This holiday season you want Jack Frost nipping at your nose, not creditors nipping at your heels. Now’s the time to consider some wise strategies to get the most out of your gift-giving budget without wreaking havoc on your personal finances.
The National Retail Federation predicts that consumers are going to spend an average of $1,047.83 this holiday season. That’s a lot of money, especially when many shoppers don’t have savings to pull from or have already racked up considerable credit card balances.
So, if you are one of the 60% of Americans that doesn’t have $500 in savings, or you just want to celebrate a merry holiday season that leaves you in good financial standing, consider these savvy spending strategies:
Go Digital: Download shopping apps to your smartphone that will scan prices on any given item across the sites of major retailers. This is one of the easiest ways to score the best deals available shopping online without doing so much as lifting a finger.
Don’t Toss Your Junk Mail: Check your mail and check it often for the special promotions that may hit your mailbox. We know sometimes that receiving junk mail isn’t always fun but this time of year, retailers are giving special offers to those that open their mail. Just don’t forget to recycle after you find the deal.
Track Your Brands: Do you or your gift recipients have some favorite brands or stores? “Like” and follow these companies on social media for access to exclusive promotions and coupons.
Avoid Buying On Impulse. Holiday spirits can fly high, blocking out your common sense or causing you to keep up with the shoppers in the aisle next to you. Make sure to comparison shop, particularly for big-ticket items like video game systems and other electronics. There’s no need to spend more money on something just because it’s in front of you and you’re feeling frenzied. One of the best ways to pace yourself is start off the season with a budget and a clear idea of how much you can spend per person on your gift list.
Set Limits: Speaking of budgeting, consider instituting family-wide spending limits on gifts, or suggest a “Secret Santa” gift exchange between individual family members drawn at random. This can relieve both financial pressure and the social pressure associated with being the biggest spender. Spending limits can actually be more fun than they sound, encouraging gift-givers to get creative, artistic and resourceful.
Enjoy the Season. There are many ways to celebrate spending little to no money. Curl up for a holiday movie marathon, bake cookies or look for free holiday concerts in your local area. Shopping malls and community centers typically offer a schedule of no-cost holiday entertainment.
Remember, you can budget for a joyful season if you do some smart planning and spend wisely. Come January, you’ll be glad you got a head start on your financial resolutions and can begin the new year on track. That may be the best gift of all for you and your family!
