Holidays mean gift-giving for many Americans. But some people fear they will strain an already tight budget. Inflation has changed purchase decisions for 33 percent of holiday shoppers. And because of inflation, 27 percent of consumers didn’t have extra funds to sock away this year.
Saving money over the holiday season is crucial. There are ways to take pressure off your wallet and enjoy gift-giving. Here are nine tips for shopping this holiday season.
1) Plan and Don’t Panic Buy
To avoid going overboard on spending, start with a list. Write down everyone you want to purchase a gift for and do the research. That means going online and looking at potential gifts and pricing. You may not want to buy online, but it gives you a lay of the land as to what’s available for what price.By planning what you will buy and the price point you’re going to buy it at, you avoid “panic” buying. Panic buying is when you’re running out of time and you grab anything at any price to finish your shopping.
It’s not good for the gift recipient, and it’s not good for your wallet.
2) Spending Is Not Saving
Everyone wants a good deal. And there are many sales during the holiday season. But just because something’s a good deal doesn’t mean you need to buy it.Sale or no sale, you’re still spending money. Ensure the item on sale is something you truly want to buy and not an impulse purchase. A deal is only a deal if you need it.
3) Shop Online With Caution
Shopping online is convenient and often inexpensive. This is especially true if there’s free shipping. But it’s easy to go overboard with that credit card. Use a debit card instead and only spend the money you have. You'll be happier in January when the bills start coming.Also, be careful using unfamiliar websites. Don’t give personal information unless you know it’s a reputable vendor. There are malicious websites that look legitimate. If you haven’t heard of them, it’s best to move on to another vendor.
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Some cybercriminals will also send emails offering great deals. This is called phishing and is bogus. If a deal looks too good to be true, it probably is.
4) Reduce Household Expenses
Look for ways to reduce ongoing household expenses to free up extra cash during the holidays. If you have streaming services, now is the time to cancel them. Many gyms will let you pause a membership for a month or two.Look at your household budget and see what you can carve out for holiday expenses.
5) Secret Santa for Big Families
If you have a big family, purchasing a gift for everyone is difficult and expensive. Most people would be relieved at the idea of buying one gift. It saves time and money.Consider a family meeting and broaching the Secret Santa idea. Instead of many gifts, only one nice gift must be purchased. It will also be a fun activity, adding to the holiday fun.
6) Resist Shopping Sprees
Retailers are good at convincing people to buy. Everything in the store is beautifully displayed and looks enticing. The longer you’re in the store, the more apt you are to impulse buy. This is called the “shopping momentum effect.” People are more likely to spend once they start.Stick with your shopping list to counteract the phenomenon. If you have to, leave the store and go have a cup of coffee to change your mindset.
7) Research Major Purchases
Whether you’re in the store or online, shop around for large purchase pricing. Make sure you have your smartphone when shopping in a store and look up prices. This will allow you to compare.When shopping online, don’t assume that it’s the least expensive price. Check with brick-and-mortar stores as well.
8) Experiences Instead of Gifts
It’s often difficult to find the perfect gift. You end up spending money on a gift the recipient doesn’t care about or wants.Consider giving an experience. Gift cards to a favorite restaurant is a welcomed gift. Or if a Broadway play is coming to town, give tickets. Amusement park tickets for the entire family would also be welcomed, and it would be a family outing.
9) Deadline All Shopping
Last-minute gifts are expensive. The longer you shop, the more you'll buy. That’s why retailers like it when Thanksgiving is early; it allows more time for shopping. Tell yourself you must have everything done by a specific date, preferably a couple of weeks early.You‘ll resist the urge to pick “just one more thing” for someone you already covered with a gift. Ultimately, you’ll save money and time.
Save Money and Time This Holiday Season
Be vigilant when spending money on presents. Always compare when shopping and restrict how long you shop.When shopping online, note that you might not always find the best price and be careful what websites you use.
Remember, experiences also make wonderful gifts.
The Epoch Times copyright © 2023. The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.
