How Can I Save on Holiday Shopping
Q: I’m always worried about money during the holiday season, and with inflation soaring, I’m more stressed than ever. How can I save on holiday shopping this year?
A: If you’re worried about making it through the holiday shopping season in the midst of record inflation, you’re not alone. A recent survey shows that 59% of American shoppers are stressed about buying holiday gifts this season due to higher prices. However, with some careful planning and budgeting, you can enjoy stress-free holiday shopping. Here are seven easy ways you can save during this holiday season.
1. Shop early
It’s always a good idea to do your shopping early in the season so pressure and crowds don’t cause you to make decisions you’ll come to regret. This year, experts are urging shoppers to hit stores earlier than usual to take advantage of early-season sales. Many big-box stores are struggling with a supply surplus thanks to an inflation-triggered decline in demand. This will likely lead to sales events to make room for more up-to-date inventory. You can take advantage of this surplus by shopping these sales and saving on your holiday purchases.
2. Set a budget
Budgets are for holidays, too. Sit down before doing your shopping to build a reasonable budget for your holiday shopping. Factor in current prices when working out your budget. Of course, this is only half the work – you’ll need to stick to that budget for it to be worth anything. Make this easier by allocating a specific amount for every gift, shopping with cash when possible, and reviewing your budget frequently while you shop.
3. Shop with a list
Instead of hitting the stores blindly, create a list of every gift you plan to buy for friends and family. You can browse online stores for inspiration but resolve not to start shopping until you have a complete list. You’ll be far more likely to stay within budget when your purchases are pre-planned.
4. Leave some last-minute shopping for Green Monday
While it’s best to do the bulk of your shopping early in the season, you can leave some last-minute gift-shopping for Green Monday, the second Monday in December. This is when retailers make their final pre-holiday markdowns. Be prepared for slim pickings, though, so don’t leave any specific gifts for this late in the season.
5. Get crafty with DIY gifts
Homemade gifts are not only thoughtful but also budget-friendly. Get your creative juices flowing and make personalized gifts like homemade candles, knitted scarves, or hand-painted ornaments. It’s a win-win – you save money and give a one-of-a-kind present.
6. Give gift cards
Protect your gift list against inflation by giving gift cards. Gift cards are easy to shop for, easy to budget for, and always appreciated by the receiver.
7. Join rewards programs
Many stores offer rewards programs that can lead to significant savings. Sign up for these programs to earn cashback, discounts, or exclusive offers.
There are also many credit cards that come with rewards. If you want to earn rewards on purchases this holiday season, check out Scott Credit Union’s credit cards with no annual fee and low interest rates.
Holiday shopping may be a race against inflation this year, but with a little pre-planning, you can complete your shopping with your budget intact. Use the money-saving tips outlined here to get started. If you want to learn more money saving hacks, check out our financial literacy videos.
