By: Tayhana Taylor, Contributing Writer
There is no need to empty your pockets this holiday season to purchase gifts for yourself, family, and friends. The key to avoiding spending outrageously during the holiday is proper budgeting.
Here are some tips recommended by Dr. Passard Dean, an accounting and finance professor at Saint Leo University.
Dean describes budgeting as a long=term process, but he encourages students to:
- Determine the amount you plan to spend and stick to it.
- Look for sales – during the holidays there are many online and in-store sales.
- Resist impulse purchases – if you did not plan to buy it, don’t.
It is the holiday season and you want to put a smile on your family and friends’ faces to make their Christmas a bit merrier.
Jonathan Fiore, a Finance major at Utica college recommends that students remain extremely cautious with their credit card spending during the holidays.
In case you want to see how some of your fellow Saint Leo colleagues are planning to budget this holiday season, here are some of the budgeting tips that have worked best for them:
“I make a gift list, look for clearance deals, and I use this website called Honey to get coupons to make sure I don’t go overboard with holiday shopping,” said Kara Pinder, a freshman majoring in social work.
“I start budgeting by checking my bank account so that I know how much I can spend on gifts,” said Ashley Tucker, a freshman majoring in criminalistics. “I also make DIY Christmas gifts, which saved me a lot of funds while putting a smile on my family and friends’ face.”
Creating a shopping list seems to be a common budgeting strategy for college students.
“I always plan my holiday shopping in advance by making a list then a budget…I also make use of Black Friday sales.” said Berkel Anderson, a freshman majoring in biology.
“I start usually start with window shopping when buying gifts, this is helpful because sometimes when I go back there is a price reduction on the item I wanted,” said Madelyn Eden, a freshman majoring in business management and accounting and finance.
The price of a gift does not define the value of your relationships, so keep this in mind when shopping this holiday season.
In case you need some budget-friendly gifts, here are some ideas:
- Scented candles
- A personalized spa gift box
- A custom picture collage pillow or blanket
- A personalized birthstone necklace
- A Hello Fresh meal subscription
- A mini-waffle maker
- A cast-iron skillet
- A sample beauty box from Sephora
- An OtterBox phone case with a warranty
- An unlimited e-book subscription
