Build a Holiday Gifting Plan You Can Keep

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Buying holiday gifts can start to feel burdensome, even for the most organized people. When you need to buy gifts for family and friends, it’s too easy to overspend in the interest of convenience. As a result, you’ll see mounting credit card bills that can damage your budget going forward. 

Fortunately, it is possible to steer clear of stress with a simple gifting plan. You’ll be able to take control of spending and set limits and timelines for purchases. Keep reading to discover this guide to building a holiday gifting plan you can keep. 

🎁 Know What You Can Afford

Before you grab the keys and go shopping, make sure you understand what is affordable. Setting a budget that factors in our income and regular expenses is critical to avoid overspending. Look at your income, bills, and savings goals. Then decide how much total you can comfortably put toward holiday gifts this year. Maybe £700 is your absolute upper limit, for instance. But spending £500 would be preferable to avoid chipping away at your savings goals. Set your priorities and set a firm limit on your holiday gift spending. 

🎁 Determine Your Recipients

Will you be giving gifts just to close friends and family? Or will you be making purchases for coworkers, teachers, and other individuals in your life? Determine who will make the cut for your gift list, and then order your list according to your relationship 

Maybe those closest to you will fall into a tier where you allocate the most money. Those less close to you could fall into a lower tier and receive less expensive gifts. Candles, handmade cookies, and other seasonal goodies can demonstrate thoughtfulness without breaking your budget. And, in general, DIY gifts can be a great choice to show how much you care. When you can rank everyone and assign them a price range, you’ll be able to visualize your budget more easily. 

🎁 Know That Your Budget May Shift

Life happens, and your budget may need to shoulder the fallout. You may lose a job or need to cut back on hours. You could face rising travel costs or other bills that make budgeting harder. Your gift find will need to be flexible as your personal situation changes. 

Consider looking into loans to offset the challenges. You can borrow £1,000 - £8,000 from 118 118, for instance, to help shore up funds when you need to buy gifts or other items. With loans, you’ll need to be able to repay the loan amount, plus interest, over an established timeframe. Just be sure that you’re aware of how those repayments will impact your finances.

🎁 Look for Good Deals

When you can find good deals, you can lessen the impact of gift shopping on your overall budget. You may be able to search through price histories for products that interest you as giftable items on some websites. And sometimes you can set alerts to be notified if a price goes down. 

Better yet, plan your gift shopping in advance. If you’re able to start searching for gifts six months before the holidays, for example, you’ll have more time to spot better deals. Make a spreadsheet, check websites or stores regularly, and track down the best prices.

🎁 Create the Right Gifting Plan

With a strategic approach to gifting, you can ensure that you show kindness toward those you care about most without breaking your budget. Set limits on expenses early to avoid overspending, and consider loans as part of a contingency plan. And make a list of recipients so you can start shopping early and truly enjoy your holiday season.