Retail Bootcamp: Save Money by Creating a Gift Giving Budget

Retail Bootcamp is a new series that will teach you step-by-step basics to saving money on Retail for yourself, home, gifts, holidays, etc... and will show you opportunities to Pay it Forward. 
  


Do you often find yourself strapped for money whenever you have an occassion that requires a gift? Believe me, we've all been there. In this next Retail Bootcamp article we'll be talking about creating a Gift Giving Budget to help you save money down the road.

(Courtesy of knabe.com)

1) Just do it. Sit down and make a Gift Giving Budget. Plan ahead for all your Birthdays and Holidays. If you take a few minutes now, when an occasion arrives, you're not caught off guard. My husband and I take part of our tax refund each year and set it aside for Christmas. Now I can rest easy because we've planned ahead. And I can use that money to get great deals throughout the year).

2) Use Cash. Cash is powerful! It's also easier to keep track of what you spend. Plus, you're more likely to spend 10-15% more if you use a Credit/Debit Card.

3) Start a Gift Giving envelope. We're big Dave Ramsey fans (creator of Financial Peace University). He advocates an envelope system. Each pay period/month, put a set amount of money in your Gift Giving Envelope. When you get a bonus or extra money, add to your envelope. This will help you from over spending on your Gifts. It's also important to keep track of what you spend.

4) Start a Gift Reserve or Stockpile. When you find great deals at rock bottom prices that will make perfect gifts, and you already have the money set aside, buy it! Create a gift box or bag in a closet, under the bed, etc... for all these gifts. Then you can go "shopping" from your own stockpile while saving time, money AND gas.

5) Don't shop last minute. You'll spend more money than you had intended.

6) If it's not in the budget, DON'T buy it. A hot deal is NOT a hot deal if you can't afford it, no matter how big the discount. Use discretion and stay on track with your budget.

CHALLENGE

Your challenge for this week, is to set aside some money for your Gift Giving. Even if it's only $5-$10. Put it an envelope and keep track of what you spend. Add to your Envelope each pay period or when you're able to stash away some extra money. If you're unable to start an envelope, create a glass jar and start putting your change there. You'll be surprised how fast it grows.

REMINDER

Check back every Thursday afternoon for our Retail Round Up, which is a huge list of printable mall and store coupons you'll need for your weekend shopping!



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