4 of the Most Expensive Christmas Shopping Mistakes You Can Make

Growing up, my dad and I had a really weird Christmas shopping tradition: we'd wait until Christmas Eve to buy everyone's presents. It's no surprise that, throughout my teens and early 20s, everyone had pretty low expectations for my gifts.

As you can guess, this was a bad idea. Waiting until the last minute meant drawing from a pool of rejects and missing out on some of the best holiday shopping deals. Occasionally, we would buy something that someone wanted, but even then we were buying it last minute, which didn't always mean getting it at the lowest price.

As Christmas music takes over in shopping malls, here are four other mistakes you don't want to make.

1. Paying for expedited shipping

Expedited shipping may be the quickest way to get your gifts, but it's also a quick way to negatively impact your personal finances. This is especially true if you're sending gifts, as USPS expedited delivery can cost hundreds of dollars during the holidays.

So don't hesitate: buy your online gifts now or have them delivered before it's too late. The closer we get to the holidays, the more expensive shipping will become.

2. Tacking on extended warranties

You bought the gift. Now you want the recipient to enjoy it for a long time. That's where the extended warranty gets you: For an extra $20 to $50, you can get some peace of mind, knowing that if your kids drop the new iPad in the toilet, you can have it repaired or replaced.

The truth is, most electronics and appliances come with a manufacturer's warranty that will cover the item for defects. Not only that, but many great credit cards have extended warranties built into them, often doubling the manufacturer's warranty. For example, multiple Chase credit cards offer extended warranty coverage.

If you're worried that you'll be responsible for breaking it -- like if you're a Mr. Bean type -- extra protection might be wise. Otherwise, you can forgo the extra warranty at checkout.

3. Overcharging 0% APR credit cards

A 0% intro APR period on a credit card gives you time to pay off a balance before high interest rates kick in. These cards can serve a useful purpose in a financial plan, especially if you already have credit card debt and decide to transfer it to a 0% APR card to pay it off.

When it comes to Christmas shopping, however, don't let 0% APR deals replace your budget. These cards give you a no-interest period, usually somewhere between 12 and 18 months, but when that period ends, you'll pay high interest on your balance. Again, using one of these cards can be practical, but only if you have a plan to pay off the balance. All in all, I'd say set your credit limit to the cash in your savings account and don't overcharge, even if you're not paying interest.

4. Buying holiday-flavored everything

If you ever want to feel sad, go to your supermarket's clearance section in mid-January and take a gander at the stock of novelty Christmas candy, flavored Christmas coffee, and peppermint bark just begging to be bought.

At the risk of sounding like Ebenezer Scrooge, the holiday-flavored stuff just isn't worth the space in your budget. Take the money you would have spent on Ghirardelli chocolates and holiday-flavored jelly beans and boost your spending on other items. If you really like Christmas chocolates, buy them when they're 85% off in January.

Ultimately, the most expensive Christmas mistakes are pretty easy to avoid. Steer clear of overcharging on credit cards and paying for unnecessary add-ons, like warranties and expedited shipping. Holiday-flavored foods can evoke the spirit of Christmas, but so can acts of kindness and radical generosity, which is what Christmas is all about.