The Holiday season is here! While this is the most wonderful time of the year, shopping for gifts can cause some stress to the already busy holiday season. The National Retail Federation estimates that consumers will spend an average of $1,007 during the holidays this year. In this series, we will go over 6 tips to help you with your holiday spending.
TIP #1: Make a List and Check it Twice
Just like children make their list of presents for Santa, you can make a list of presents for each person you are going to give to this year. Making a concise roadmap of who you are going to gift to and what you are going to get will save you time and ensure that you stick to a plan.
TIP #2: Set a Budget
Setting a budget is crucial during the holiday season. You can even set a budget for each person on your list to make it easier to stay within your limit. You should also factor in the cost of wrapping each of the presents. Once you buy a gift for someone on your list, cross them off so that you’re not tempted to buy them “just one more thing!”
TIP #3: Do Your Research
There’s nothing worse than buying something just to find out that you could’ve gotten it cheaper somewhere else. Make sure to price compare! The extra time and effort can be worth it.
TIP #4: Pay with Cash
Using a credit card when buying gifts can be a disadvantage because it is much easier to get off track and overspend. If you run out of the cash you allotted for each person, it means that your holiday shopping is done!
TIP #5: Take Advantage of Free Shipping
If you’re an online shopper, be sure to take advantage of any free shipping codes when checking out. Even better, December 14th is Free Shipping Day in case you have any last-minute presents to order.
TIP #6: Start Saving
If this holiday season is causing you more stress than you’d like, start saving in January for the next holiday season! Take your holiday budget, divide by 12, and that’s how much you should aim to save each month until December.
We hope this list of tips helps you during this holiday season! If you have any questions, feel free to reach out to us. This information is not intended to be a substitute for specific individualized advice, and we suggest you discuss your specific situation with a qualified financial advisor.