If you have been ready my blog and following my money saving advice the answer is yes, because this is what you have been doing all year long.
You know that last year you spent $200 buying presents. You are paid every 2 weeks and you have been putting $10 in a savings account every time you are paid. You now have enough money saved to buy presents. If I just described you then you can stop reading this post now.
For the rest of you, what are your plans? What do you do if you haven’t been able to save up money? If your first thought is to make purchases on your credit cards, STOP. You have to consider how much you will really be spending over time. The $200 in presents may end up costing you a total of $350 when you add on interest.
Instead look for other ways to save money this holiday season.
If you are buying for children consider a toy swap with a friend or neighbour. Chances are you both have used toys that are no longer played with.
You can also check out websites such as Kijiji. I found a great gently used train set a few months ago for a small amount of money. None of the children that play with it care that it was once belonged to someone else.
I often scratch my head when I hear someone say “my friend is so hard to buy for, she has everything”. Then why exactly are you buying her something she doesn’t want or need? Instead think of another way to exchange gifts. Maybe she doesn’t bake and you do. Why not make her a batch of your world famous chocolate chip cookies? I remember always having a hard time buying for a relative of mine. Every present she received was always to be saved for a “special occasion”. Instead one year we put together a basket of her favourite canned goods. It was the first time I say her use a present she was given. When she moved out of her home, we ended up donating many “special occasion” items to the local charity.
If you have a large family, consider doing a gift exchange and setting price limits for everyone to follow.
What about gift cards? We have all read about gift cards that get put away and forgotten about or worse, the company closes down. Did you know that many grocery stores have gift cards? Everyone goes grocery shopping. What can be better than saving a few dollars off your grocery bill by using a gift card someone gave you? Since this is something that is done every week or two, there is less chance it will become worthless.
The list of ways to save money can go on and on. If you have a tip to share, please post it.
But the most important tip of all is to have a safe and happy holiday.
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