How To Maximize Your Holiday Savings This Season

It’s the start of December, which means that the end-of-year festivities are in full swing. With everyone out enjoying their winter break, hunting for Christmas presents, and going on a much-needed vacation, it can be hard trying not to overspend during the holidays especially if you don’t have a holiday savings plan. 

Fret not, we’ve got you covered! From budgeting hacks to last-minute holiday gift ideas, we rounded up some tips that veteran shoppers swear by to save more this holiday.

Plan Your Budget

While we definitely deserve to pamper ourselves during the holidays, we don’t want to start 2022 with debt that we can avoid. Before you start dropping those dollar bills, make a shopping list and set a budget for all your expenses. This applies to holiday-goers, serial gifters, and home decorators looking to make the most of the end-of-year holiday season. Having a budget allows you to keep track of your spending and make sure that you don’t overspend. And if you do find your shopping list getting too long, be ruthless and trim your unnecessary expenses. 

Remember, if you fail to plan, you’re planning to fail!

Don’t Buy Gifts For Everyone

This might sound like a radical plan, but tough times call for tougher measures. But how exactly can you ensure that you stay on the Nice list this Christmas while being naughty about your own giftee list? Here are some tips to stop buying gifts for everyone:

1. Pause your social calendar 

Gatherings invite gift-giving, so the fewer parties and soirees you go to, the less obligation you have to buy gifts. If you’re on a tight budget, start declining those invitations.

2. Make gifts

(Yes, this is a loophole to the ‘don’t buy gift’ tip.) Bake in bulk, design fun sticker packs, or knit a scarf to convey your appreciation through crafting.

3. Be sneaky 

If you’re only buying presents for a select few, avoid an awkward situation by keeping it discreet. Digital gifts like gift cards are great at keeping your gift-giving low-key.

4. Secret Santa 

Instead of buying everyone in the office a present, why not suggest a gift exchange instead? This can save you the headache of present-hunting and blowing your budget.

5. All for one, and one for all

Encourage your family to pool money to get something that everyone can enjoy. It could be a new game console, a staycation, or fun board games for family night.

Pro tip: Break free from stuffy stocking stuffers and set gift exchange themes like Unwanted Gifts, Dollar-Shop Gifts, or Gag Gifts for some light-hearted, budget-friendly fun. 

Holiday Fund = Holiday Fun

While there’s not much you can do to increase your budget this holiday, you can start making plans to save for next year’s festivities. Try creating a separate savings account to squirrel away spare cash throughout the year. This way, you’ll have a longer time to save for a bigger holiday budget, and earn some passive income using that account too! 

Pro tip: Instead of a traditional savings account, look at crypto savings accounts that offer higher interest rates and capital guarantees, where your capital is shielded from any loss.

Avoid the Procrastination Premiums on Presents

Let’s be honest - how often do we pay more for express shipping or settle for a generic, insincere present or holiday decor because of our penchant for procrastination? Well, if the answer is more often than you wish, it’s time to stop falling prey to the procrastination premiums. This holiday, avoid costly delivery fees, shipping delays, and out-of-stock woes by getting your Christmas shopping done ahead of time. This way, you can manage your budget better and plan for alternatives should your first choice really run out of stock. 

Pro tip: Bookmark gift ideas throughout the year on Instagram or Pinterest so you have plenty of choices to choose from for the holidays. 

Don’t Waste Your Money On Gifts That Miss

It can be really hard to find the perfect present. Spare yourself and your recipient the awkwardness of getting a gift they don’t quite know what to do with. Here are some practical yet novel ideas that will delight anyone at that Secret Santa exchange.

1. Gift Cards

If you’re hard-pressed for a present and nothing quite seems to cut it, gift cards make excellent presents for just about anyone. Gift cards are a clever, sneaky way of passing on the burden- an experience of shopping. Bonus! Remember the procrastination premiums? You won’t get them with gift cards! 

Pro tip: Customize your gift cards to add a personal touch for family, friends, and even business partners.

2. Mystery Boxes

These surprise boxes add some fun to your gift, no matter what they turn out to be. Similar to a fukubukuro, Japan’s New Year lucky bag tradition, Mystery Boxes come in a variety of themes, with no way of knowing what’s inside until they’re opened. You can take your pick from fashion, animal, gaming, music, animation, or art Mystery Boxes, and let the excitement of unboxing a mystery be part of your gift. What’s more, it’s common to trade Mystery Box hauls, allowing your friends to sidestep the social taboo of regifting gifts. 

3. Money 

What do you give a person who loves nothing more than money? Money, of course! Worried that your gift of fortune would seem like a cop-out?  Don’t be - try gifting modern currencies like cryptocurrency instead of boring old cash. You can buy and send crypto if you know the wallet address of your recipient, or send crypto as a gift to non-crypto holders via crypto gift cards. Find out how here.

4. Charity

Rather than getting a gift for a friend, you can donate a set amount of money to a charity of your recipient’s choice. Giving back to the community is not only a meaningful gesture, but also ensures that your present is well-received. Blockchain Charity Foundation is one such non-profit organization that allows you to donate via Visa, Mastercard, and even cryptocurrencies to help alleviate poverty and more.

For Those Who Have Abandoned Their Budget

Shopaholics, take note! There are ways to maximize your savings even while you spend. If you’re already committed to spending more than you initially planned for, make sure you use a card that gives you some extra rewards while shopping, like this card that is free to create and offers up to 8% cashback.

Pro tip: We have none. All the best, shopaholic. You can always try again next year.

Time To Wrap Up!

We’ve shared a bunch of creative ways to save more this holiday season. To start budgeting smart and end the cycle of useless gifts, sign up for a free Binance account today.