SALT LAKE CITY — Before you can rock around the Christmas tree or plan the Christmas party hop, there’s much to do!
There’s the shopping for decorations, food for Christmas dinner and of course those presents.
But according to numbers from Bank of America, prices are up 26% this season for toys, décor and groceries.
FOX 13 asked Bank of America Utah community relations manager Breanna Skeets what you should be thinking about to save some cash and not overspend.
“A framework that we have in mind is the 50-30-20 method,” said Breanna Skeets. “50% toward needs, 30% toward wants and then 20% towards savings. Once you’re ready to start shopping, set that spending limit and stick to the pre-planned list to avoid those impulse buys.”
Sticking to that list can be difficult, so make your list and check it twice.
“Invest in some of those reusable decorations that you can use year after year,” said Skeet. “You can also do a decoration swap with family and friends. That way you’re refreshing your decor year after year with no cost.”
What about cookies and milk for Santa? They certainly don’t come for free.
If you’re planning a Christmas meal, whether it’s breakfast, lunch or dinner, remember your list.
See if you can utilize the savings at your fingertips.
“Keep an eye out for those loyalty programs, the seasonal sales and the digital coupons that can really help your food budget stretch,” said Skeets.
And in what can be the most daunting, but fun task, finding the perfect gift and not breaking the bank.
Sometimes the most thoughtful gifts can be the most cost-efficient.
“Think about experiences, how can you make these experiences memorable. You can look for those seasonal discounts on thoughtful gifts, like a museum pass or massage, a meal subscription or tickets to a local attraction or ski slope,” said Skeets. “Then don’t forget about the homemade gifts. Those are the ones where you can really make a difference, like baked goods or handcrafted artwork. Photo albums can be really personal and budget-friendly.”
So, if you’re serious about sticking to your budget:
“Plan it out,” said Skeets. “If you’re thinking, I’m going to go shopping, set that pre-set spending limit and the pre-planned list can really help to cut down on those impulse buys which increase costs.”
Another fun idea, if you don’t want to buy everyone a present, try a gift exchange where everyone pulls someone else’s name or play White Elephant or musical gifts!
It’s a way to be thoughtful, but it saves you some money.
