Extreme budget holiday gift tips

Lucas Allen
Lucas Allen

It used to be that Thanksgiving ushered in the holiday season, but these days? It's the minute the Halloween items go on clearance -- which means we're already running behind on making our strategic holiday plans. In light of the state of the current economy, saving money will be more key than ever, so we've compiled a few tips to help you enjoy the season without worrying about fending off the credit card companies come Jan. 2 . . .

Hold a White Elephant Party. A White Elephant Holiday Party (aka "re-gifting") is when you gift something you already own. The key to white elephants is to give away something folks will actually want (family heirloom, your plasma TV) and not stuff that would otherwise be in the trash.

Use Gift Cards. This is one of our favorite shopping tips year-round, but it's especially handy during the holiday season. It's this simple: we put our entire Christmas budget on a Visa gift card from the bank (they're also sometimes available at the service desk of the local mall) -- once the money is gone, we're done shopping. Period.

Check out 20 Gifts for $15 or Less at Real Simple.

Get Coupons. Many of your favorite stores -- like Off Fifth, the Saks Fifth Avenue outlet, Lord & Taylor, Bloomingdale's and Filene's Basement -- offer in-store coupons if you sign up for their online newsletters. You can also find coupons online by entering the name of the store and the word "coupon" in your search browser to find sites with coupons for the store.

Check Online Before Buying in the Store. Use the SKU number (the numbers underneath the bar codes on the price tag) to find your favorite items online for less. Simply enter the SKU number into a search engine to get a list of sites/stores that sell that item, then compare prices for the best deal. Shop and repeat. Interestingly, many online discount/off price stores like Smartbargains.com and Overstock.com, are not allowed to use the name of certain designers so searching by SKU may be the only way to find those items for less.

Kathryn Finney is Founder of The Budget Fashionista.com and America's Top Budget Shopping Expert. Since 2003, Kathryn and her merry band of budget shoppers have been providing expert budget shopping advice, fashion tips for real women, and information on living your best life for less through a collection of online publications and applications.

Gifts Under $50 from Real Simple:
For Mothers, Sisters, Best Friends
For the Kids in Your Life
For Fathers, Brothers, Husbands