Trying to find the perfect gift can be challenging, especially if shopping for others isn't your thing. However you feel about the holidays and gift giving, we've got a few tips to help you stay in budget and, possibly, even enjoy the experience of buying a gift without spending an arm and a leg.
- Review your finances: If you don't have a budget already, make a list of your average monthly earnings, bills, and expenses. Group them into different categories so you can see where your money goes and what money is left over for other purchases like gifts.
- Budget ahead for holiday shopping: If you don't have a budget already, make a list of your average monthly earnings, bills, and expenses. Group them into different categories so you can see where your money goes and what money is left over for other purchases like gifts.
- Find a budgeting app or create a budgeting worksheet to keep track of your typical monthly income sources and expenses: WaFd Bank offers a budgeting tool inside the app that comes free with your WaFd accounts. You can track your spending and see how making real-time adjustments can keep you on course with your budget.
- Do your research: It's always a good idea to shop around to find the best deals. If you shop early, even by just a few weeks, you'll have more time to do these comparisons.
- Think about who you're buying for: You don't have to buy for everyone you know. Make a list of who you'd like to buy for and consider why they're on your list. Since everyone is struggling with higher prices on goods and services right now, consider drawing names among your family members or friends so you can buy for one person rather than everyone in the group.
- Create your gift list: Be prepared with what gifts you plan to buy for whom and follow your list so you don't end up overspending. If you decide to buy something other than what you've outlined, make sure to take something else off your list so you can keep to your budget. If you plan to return something, do it as soon as you have time so you don't forget and end up stuck with something you won't use.
- If you find a deal, buy it now: With shelves expected to be emptier this year, especially for toys, experts recommend buying gifts sooner than later. If you see any sales, get them now since you may not find a better deal before the holidays.
- Choose the "pick up in store" option when buying online: If you make a purchase online that does not include free shipping, see if there's an option to pick it up at a nearby store to save on shipping. That way, you won't be tempted to buy something else when you walk through the store.
- Consider DIY or experiences: Gifts can be more than the things that come pre-packaged from a store. Instead, consider homemade gifts or an experience - something like tickets to a concert or aquarium, music lessons, or the gift of a date night for the parents in your life. Don't rule out second-hand gifts either, especially if they're in good condition. Think sentimental family heirlooms for another family member, or a thrifted piece for your friend who is obsessed with everything vintage.
Want help managing your money?
We're here to help. Open an account online or call us at 800-324-9375 to learn more. Interested in opening a savings account to put away money throughout the year for holiday spending? WaFd Bank's Saving Account requires just $25 to open ($10 for those under age 18).