18 Tips to Avoid Overspending during the Holidays

Money experts give the basics to surviving a holiday splurge. Read on:

1. Make a list and check it twice.
“Group your recipients into family, friends, officemates, clients, and others,” says Aneth Lim, corporate affairs director at Citibank. See if you can give just one gift to a particular group.

2. Have a budget for gifts and a separate one for parties, says Jon Jefferson Kho, financial adviser at Sun Life of Canada. Get-togethers, after all, are a big part of the holidays, too.

3. Assign a peso value to each gift for a person or group or party.
Kho suggests, “Set aside 10 percent of your yearly income and divide the amount by the number of people you will give gifts to.”

4. Stick to your budget.
Do not go over your budget, or else your whole budget for Christmas will be ruined. Kho stresses, “If you’re a big spender, remember to set aside money first for your savings—always.”

Lim also lists three things that can help minimize holiday spending:
5. Go local.
Imported goods may cost more than locally made ones. Find gifts that are locally made and, at the same time, help the economy to grow.

6. Browse the Internet for good deals.
Many young start-up entrepreneurs have websites where you can order interesting goods you won’t find in malls. You may even find better prices online.

7. Ask for discounts when shopping at bargain centers.
It won’t hurt to ask, and more often than not, sales people will gladly give you a discount, especially if you buy in bulk.

8. Shop all year ‘round.
“I spread out my Christmas shopping throughout the year so my wallet doesn’t get shocked during the ‘ber’ months. This prevents stress and panic shopping, too. I send out food gifts during the first week of December because a lot of people receive edible treats during the season. We also just give one present to one family or we have a kiddie gift exchange so we don’t have to buy gifts for each one.” — Hanna Fernando Pacua, operations analyst; mom to Tonyo, 3

9. Avail of free gift-wrapping.
“I start shopping for gifts as early as September and I take advantage of the free gift-wrapping services offered in some stores. This way, I save on money and time. I have a ‘piggy bank’ and I use the money I’ve saved to buy gifts for everyone.” — Vlelyn Ang, stay-at-home mom to Patrick

10. Buy in bulk.
“I usually scout for gifts during mall-wide weekend sales way before December, and I also choose a theme to make choosing gifts easier. Last year, my theme was PJs for toddlers and preschoolers, rompers for babies, and scented soaps for officemates. I save a lot by buying in bulk and this allows me to strike a lot of names off my gift list. I pick ‘special’ gifts only for immediate family members.” — Bernz Lazo, marketing officer; mom to Deidre, 9

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11. Let friends pitch in.
“Every year, my daughter’s school hosts a fundraising show and a bingo social to fund scholarships. We are required to buy 10 tickets yearly. Thankfully, my daughter’s single godparents always help us out by buying a ticket each. It’s a small amount, but it’s still one less expense.” — Lisa Rey, stay-at-home mom to Noah, 5, and Rachel, 3

12. Plot the dates.
“Every holiday season, we put up a family calendar on the kitchen wall. My husband and I plot all tentative and confirmed get-togethers that require the complete attendance of my family. And once my older kids get permission from me and my husband, they also do the same with their gimmicks with classmates and friends.” — Esther delos Reyes, retired teacher and mom of five

13. One for all.
“Since our daughter was born in early December, her baptism became our Christmas get-together for family and friends. In 2011, we celebrated her first birthday with our family and 12 underprivileged kids; this also served as our family Christmas party. Our gifts for our extended family that year were photo prints taken by a professional photographer that we hired for the event."

14. Think long-term.
My husband and I both come from large families, so instead of giving everyone Christmas gifts, we help them with their needs, such as assisting them in their school projects or job-hunting.” — Genevieve Cayton-de Jesus, stay-at-home mom to Marcela, 3

15. Re-gift.
“I recycle gifts. When my son receives two of the same gift, I set aside the extra one to gift to someone else. I also re-gift items that have remained unused or opened. “Figure out who would really appreciate these things so you could shorten your gift list. But be extra vigilant about who you give it to so you don’t get caught.” — Sidney Mendoza*, account manager; mom of two

16. Recharge
“I make it a point not to miss my spa appointments, even with parties happening left and right. It’s my me-time! Doing so allows me to stay sane during this busy time of the year.” — Riza Buenaventura, entrepreneur; mom to Heidi, 8, and Hanna, 7

17. Look forward to something good.
“We all get together during Thanksgiving and Christmas. I come from a large family, so you can imagine the different scenarios when we are together: fighting, laughing, singing — the possibilities are endless! My husband and I plan to have a vacation right after Christmas so we could relax and unwind.” — Monicel Baldo Serino, occupational therapist, nurse, and mom of two

18. One day of sacrifice.
“I have no time to shop for gifts (besides, shopping isn’t really my thing), so I usually rely on my sister to help me out. We plot where and what to buy, and finish everything in one day. And I use just half of my 13th month pay for gifts. Plus, I bring only cash so I’m forced to stick to my budget.”  — Sally Rogelio,  sales executive and mom to Liam, 4

Image from money.usnews.com