When it comes to holiday spending, we're all about making the most of our budget — and that means more than just getting great deals on wish list items.
It's all too easy to go overboard with the holiday spirit, financially speaking, and while you might be acutely aware of how much you're spending per person, you might be unthinkingly dropping cash left and right on hidden holiday costs like wrapping paper and party gifts.
No one wants to play Scrooge, but giving yourself the gift of debt is like getting coal in your own stocking. To avoid the burden of overspending this holiday, we recommend taking a look at these eight expenditures that offer wiggle room for extra savings.
Skip the Wrapping Paper
The EPA estimates that Americans throw away 25% more trash than usual during the holiday season, and much of that is wrapping paper.
Spending money on high-end wrapping paper not only means you're tossing money into the trash, but you're also growing your local landfill. It's hard to find reliable estimates on how much Americans spend per household on wrapping paper, but with gift wrapping options typically priced between $3 and $13 per roll, it's easy to see how the costs add up. Add gift bags and tissue paper to the mix, and you might be looking at $100 or more just to wrap presents for a family of four.
To preserve the fun of unwrapping gifts from Santa, my buddy and former colleague Julia "Bargain Babe" Scott suggests a dozen alternatives to wrapping paper on her blog, MintLife. These ideas run the gamut from using old cookbooks and children's books, to simple brown paper bags with one phrase written over and over. "Tis the Season to Be Green" sounds about right.
Don't Get Carried Away With Gift Cards
As close as your local pharmacy, gift cards have become a very popular way to spread joy in December.
According to the National Retail Federation, 81% of shoppers will purchase at least one gift card this holiday season and spend a total of about $157 on gift cards — the highest amount in the 10-year history of the NRF's holiday consumer spending survey.
Maybe that's due in part to how gift cards can feed off your guilt. You don't want to leave anybody out, right? From co-workers to kids' teachers and coaches, to the paperboy and sanitation workers, gift cards are easy and convenient ways of giving a little something to everyone.
Before getting carried away with the gift cards, though, do what master concierge Michael Fazio recommends with all forms of holiday gifting and tipping: Start with a defined budget and work backwards from there. If you know you have $100 to buy $10 gift cards, then list the 10 people you want to give to, and call it a day. If you play your gift cards right, you might even be able to stretch your budget to include free gift cards that come bundled with other purchases. If the Ghost of Christmas Guilt rears its ugly head, fire up the oven and bake some cookies for the folks you left off the list. And if there's someone you're trying to blow off, may we suggest, umm, fruitcake?
Greeting Cards and Postage Can Add Up
This is a tough one because nothing beats the personalized touch of a hand-written holiday card. That said, you may live in a city such as Chicago, which has remarkably poor mail delivery. And how much are you paying for those fancy greeting cards anyway? If it's $3 to $5 a pop, plus stamps, think of how that adds up when the list grows into the hundreds.
If it's tradition to send out cards, please scope out discounts on greeting cards from the likes of Vistaprint and Cardstore. But remember, it's also possible to segregate your list and send some salutations electronically though services such as eGreetings. If you want to send a bunch of cards by mail, put the kids to work and make some custom cards. A handmade card costs less, but means a whole lot more. Or in the age of email and texting, consider an honest-to-goodness phone call. No greeting card can convey warm holiday wishes like the sound of your voice.
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