season you’re not alone. Consumers are looking for ways to keep more money in their bank accounts.
In fact more than 50% of gift-givers said they are prepared to use coupons and take advantage of store sales. The same percentage of consumers are also willing to limit their gifts to immediate family members only.
Here are three ways to save on gifts and feel less financial stress this holiday season.
Get crafty at home
If you have the time making gifts at home has its financial advantages. Not only are homemade gifts less expensive, but they can also be more memorable because of the personal touch.
You can find countless homemade gift ideas on sites like pinterest and Instagram. Just like buying store made items you should create a budget when buying materials for your masterpiece.
Pay it forward
Chances are you’ve received a gift that was once collecting dust in someone’s closet. It is a pretty common thing, so don’t take it personal. Re-gifting unused items is a good way to keep more of your hard earned money in your own pocket.
Popular items that are easy to re-gift without getting a weird look according to wisebread are candles, wine, gift cards, and kitchen items. So the next time you get a gift that doesn’t excite you, pay it forward as a re-gift. Your future self will thank you.
Set buying limits
It’s easy to get carried away this time of year when buying presents for others. That’s why it’s important to put limits on your spending.
Limiting gift giving to only your immediate family members can significantly reduce spending. In addition to that putting a dollar limit on each gift is another good way to prevent overspending.
If you can afford to buy gifts for friends or co-workers that’s great, but you should still set a reasonable dollar limit for yourself.