How to save money on holiday gifts

The holiday season is known as a time of giving, but don't get yourself into financial trouble by overspending on presents this year. See how you can save money by following these tips.

1. Make a plan first. Outline exactly who you need to buy gifts for and figure out a budget. If you determine how much money you have available to spend on gifts and then stick to a plan, you will avoid mindless spending. Little purchases here and there can add up quickly and bust your holiday budget in no time.

2. Look for discount and promo codes. Online shopping is convenient and can save you big bucks. Search for online coupons and discount codes on retailers' websites that will result in huge savings.

3. Give group gifts. If you have a large circle of friends, purchasing individual presents for everyone can be a huge financial strain. Suggest doing a secret Santa or white elephant gift exchange, which means everyone in the group purchases one gift. Your wallet will thank you.

4. Use social media. Follow the retailers you love most on social media. Many stores offer exclusive discount codes and offers to users who follow them on Twitter, Facebook and Instagram.

5. Avoid buying gifts for yourself. We've all been there. You're shopping for a family member or friend and you see something that catches your eye. Avoid the temptation and make a promise that you won't buy anything for yourself.


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