How to shop for the holidays on a budget

You’re one of two people. One saves all year to buy everyone he or she loves holiday gifts, and the other waits until December to even think about gifts. Regardless, both are college students who also have to balance work, organizations and spending time with loved ones. Often, no matter how much you save, you find yourself in a pinch by the time the holiday season rolls around, so you have to set a budget. Here’s how to get the most out of it.

Establish a budget

The first step to getting everything on your list is to know how much money you have to work with. Once you’re done saving, if you chose to do so, set aside the money you want to use to buy gifts by opening a separate checking account that you don’t touch for anything else; no, not even a drink at Starbucks. Self-control, young Padawan. Or you can put the money onto a Visa/MasterCard gift card, so like a bank account, it’s all in one place and not easy to get confused with your other funds. By limiting your holiday funds to an isolated place, you’re less likely to abuse it, meaning that you can get everyone their presents.

Know where and when the deals are

By November, most stores are kicking in their holiday specials or have at least announced them. Black Friday and Cyber Monday are just two days out of an entire month or so of deals and doorbusters. Amazon, for example, has year-round flash deals on the items you most love and sometimes need: electronics, home décor, clothes and toys. There’s no need to wait until Black Friday to get yourself killed over a 70-percent-off laptop when you can shop on Amazon from the comfort and safety of your home. And the site has holiday deals on top of its already low prices. 12 days of deals in December, anyone? Some other steals that extend beyond the dark time that is Black Friday: ITunes offers its best deals on iTunes gift cards in December, according to dealnews.com, and, according to bankrate.com, tablets and e-readers should be as low as $40 this December.

Space purchases out

Timing is key. If you work, buy one or two gifts once you get your paycheck. That way, you don’t blow your entire paycheck ― or savings ― in one shot buying all of your gifts at once. Even if you don’t work, don’t use all your money at once. It’s best to wait in between buying your gifts so you always have some cash. Plus, you need to eat, too, and emergencies can happen.

Take advantage of coupons

Think of TLC’s “Extreme Couponing.” You may not end up getting money back, but you will save a ton, leaving you more room to buy more expensive gifts or multiple gifts for the same person. Comb newspapers and those annoying circulars, and download the Groupon and RetailMeNot apps, available for both Apple and Android devices. Most stores allow you to combine coupons so you can pile the savings on.

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