By: Chandler Sefcik
Christmas brings about celebrations, decorations, gift giving, and fun which all correlates to SPENDING MONEY! It’s challenging to not drop hundreds of dollars on the deals that arise before christmas on items we just must have. It’s okay though because you are not alone! It’s estimated that the average person will spend $668 this year on Christmas. Furthermore, as you can see from the graph, the average cost of Christmas has increased since last year by $35 (Cost of Christmas). It’s interesting to note what aspects this money is going towards and if we take a look at the graph below we are able to see.
No surprise that gifts takes the cake with 57% of the expenses of Christmas. In giving gifts to Uncle Joe, cousin Jimmy, Mom, Dad, and little sister Rosie there’s no surprise that spending really adds up. Decorations and other expenses are about even with 15% of the budget each. Finally, travel expenses ends the budget with 13% granted that could change depending upon the individual and if you are staying home, driving or flying for Christmas. Needless to say, Christmas is a busy and expensive time of year and lucky for you I’ll share some of my favorite tips and tricks for saving money this Christmas.First and foremost, budget your money, especially for gifts! Make a list of people you need to buy gifts for and how much you are willing to spend. Then when shopping make sure you stick to this amount and don’t overspend to avoid potential debt. This can be done with envelopes, where the allotted cash is put in an envelope with each recipient's name. This gives you an opportunity to leave your credit card at home and avoid overspending. The second tip also involves shopping because that’s where the majority of our Christmas money is spent. This tip is to take advantage of sales but be cautious as well. It’s helpful to comparison shop especially during sales. Using the ShopSavvy app you are able to scan the barcode of items and see prices at nearby stores and online retailers to make sure you are receiving the best deal (Curtis)!The next tip involves food because who doesn’t LOVE food. This tip is to embrace the potluck side of meals. Instead of spending loads of money on a Christmas meal, throw a gathering where everyone brings a dish. This will greatly reduce the food cost and possibly allow more money to go towards gifts or decorations. Finally, one of my favorite tips that I admit I could be better at, is to get a head start. This tip may be too late for this Christmas but for next Christmas it’s very applicable. Let me expound on this. If you shop little by little throughout the year for various gifts and decorations, when December rolls around you won’t be scrambling for gifts which could potentially lead to overspending and debt so this tip is CRUCIAL!
I hope you are as excited as I am about saving money especially during the holidays and are able to use some of these tips to limit your spending. Wishing you a Merry Christmas!
Works Cited
“Cost of Christmas in 2019: How Much Will Be Spent?” LendEDU, 5 Dec. 2019, lendedu.com/blog/cost-of-christmas/.Curtis, Jacqueline, et al. “9 Best Ways to Save Money During the Holiday Season.” Money Crashers, 27 Nov. 2019, www.moneycrashers.com/ways-save-money-holiday-season/.
Pagliarini, Robert. “10 Easy Tips to Save Money This Christmas.” CBS News, CBS Interactive, 2 June 2011, www.cbsnews.com/news/10-easy-tips-to-save-money-this-christmas/.
Saad, Lydia. “Americans Plan to Spend Generously This Christmas.” Gallup.com, Gallup, 1 Nov. 2019, news.gallup.com/poll/267914/americans-plan-spend-generously-christmas.aspx.
These are all great tips because I know that I always have a hard time figuring out how to stay under budget during the holidays. I never considered using technology to help with the problem before, but that ShopSavvy app is a great idea. So is the tip about leaving the credit card at home, as I know this often is the reason for my over spending. Very interesting read!
ReplyDeleteI really wish I would've been more aware of these tips prior to commencing my holiday spending. When I Christmas gift shop for others I just go around and buy anything that I think they would like, all the while not paying attention to how much it all adds up to. Starting with a budget for each person would've helped my bank account out a lot, while still being able to my family and friends a meaningful gift.
ReplyDeleteChandler this was a well-crafted article, I still need to go Christmas shopping so this will be very helpful. It’s interesting to think about the average cost per consumer because I know mine is nowhere near that. I don’t have to worry about food expenditures or travel expenditures because my parents cover it.
ReplyDeleteFirst of all, I absolutely loved your blog post and I’m shocked by how much money we all spend this season alone. I really liked how you included the break down of what people spend money on, I feel as though it was a good way to include all the different aspects of this season. In your blog post, you talked about getting ahead; I wonder if these Christmas deals are even that great or if you can buy ahead for cheaper? Also, I am curious to see what the next ten years are predicted to spend on Christmas. Finally, I think another great way to save money during this season is by putting on a Secret Santa, buying gifts for one persona rather than buying for everyone.
