The average high school student in the U.S. spends around $200 to $300 during this time. Most of this money goes toward gifts for family and friends, including clothing, electronics, video games, and gift cards. Students often feel pressure to buy more than they actually need, leading them to overspend to ensure they don’t forget anyone on their gift list. As students, many believe that the more they give, the more they will receive in return. When buying gifts, they aim for the best and highest-quality items, even if it means exceeding their budget by a couple of hundred dollars. Along with gifts, students also spend money on food, drinks, and most importantly experiences, such as Christmas parties with friends, ice skating with family, and other fun winter activities the season offers.
Here are some suggestions to help spend less money, and spend more time making memories that’ll last you a lifetime:
Start by creating a holiday budget: develop a spending plan that you can manage for purchasing gifts. Limiting the number of gifts you buy helps keep your checking account balanced and instead of just buying gifts, you can make homemade ones, like DIY projects or baked goods such as cookies, cakes, and necklaces.
Create a gift list: Preparing a gift list can make shopping 90% easier. It’s important to know in advance what gifts you’ll be giving to each recipient. While we want to maintain an element of surprise, understanding what the receiver would truly appreciate instead of trying to guess what they may like makes the gift more valuable to them. It’s best to narrow down your options of gifts to at least 1-3 per person.
On-sale promotions: Look for sales, presales, any discounts the stores are providing for their customers. If certain discounts or sales can apply to the items you are purchasing, then use them. This is a simple way to save money during this season.
Saving money isn’t about cutting corners or cheap quality; rather, it’s about making intelligent and thoughtful decisions when it comes to spending. It’s about evaluating your choices and finding ways to manage your finances that allow you to enjoy life’s pleasures without overspending.
https://news.fiu.edu/2021/5-holiday-budgeting-tips-for-college-students
https://www.forbes.com/sites/truetamplin/article/holiday-budget/