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If youre aretireeliving on a fixed income, it can be especially challenging.
However, that doesnt mean you have to spend more this year to give great holiday gifts.
Here are sevenholiday gift-giving tips for retirees on a tight budget.
Make a Holiday Budget
Henry also recommended making a holiday budget and sticking to it.
Identify everyone you oughta buy gifts for and make a detailed list, Christiansen explained.
Be Strategic About Credit Card Use
Credit cards can be great tools when used properly.
However, dont spend more than you might realistically afford and pay it off promptly.
Shop Early
Dont wait until Black Friday or the week of Christmas to do your shopping.
Pick Up a Side Hustle
Consider picking up a part-time job for extra cash this holiday season.
If you do work extra hours, its important to be aware of potential tax implications, Henry said.
For instance, it could be enough to push you into a higher tax bracket.
Take Advantage of Memberships
Dont overlook all the benefits that come with memberships.
AARP members also get discounts at restaurants like Bonefish Grill and Carrabbas Italian Grill.
Give Something Sentimental
Dont overestimate the power of sentimental gift-giving.
Sometimes sentimental value beats monetary value.
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