Forex Articles

sTis the season for spending money on holiday gifts and cheer. The holidays are a festive and giving time of year, but the merriment often comes at a cost: increased debt. Each year millions of Americans blow their budget on holiday gifts and often take on new debt to cover their excesses. That debt may go into the New Year and even longer. But what many consumers don't realize is there are many ways to save money on holiday shopping. It won't come without effort, but with overspending becoming as common as egg nog, saving money will be a welcome respite.

Generosity is in the air around the holidays, but you can't get carried away by dropping hundreds of dollars on gifts each year. To keep your costs in check and to make sure you aren't overspending, you have to come up with a realistic amount of money you can spend during the holidays. That figure should include everything from gifts to wrapping paper and any expenditures that go toward holiday entertainment. Ideally the number you come up with isn't going to put you in debt. If it does, scale back your plans. Once you know how much you can spend, then and only then should you start allocating how much is going to go to whom. When creating your holiday budget, try to find room to cut your spending. Instead of buying your co-worker a $25 gift, consider baking her something or taking him out for coffee.

One of the easiest ways to overspend around the holidays is to go shopping blind. If you don't have a list of exactly what you want to get each person, chances are you will spend more than you planned. Not to mention that without a detailed list, you won't know if you could have gotten the item for less. Before you even enter a store, you should have an idea of what you are buying and should purchase only that. Sticking to your list is the easiest way to ensure that you don't pay more than you have to.

Long gone are the days when you had only a couple of options of where you could buy your holiday goods. Thanks to the Internet, consumers have many choices, which means they also have a ton of opportunities to save. Today there are a bunch of apps that will track the prices of items on your shopping list for you. They will also do the comparison shopping, listing what the item is going for at various retailers, both online and offline. Some even have built-in scanner capabilities. If you see an item at a store, you can scan it before buying to make sure you are getting it for the best price. These apps—many of which are free—can be a valuable tool in your quest to save money this holiday season.

Nobody has to pay full price anymore, and that is particularly true around the holidays. Retailers want your business and will go to great lengths to get you into their store or onto their website, and so deals abound. Black Friday and Cyber Monday are two big days to save on your holidays gifts, but the deals don't end there. The sales typically last all the way until the last minute, which means even procrastinators don't have to blow their budget. Consumers also have many places to find deals and discounts. Searching for coupons online for a percentage off or free shipping deals is pretty common these days. Becoming fans and following retailers on social media will yield you savings in the form of special discounts and sales. Don't forget to sign up for your favorite retailer's email lists. Often they will send coupons via email.

Group-buying websites also offer discounts such as money off at restaurants, theaters or deals on movie tickets. Experiences can often be a better gift than a toy, and the Internet offers an easy way to save on them.

Nothing means more than a gift that comes from the heart, and often homemade gifts are more appreciated than ones bought at a store. Home-baked goods, a home-cooked meal or a knitted scarf can show you care more than a gift card or a box of store-bought chocolates. Even taking someone out for a drink or a quick cup of coffee will spread the holiday cheer and save you money on a gift that very likely will get re-gifted or tossed on a shelf. If you're not do-it-yourself type, then re-gifting is another way to save. Only re-gift new items that are in the original package or haven't been used.

A surefire way to almost guarantee you overspend is to leave the house with your credit cards in hand. After all, it is way easier to make impulse purchases if all you have to do is whip out a credit card and worry about it later. But if you use only cash or a debit card, you may think twice about that holiday sweater for yourself or the cute gift for your niece that is twice the amount you wanted to spend. Not to mention that if you leave the home with only the money you intend to spend, it will be impossible for you to buy more. Don't be tempted to open up a credit card or a store card just because you don't have the cash on you. That could be a dangerous road to go down because many of the cards have high APRs if you carry a balance.

Gift giving is a cornerstone of the upcoming holidays, but the season doesn't have to haunt you for years to come. Far too many people get themselves in debt just to spread holiday cheer. That debt not only costs consumers money, but it can also hurt their chances of buying a home or purchasing a new car. Thankfully there are ways to break the holiday overspending cycle. Creating a detailed list, keeping the credit cards at home, using technology for comparison shopping, and searching for coupons and discounts are all great ways to save on your holiday spending this season.