Millions of individuals enjoy holiday shopping for their loved ones each year. Come the holiday season, thoughts of what to get friends and family is foremost on the minds of those who embrace the spirit of giving that is synonymous with this special time of year.
It’s easy to overspend come the holiday shopping season. That could be even easier in an era marked by high inflation, which has affected consumers since 2022. Lingering inflation could require shoppers to be especially vigilant with their shopping budgets this holiday season. Thankfully, a few simple strategies can help shoppers stay the financial course this holiday season.
Track spending with a banking app on your smartphone. Consumers can now track their spending in real time by downloading their bank and/or credit card app on their smartphones. A quick login can help shoppers monitor account balances to determine how much they have spent. If the budget is about to be busted, pull back the reins and cut the shopping trip short.
Establish gift value limits. No one has been immune to the effects of inflation over the last year-plus. So family members likely won’t have a problem establishing spending limits this year. Work together with relatives to determine a reasonable limit to spend on each gift. For example, a $50 per gift limit can ensure everyone gets a quality gift without going into debt.
Shop on retail holidays. Black Friday was once the only game in town regarding retail holidays. But consumers can take advantage of additional discount-heavy shopping days like Small Business Saturday and Cyber Monday to find great deals on a wide range of items. Take retail holiday savings one step further by penciling in time to comparison shop on these popular days when retailers compete for customers.
Look for almost-new gifts. Mobile providers may market the latest model smartphone as upping the ante with new bells and whistles, but chances are last year’s model is just as user-friendly at a fraction of the cost. The same can be said for other gadgets like wireless headphones and smart TVs. Last year’s models may be heavily discounted, particularly online, but just as impressive as their more expensive successors.
Keep shipping costs in mind. The sticker price of certain items, particularly large ones, is likely not the whole story regarding how much the item will cost. Certain items, like trampolines for kids or a new armchair for Dad, will likely cost considerably more than the sticker price alone. Shipping on small items may be free at various online retailers, but that likely won’t be the case with larger items. The cost of shipping some heavy items might be as much as one-third the cost of the item itself. Shoppers should keep that in mind and build potential shipping costs into their holiday budgets.
It’s easy to overspend come the holiday season. However, various strategies make it easy to stay within budget when shopping for gifts for family and friends.
