4 tips to save money this holiday season

Photo courtesy of Wikimedia Commons.com via Creative Commons

Photo courtesy of Wikimedia Commons.com via Creative Commons

Camilla Calilung, Author

More money is spent during the holidays than any other time during the year; according to ABC News, “The average American will spend $700 on holiday gifts and goodies this year, totaling more than $465 billion, the National Retail Federation estimates.” People spend money on their friends, family, and even coworkers. According to MSN, “American parents spend an average of $271 per child in Christmas gifts. One in 10 parents said the plan was to spend over $500 per child.” During the holidays most people overspend which can cause problems for them in the future. To deal with overspending there are some tips that can help.

     1. Set a budget


By setting a budget overspending can be avoided, a budget will help filter out the unimportant things that may be bought while shopping. A budget should not be drawn to the last penny, a little room for extras is set for a good budget.

  1.    Track what is spent

Being within the budget is important so tracking what is being spent will help, some ways to track spending are using excel spreadsheets or checking with the bank.

  1.         Do not buy unnecessary items

While holiday shopping a lot of people will end up buying things for themselves rather than buying for others. People see things that they want to buy which may cause them to overspend. Instead have a mindset to buy for others first then buy for yourself if the budget allows.

  1.     Cheap but sentimental gifts

Gifts do not always have to be expensive, like the saying goes “it’s the thought that counts.” Even though the gift is cheap there is more meaning to the person receiving the gift because the gift is valuable to them.

Some students at Battlefield have their own ways of saving money for the holidays. Students were asked what they do to save money during the holidays, junior Kenny Chou answered “My family doesn’t do anything, that’s our way of saving money during the holidays. For example, on Christmas we’ll have a party and bring food from our restaurant to feed the entire family.” To save money, his family brings home food for his family to enjoy.

When asked if she saves money during the holidays, junior Eman Ayaz says “I make sure I don’t spend too much on myself and I decide how much I want to spend for Christmas presents so I don’t blow it all.” She makes sure she stays within her budget when shopping for presents.

Another student, junior Jacqueline Gottschalk says, “My family buys one nice thing that the whole family can enjoy instead of a bunch of smaller gifts for each person.” Instead of buying each person a gift her family buys something everyone can enjoy.

Everyone saves money differently, some bring home food from their restaurant, some budget, and others buy one gift for the family to enjoy. Following these tips will help avoid overspending during the holidays.