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How to Budget during the Holidays

December 24, 2022

It happens every year. We all know and love it. Once we get through the season, it appears right back up again. Yes, the holiday season. The smell of cookie dough, Christmas trees, candy canes, and our wallets burning surround us. Yet, that doesn't have to be the case. Believe it or not, there are ways to get your loved ones gifts while saving your bank account from reaching rock bottom. If you are still wondering how this could be, well congratulations put in the right place! Today we are breaking down a couple of ways that may save you, and your wallet.

Gift Giving: 

We all love giving and getting gifts, though sometimes it can take a toll on our bank accounts. Yet, we can’t go through the holiday season without giving our loved ones gifts! Here are some ways that can help. 

Price Checking: 

Numerous different stores have similar if not the same gifts and gadgets for different prices. Though it may be time-consuming, price checking will guarantee you will get the best price. Professionals recommend checking 3-5 stores or websites before making your final purchase. Now, if you know you don’t have the time or simply don’t want to spend a lot of time comparing different websites and their prices, there are price comparison websites. Some of these websites are Google Shopping, Price Grabber, and Shopping.com. These sites assist you in finding the best prices of an item all in one place. 

Thrifting:

It's true what they say, one man’s trash is another man’s treasure, and thrift stores are an incredible source to find unique gifts for your loved ones. Not only is thrifting better for the environment, but it is also budget-friendly. Each gift is unique and comes with its own history, though it may seem a bit time-consuming, thrifting is an amazing way to find gifts. In addition, thrifting helps support small businesses. Make sure to consider thrifting your gifts before buying them brand new. 

Sales, coupons, and codes: 

This holiday season, sales, coupons, and codes will become your best friend. Try to avoid buying gifts at full price for it can quickly take a toll on your wallet. much like price checking, keeping a lookout for these three things will assist you in getting the best deals possible. Apply a coupon or code even though it may not seem like a huge difference. Trust me, the little things are what add up.  

Crafting:

What says I love and care about you more than a homemade gift? Yes, I know what you thinking, but honestly, it’s not as difficult as it seems. Sure, you may have to practice a little, but the gift will truly be one of a kind. It will show the receiver how much you care about them through all the time and work you put into making it for them. On teh plus side, it is way cheaper than purchasing a gift. With actresses on the internet, almost anything is possible! So if you have the time and want to save some bucks, consider making your gifts this year! Who knows, maybe you’ll develop a new hobby! 

In conclusion: 

Whether you purchase your gifts this year through deals or make them yourself make sure you do the following. Set a form and realistic budget for gifts. This will allow you to stay on track! To make life easier, make a list of what you want to get gifts for and possibly what you would like to get them. This will help you stay organized and on track with your money. No matter what happens, remember to have fun, enjoy your family's company, and stay cheerful! Happy Holidays!

About the Author:

Juliana Torres

Bobcat Financial Coach

Juliana is currently a first-year majoring in Management and Business Economics at the University of California, Merced. Read more about her here!

   

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The Financial Wellness Center is an educational service only. We do not provide professional investment, legal, or tax advice. The information provided is for general educational purposes only, and is not intended as a substitute for the advice of your investment, legal, and/or tax advisors or to be the basis of specific trading or investment activities. If you need investment, legal, and/or tax advice, please consult a professional directly.  Any links to third-party financial resources are provided as a convenience for informational purposes only.  Neither UC Merced or its Financial Wellness Center endorses or approves any of the products, services or opinions of the entities or individuals associated with these links. UC Merced and its Financial Wellness Center bear no responsibility for the accuracy, legality or content of any external site associated with the links provided or any subsequent links.