ReplyDeleteI completely agree that Christmas is a crazy time of year and that the spending of money is insane. Personally working at a retail store and seeing the amount of stressed out over shopping parents makes me go crazy. The number of online orders and customers running in and out of the store; the tension is very easy to be felt. I think the tips that are presented are really good tips and can be very beneficial. Such as the look for the sales tip. One thing that I know my retail store does as well as numerous others are price adjustments. This is very beneficial because then if you buy something don’t automatically stop looking for sales on that item. Every now and then check up on the sales that are present at that store or that item specifically and see if you can go in and get some money back. Any little bit that you might get back could mean another present could be purchased or even a little money back in your pocket.
ReplyDeleteI like the idea of placing an allotted amount of cash into an envelope for each designated person to avoid overspending. The idea of a potluck is also a great idea because if everyone brings something, then it can cut down lots of costs. It is a great idea to buy gifts throughout October and November which will prevent impulsive spending and debt. I will definitely try some of these ideas next year!
ReplyDeleteThe amount of money we spend on people for Christmas is disgusting, gifts do not need to be as expensive as they are. People complain about the amount of money they spent when it was completely self done, that person didn't ask you to get that expensive of a gift. I like the idea of setting aside cash as to not be tempted to over spend by having access to your card.
ReplyDeleteI really enjoyed reading this. I think that the tips that you brought into this article are very applicable and worth researching deeper into. This time of year is always a time that I stress out about money. I need to make sure that I have enough money to spend of friends and family, while also making sure that I have money for the everyday things that I need to buy, not relating to Christmas.
ReplyDeleteChristmas is way more expensive than it needs to be in my opinion, I think these tips could be very helpful for people to save money this holiday. The idea of planning out your spending before shopping could be very helpful for many people. When you are out shopping its hard to keep track of how much money you are actually spending which, is why a budget would be very helpful. Very nice post!
ReplyDeleteI really like the idea of setting aside cash for each person. This makes a lot of sense and lets you really keep track of what you're spending! Additionally, I have always told myself that I was going to buy gifts throughout the year when I find something that I like for someone, but I've never actually done it. I wish I would because I bet I could find good deals and better gifts for people. I am not all that shocked by the number that people spend on gifts, but I do think that there are good ways to really be sure that you are not spending too much money.
ReplyDeleteI think your tip about starting early is really a smart idea. If you shop earlier throughout the year and you find something that someone you give gifts too would like, it is a great idea to get it now because you might even forget by Christmas what idea you had to get them from earlier in the year. Also, putting a certain amount of money into individual envelopes for people without bringing your credit card is just a good idea. I think I would use this tip because you have no choice but to only spend the allotted amount.
ReplyDeleteI really liked how you broke down the percentage of money spent on Christmas. That was a really cool breakdown to me and showed me figures I wouldn't have expected. I thought that this blog post was well written and precise. You did a nice job setting up the problem then giving ideas on how to fix it.
ReplyDeleteI thought that this blog post was very helpful because it gives tips on how you can avoid overspending during the holidays. The tip that I loved the most was put the money into an envelope instead of using your credit card. I see this tip being used a lot because it’s effective. One of the things that I struggle with during the holiday season is how much to spend on each person and how to stick to that amount, so I will definitely use these tips when I go Christmas/holiday shopping next year. I was very surprised that the average consumer spent more than $600 in 2019 alone. That shocked me because I usually don’t spend more than $200.
ReplyDeleteThis post was incredibly helpful and appreciated! Even when I set limits for myself on how much money I can spend on someone, I almost ALWAYS go over. Putting money into an envelope and only bringing that money with you is such a good idea and it could help prevent overspending so much! I also like the idea of shopping throughout the year and not just in this one month, as I feel SO broke right now after dropping so much money on gifts in the last 2 weeks. Very nice post!
ReplyDeleteBudgeting is always easier said than done. Though, I think you bring up some very helpful ideas for saving money, especially around the holidays. The idea of having an envelope with an allotted sum for each person helps avoid overspending and sets a limit. The other tip you gave about buying things throughout the year, rather than all at once helps avoid being completely broke going into the New Year. I feel like it's so easy to just swipe your card and call it a day, but these tips put into perspective how it's almost just as easy to save than it is to spend. It's all about the mindset!
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