No matter how much money we spend, the holiday season typically stretches our budgets. By the time the new year begins, we’re wishing we had been better prepared. Here are five tips to help save your holiday budget.
1. Set a Conservative Budget Ahead of Time
We have a tendency to spend about 20% more than we initially planned to, whether it’s buying a home or buying groceries. If you think you can afford to spend up to $600 this year, set a budget of just $500 instead. That way you’ll have a buffer if (or when) you spend a little more than you thought you would. Chances are you’ll still come in under that $600 maximum limit and save yourself the headache of overspending.
2. Take Advantage of Smart Phone Apps
Technology is a huge help in making sure we never overpay for a gift we could have bought cheaper elsewhere. Free smart phone apps are invaluable tools for holiday shoppers looking to efficiently comparison shop this year. Simply use your phone’s camera to scan an item’s barcode, and the appropriate app will turn up results with every other store’s listing and price for that item. It’s also a helpful way to quickly see reviews if you’re not sure something is a good buy or not.
3. Steer Clear of Store Displays
Stores are in the business of making us buy more, and one of the best ways they do this is by promoting items through special displays. Located throughout the store as well as at the cash register, these displays are usually filled with generic items designed to appeal to as many shoppers as possible. As a result, the items simply aren’t as unique or thoughtful as other gift options. Does Dad really need another striped tie or set of plain cuff links? Probably not. Save money and avoid lackluster gifts by steering clear of these displays.
4. Cash in Your Reward Points
If you’ve been saving your credit card or store rewards points for a rainy day, consider cashing them in this holiday season. Many popular items are available to buy with points, or if you have a cash back card, redeem the statement credits to help cover the costs of holiday gifts this year.
5. The Store Cashier is Your Friend
When it comes to holiday shopping, it’s impossible to keep up with all the various coupons and specials that stores offer. When you get to the register, make sure to ask the cashier if there are any coupons you missed. They often have a stack behind the counter and are happy to extend a discount if you just ask. If you don’t want to wait until it’s time to pay, you can always ask a store employee before you start shopping.
Whenever you set foot in a store this holiday season, try to stay focused on the thoughtfulness of the gift, rather than the price tag. With a little effort, you can make sure the people you care about feel loved without breaking the bank.
The above does not constitute legal, tax, or financial advice. Please consult a licensed professional for recommendations applicable to your specific situation.
TRN00055; Rev. 11-2024
