The holidays can get expensive for everyone, including college students. Many students find travel expenses necessary because seeing family and friends is the most important part of the holiday season. Some UNL students ask their parents to cover part of their travel costs as their holiday present. If an airline ticket is needed, many students use Kayak.com to find the cheapest airfare. For further savings, Farecompare.com suggests that the best time to find cheap tickets is Tuesday afternoons and the cheapest day to fly is Wednesday.
A recent survey of UNL students uncovered that the amount students spend on gifts fluctuates greatly. Total holiday budgets range from $30 to $200. All students surveyed said that planning ahead is key to saving money while holiday shopping. Many students have gotten themselves into financial trouble by waiting until the last minute, which caused them to spend more money than they had intended.
UNL students recommend creating a plan for holiday spending - a holiday gift budget. Students need to determine a total amount they can spend on the holidays. Most students surveyed said they purchase gifts for their immediate family and two or three good friends. For dorm or Greek house friends, many students make very inexpensive gifts, such as picture frames or baked goods, or have a “friend night” where they go to a movie or other fun activity and pay for each others admission.
When planning their holiday budget, it’s important that students set a cost limit per person. Many students make a simple spreadsheet in Excel, or use a written budget, as a way to keep track of their total holiday budget amount, cost limit per person, and actual amounts spent. Another part of planning ahead is gathering gift ideas. Many students use gifts.com, where they can easily search for gift ideas within their budget for every special person in their life.
After planning a budget and considering gift ideas, UNL students suggest creating a shopping plan. The holiday months are extremely busy for college students, so it’s crucial for students to make holiday shopping as efficient as possible. Many students do all their shopping online and take advantage of the free shipping deals offered by many retailers.
Many UNL students take advantage of Cyber Monday deals. Getting the best online deals requires students to take the time to research deals and collect coupons before Cyber Monday. Another way students save money on online purchases is by using cash back sites, like Bigcrumbs.com and ebates.com. By using these free sites, some students have saved enough money to buy themselves a holiday present.
If students are planning to do a majority of their shopping off-line, many UNL students report they have saved large amounts of money by taking advantage of Black Friday sales. To be prepared for Black Friday, students need to research deals, collect coupons, and have a list of stores they need to visit before leaving the house to help them stay on schedule and prevent impulse buying.
Some other shopping tips UNL students shared:
• If you’re going to use a credit card for holiday shopping, make sure to only charge an amount that you can pay off in full at the end of the month. Don’t waste money on interest.
• Don't leave the house or buy online without coupons. Check the store's website, Facebook, Twitter, or the local paper for deals.
• Shop during off peak hours. Many stores, such as Kohl's, often have specials running weekdays or Saturdays during the hours of 9am to 1pm.
• For easy shopping, stop by the University Bookstore between classes to pick up unique gifts that every Husker fan will enjoy.
• Don’t just shop the mall. Visit local shops, such as all the shops in the Haymarket. You can find great deals on unique gifts.
• Another place to look for unique gifts is Etsy.com. If you’re looking for a gift that no one else owns, this is the right place.
• Don’t be afraid to make homemade gifts. If you’re on Pinterest, odds are you already have many homemade gifts ideas. Homemade spa treatments are popular at UNL, such as brown sugar body scrub. This gift only requires 3 ingredients: brown sugar, oatmeal, and olive oil. More DIY spa treatments can be found at tlc.howstuffworks.com.
The last thing you want is for your student to put themselves into debt for the holidays. Being in debt is an awful way to start off the New Year! The best present your student can give themselves is the feeling of financial well-being.
Article provided by Carla Talmadge, Money Management Mentor, UNL Student Money Management Center.
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