Avoid racking up holiday debt
Nothing has the potential to bust your budget like the holidays. According to a recent Student Loan Hero survey, 31% of respondents expect to rack up enough holiday debt that it’ll take four to six months to pay it all off. So it’s no wonder 41% rated their holiday shopping stress level at least a 7 out of 10.
One way to avoid suffering a painful holiday debt hangover? Spend less on gifts. Here are seven ways to do that—without crossing anyone off your gift list.
1. Pack this three-step savings punch.
First, find a killer sale—like on a shopping holiday—for the item you want to buy. Then Google the store name plus “coupon” to score free shipping or another discount, suggests Lindsay Sakraida of DealNews. If you’re a new customer, you can also sign up for the store’s newsletter; often, the intro email offers 10% to 15% off. Finally, use a credit card with generous incentives, like cash back, to maximize your savings.
2. Scout out a unique eBay find.
From dragon toilet paper holders for “Game of Thrones”-obsessed friends to sports memorabilia, if it’s on someone’s holiday list, you can probably find it on eBay EBAY, +3.11% —for a wide range of prices—making this a great place to nab cool stuff for cheap.
While hunting for gems, tag items to your watch list to see if the price drops before you’re ready to buy. And don’t be afraid to ask sellers if they’re willing to accept less.
3. Try bartering.
To get rid of home clutter and score a gift for someone on your list, consider bartering clothes on sites like SwapStyle and thredUP; you can do the same for games, electronics and other goods on Swap and SwapAce. Just pay close attention to condition. If in doubt, ask for photos so you can do a once-over and ensure the item is gift worthy.
4. Check out a sample sale.
If you live in a major city like New York or Los Angeles, take advantage of sample sales, where you can load up on brand-name fashion. Depending on the sale, you can reasonably expect 50% to 80% of the retail price of designer wares.
5. Empty your spare change jar.
Been throwing extra nickels and quarters into a jar for months or years? Take it to a nearby Coinstar. If you opt to redeem your coins for an e-gift card, Coinstar waives the standard 11.9% fee, says Chicago-based writer Annie Logue. One year, she exchanged $200 worth of change for an Amazon AMZN, +0.67% gift card, which she spent on books and stocking stuffers for her family.
