PORTLAND, Ore. — We're in the middle of the holiday shopping season and inflation has made a lot of things more expensive. But there are still ways to save money when you’re going through your holiday shopping list.
OnPoint Community Credit Union published a list of 10 tips to help people save this holiday season:
- Create a holiday budget and stick to it – First, come up with a number you and your family are comfortable spending. Then, add up every holiday-related expense you can think of. If the total is more than you want, consider cutting where possible. That brings us to the next two tips.
- Curtail non-holiday extras, for now – Consider putting a pause on things like daily lattes from your favorite coffee shop and holding off on dinners, sports games or other sporting events.
- Cull your gift list – Think about limiting the number of people who will get gifts. Don’t be afraid to be honest with the people in your life about wanting to save some money this year.
- Want, need, wear read – This idea may be particularly interesting to parents with multiple kids. Each child can get four gifts, something they want, something they need, an item of clothing or shoes, and a new book. This way, each child also gets an equal number of gifts.
- Shop smart, not early – If you missed out on some Black Friday or Cyber Monday deals, don’t worry. It’s likely sales will happen throughout the holiday season. However, it is a good idea to keep tabs on prices, so when they drop you can pounce on the deal. If an item goes out of stock, it’s possible to buy a gift card for the recipient to use later.
- Get creative – Look for gifts at flea markets or thrift stores. You never know what you might find and you won’t have to fork out too much money.
- Send cards – Consider sending cards to people instead of gifts.
- Donate to a nonprofit on someone’s behalf – So many people are struggling to make ends meet. Send loved ones a card letting them know you’ve donated to a charitable cause in their name. Not only will it brighten their holiday, but it’ll also impact a worthy cause.
- Establish new traditions – The holidays are about family and friends. What better way to highlight that, than doing something fun with people, whether that’s a potluck or a cookie exchange. These ideas are lighter on the wallet but heavy on memory making.
- Start planning for next year – Think about opening a separate account where you can save money for next year’s holiday season. Also, consider setting up an automatic deposit from your paycheck.