It’s late December and the holiday spirit is in full swing. What’s that in the background that you hear ringing, could it be sleigh bells? Probably not, instead it’s the sound of cash registers sinking couples and families into big time debt! As always your friends here at BlackandMarriedWithKids.com have the hookup on information and resources that will help your family out.
To make sure you don’t start 2012 on the wrong foot and in the red we pulled together some of our top financial friends to help you out. We asked them to share some of their favorite tips on saving big this holiday season and they didn’t disappoint. Check out these amazing tips below and make sure you check out their fantastic websites when you have a chance. Leave us a comment letting us know which was your favorite or it you have anything that should be added to the list.
Instead of buying clothes, jewelery, toys etc how about buying the gift that keeps giving…example “STOCK”. If you purchase stock potentially it will increase in value and it may also pay a dividend. That’s two ways for you to get paid as long as you hold on to the stock.
-Wesley Watkis
Managing Partner – The W&W Group, LLC.
www.thewandwgroup.com
Buy sporadically. Determine what the total estimated cost of the holidays will be and divide that number by however many paychecks you expect to receive by then. Take that specific amount from each paycheck from now until Christmas and try to take care of a little at a time. Don’t ever blow an entire paycheck on gifts! Remember, real life doesn’t stop just because the holidays come around.
– Patrice Washington
Blogger – Seek Wisdom, Find Wealth
seekwisdomfindwealth.blogspot.com
Don’t purchase anything on credit that you cannot pay off by February 2012. Most people cannot remember what they bought as a Christmas gifts last year. However, the credit card bill still lingers today on their credit card. Keep track of every cent that you spend using credit. They say you can save 20% of your purchase with a store card, but they don’t tell you that the interest is 18%. Therefore, at best you saved 2%. Don’t fall victim to this.
– L. Marie Joseph
Author – First Generation White Collar
www.firstgenerationwhitecollar.com
If you have a large family then consider using “Secret Santa” with a predefined spending limit, for example $30. This way you won’t go crazy trying to spend $$ you don’t have for everyone on your list.
– Ginger
Blogger – Girls Just Wanna Have Funds
www.girlsjustwannahavefunds.com
Make a list and check it twice. Call a department store and ask if they provide a concierge or personal shopper. They will retrieve the items without you having to wander through the store and become distracted by holiday music and sales promotions.
– Deborah Owens
Author – Talk Show Host- Motivational Speaker
www.deoborahowens.com
Take inventory and utilize what you have: A Nielsen survey found that the average household has 52 unused items originally worth $3,100 presently in their home. How many times have you went shopping, bought something that you just had to have only to come home and never take the tag off of it or remove it from the box? Christmas time is the perfect opportunity to see if the items you have with tags on them match up with anyone on your Gift List.
– Andrea Amir
Blogger – Smart Money Chicks
www.smartmoneychicks.com
Use great services like Ebates. This service allows you to earn a rebate just for shopping online through them and when you first sign up you earn $5.00 with your first $25.00 or more order. This can still be combined for a even bigger savings. Another great service that helps me with my shopping is swagbucks. I use the points to help me earn gift cards to Amazon and other stores that I then use for the holidays.
– Aimee Brittain
Blogger – The Coupon Diva
www.thecoupondiva.com
One way to save when it comes to a small gift is by buying a coffee mug set and separating it. You can then personalize each gift set by two or one mugs with holiday candy or their favorite snack or cocoa mix.
Great idea, Yoly!
For families on a tight budget and many little ones, I suggest getting an item they can enjoy and/or get lots of use out of it followed by stocking-stuffers of their favorite items (with a planned budget for each one).
How about skipping gifts one year and volunteering for a charity as a way to celebrate the holidays? I don’t know anyone who needs more stuff. We all need to cut back especially at this time of year when we feel guilted into spending money we don’t have!
I especially like the idea of donating to a charity. I have a very large extended family and it can be quite costly to buy everyone gifts. So I am going to propose a scholarship fund. We could all donate a certain amount each year instead of buying gifts and we can then we can award our graduates with scholarships.
I really love the idea of Wesley Watkins to give “STOCK”, especially to maybe a young tween or teen who may be looking for some over-priced headphones or an expensive cell phone. This would really be a gift that they could continue to grow and learn a lot from. My other favorite suggestion was Ronnie’s because it will equally grow and the recipient will forever be grateful.
We’re saving money this year among the adults by only buying gifts for the kids in the family. I’ll of course be splurging a little on a gift for the hubby. These are some really great tips!