Ways to Stretch Your Holiday Budget

Ways to Stretch Your Holiday Budget

For many, the holidays are the most wonderful time of the year. From twinkling lights to cooler temps, there’s a lot to enjoy about the season of giving. However, buying gifts for everyone can be hard on your wallet.

Whether you’ve been saving for the holidays for months or are just starting to think about what to get for everyone on your list, there are a few things you can do to get the most out of your budget.

Shop online

When looking for gifts, visit a store’s website to see if any online-exclusive offers are advertised. Often, there may be banners on the page that include codes for free shipping or other discounts. Personal referral codes might also give you even greater online savings.

Your favorite retailers will likely remind you of current offers when you opt in to receive emails or text messages. Many companies may give you a percentage off your next purchase for signing up for their newsletter. Take advantage of these savings by shopping online for your next gift purchase.

Create experiences

Whether it’s tickets to an event or planning a fun night out, giving experiences can make for unforgettable gifts. You may also find deals available if you buy in bulk, so getting multiple tickets to an outing can be a great way to save money while checking off gifts for an entire group.

Consider taking the scenic route on your way to the event or night out to make the experience even better.

Get crafty

While you’re determining what to get everyone on your list, remember there are ways to give gifts without having to buy something premade. A scrapbook, handwritten letter or other display of memories are unique and meaningful gifts that can cost less than traditional gifts.

You can be creative with how you wrap gifts, too. Newspaper makes for fun wrapping paper, especially if you use the comics section or sports pages. You can also reuse gift bags saved from last holiday season.

Not to mention, bypassing the cost of wrapping a gift means you’ll have more money to spend on supplies.

Give to charity

A large part of the holiday season is giving to others, and the options are expansive. Whether you’re contributing to a local organization or driving change in your community with your vehicle, giving to charity is a great way to spread the holiday spirit. Donate to a charity the recipient is really passionate about to make the gift even more meaningful.

Even if you’re not donating as a gift, research ways your favorite stores give back. Some retailers automatically donate a portion of each sale to a dedicated cause. Others will include an option to round up your payment and donate the proceeds to their charity of choice. It’s a small way to make a difference while doing something you might’ve done anyway.

Getting creative with the gifts you give without breaking the bank can help make the holidays more enjoyable for you and those you love.

By Allison (Scott) Rummage, GM Financial

Allison (Scott) Rummage stays plugged in to all things electric cars-related, and likes to balance it out by sharing a budgeting tip or two. When she's not working, you'll find her jamming out to John Mayer, cracking "dad jokes" or cheering on the Dallas Stars.