As the holidays draw near, the to-do list can feel long—and expensive!
You may feel pressured to keep up annual traditions, stretching your holiday spending to accommodate. However, it’s important to set boundaries with your budget so you don’t go overboard, as so many of your fellow shoppers may. In fact, in a recent survey by Consolidated Credit, over a third of participants reported that they are still carrying debt from last year’s holiday season!
Enjoy the season of giving—without giving up your financial peace of mind—with these tips.
Tips for Managing Your Shopping Budget When the Holidays Hit
1. Set Spending Limits
When it comes to holiday shopping, it can be helpful to start with the basics: who are you shopping for, and how much can you afford to spend? Once you begin to estimate how much you want to spend per person, you can get a general idea of your total costs and start setting aside a seasonal savings stash.
It’s typical to set a different limit for family or close friends than work friends or acquaintances. Don’t feel pressured to overspend, but set a budget based on what makes sense to you and your personal relationships.
2. Buy for One Instead of All
One way to enjoy the holiday season while staying on-budget is to celebrate with Secret Santa or White Elephant exchanges. This way, you purchase one gift rather than one for each member of your group, typically sticking to an agreed-upon spending limit. This can be a great choice for larger families or work teams who want to manage gift-giving practically without compromise on cheer.
3. Compare Prices Before Buying
It’s easier than ever to compare prices from different stores or online sellers before acting on your shopping list. By doing so, you may unearth gift bundles or special offers that can make your purchase go even further.
Once you’ve determined what you’re going to buy and chosen the best place to buy from, take a few minutes to search for coupons that may lessen the cost even more. Some stores offer discounts for joining their loyalty program, downloading their app or subscribing to emails. However, it’s always smart to be cautious with your information—be weary of online deals that may seem too good to be true!
4. Take Advantage of Seasonal Pricing
Timing can make all the difference when it comes to holiday shopping. It can help to get started earlier, in order to offset additional costs like paying higher for popular, quick-selling items or expedited shipping on last-minute finds. Another way to use timing to your advantage? Keep your eye on upcoming seasonal sales. Once you have your shopping list and your preferred retailer, look out for annual sales windows, such as Black Friday, to see if your item will come down in price or get discounted shipping.
5. Share an Experience Rather Than a Gift
If you have a person who’s hard to shop for, consider gifting them an experience. Gauge your shared interests for something meaningful to share together: a homemade meal or dinner at a nice restaurant together, a DIY class or a spa day, an overnight trip somewhere new or a staycation movie marathon. This can often lead to a cherished memory that will mean a great deal to your friendship, with the added benefit of being a “gift” for you both to enjoy.
6. Give Toward a Shared Cause
The end of the year is a popular time for people to give to causes they care about. If you want to do so but are finding it hard to afford both charitable giving and gift giving this year, consider how you can do both at the same time! If you have loved ones that share your values, making a donation in their name may be a meaningful way to show that you care.
Final Considerations: Shopping Safely This Year
When we don’t feel prepared, holiday shopping can put a dent in our wallet; but you don’t want to feel an even bigger dent by compromising your personal information. Be careful with where and how you shop, and follow cybersecurity practices to help protect yourself from scams and fraudulent charges, this season and all year long.
In all of the hustle and bustle, prioritize managing your personal budget and monitoring your account activity. Staying vigilant about your spending and information security can help you stay ahead of the stress and enjoy more worry-free time with your loved ones—because after all, that’s what the season is all about!
Information contained in this blog is for educational and informational purposes only. Nothing contained in this blog should be construed as financial, legal or tax advice. An attorney, financial advisor, and/or tax advisor should be consulted for advice based on your circumstances.
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