Last Minute Shopping Tips for a Debt Free Christmas

Did you know that the third Monday in January is considered Blue Monday? One psychologist deemed it the most depressing day of the year. Not only is it Monday—which we all know is the least favorite day of the week—but you’re in the middle of the winter months—every heard of seasonal affective disorder (SAD)! Couple that with the fact that you may have just realized that New Year’s Resolution isn’t as attainable as you once thought and you’re reeling from your the Christmas debt you amassed.

While I can’t help with the first few factors that contribute to that, I can help with the last by giving you tips for having a debt free Christmas! Set a budget and stick to it. However, if you’re a last minute shopper, sticking to your budget may be a tougher than you thought—especially since those last minute marketing ploys can actually have you paying premium prices for those last minute gifts. So what can you do to keep yourself on track and not blow your Christmas shopping budget? Here are a few tips to use as we head into the home stretch.

Make a List

Write down everyone you need to pick up a gift for. Once you list them, choose the percentage of your budget that you’re going to spend on them. For example, if you’re spending the average amount that most American’s plan on paying out, $1,000, then you want to divide that up between those on your list. If you don’t you could end up buying Aunt Susie a $200 coffee maker—instead of the planned $50—that completely blows your budget! So be like Santa, make a list and check it twice!

Buy a Gift Card

While it may seem slightly impersonal, what better way to express gratitude than getting those you love a card to store you know the love! Here’s the key to making sure it helps you stay in your budget—buy it discounted. Yep instead of dropping $50 on a $50 gift card, you can purchase one for $35, yet your the receiver still gets $50! Think about it! It’s a win-win situation all around! Check out Raise.com or a wholesaler like Costco for discounts! If you’re feeling especially philanthropic, purchase the cards through a charity. You can find your favorite one at ShopWithScrip.

Think Outside the “Gift Box”

Sure opening presents is fun, but if your home is anything like mine, you probably have amassed enough stuff! So this year, why not consider taking a trip with those you love? Book a hotel room for few days and enjoy the pool all to yourself. Perhaps you take in a movie with your loved ones that night. Maybe instead of cooking this year, you take mom to a non-traditional Christmas dinner at say iHop? (there are a select few restaurants open on Christmas day). And since you’re keeping your budget so well in tack, spread some holiday cheer by tipping the waiter/waitress with a nice Christmas bonus for taking care of you and your family on Christmas Day.

Utilize Your Smart Phone

Many stores have apps that offer kickbacks. Do your homework before you head out! Not only can find out if the gift you want is in the store, but you may also be able to get it at a price that will keep you from feeling those Monday Blues in January! Try using Cartwheel at Target when you go shopping! It stores the coupons for you and tracks any deals you might be eligible for!

CASH! CASH! CASH!

You already know what I’m going to say! Cash will keep you on track. Once you run out you know, it’s time to go. Those spending with credit spend 12-18% more than if they are using cash! Don’t get caught up in the credit trick or that January statement could have you seeing red!

RELATED READING: Steps to getting your-budget-back on-track after the holidays

If you already amassed Christmas debt for this year, it’s not too late to work toward next year! You can get your checkbook back on a financially simple track. And if you need to talk to a financial advisor, reach out.