It is a known fact that your bank account and your credit have the potential to get hit hard during the holiday season. According to the national survey conducted by Prosper Insights & Analytics, the average consumer spent over $935.00 during the 2016 holiday season. This total included food, postage, greeting cards, decorations, and gifts.
This year and each year thereafter, this figure is expected to increase to over $1,000.00 for the average shopper.It does not matter if you are shopping for Kwanzaa, Hanukkah, or Christmas, there are several ways to save money.
In this brief guide, you will be introduced to the top 5 holiday shopping tips that will allow you to save a great deal of money.
Tip #1: Make a List and Check It Twice
The first holiday shopping tip to save money starts before you even begin shopping. You should make a list of everyone that you have a desire to purchase a gift for – regardless of how small or large that gift is. This list should include those that you will send a card to, as well as those that you should provide holiday tips to – such as your babysitter, your lawn care specialist, and your mail carrier. As you make the list, try to jot down gift-giving ideas.
Tip #2: Pre-Determine Your Budget
Once you have the list outlined, it is time to review your finances to determine how much you have to budget on the holiday gift-buying spree that you will embark upon. There are several ways you may determine this budget. You could set an amount that you have saved up, you could take out a loan, or you could utilize credit cards. It is best to pay cash instead of credit. Credit comes with high interest rates and you could find yourself struggling to make minimum payments after the beginning of the year. If you don’t have enough savings, it is best to opt for a loan from a bank. During the holidays, banks often provide low or no interest loans with reasonable monthly payments.
Tip #3: Count Up Your Change
Are you one of those people that throw their spare change in a piggy bank? If so, pull it out, add it up, roll it up, and cash it in at your bank. Many are amazed to find that – at the end of the year – they have many dollars’ worth of saved up change. You may even be one of the lucky ones to discover hundreds of dollars’ worth of spare change! This is a quick, easy way to get up the funds needed for the holidays without jeopardizing your financial livelihood!
Tip #4: Cut Out That Which is Not Necessary
If you want to save during the holidays and avoiding tapping into financial resources that could end up costing you a great deal of money, cut out all of that which is not necessary in your day-to-day life. For example, stop buying those coffees at the convenience store, sway away from eating out, and eliminate all of those extra streaming channels. By the end of the month, you will find that you have anywhere from $60.00 to $200.00 saved that could go towards holiday shopping!
Tip #5: Go for a Single Gift, Rather than Multiple Gifts
Are you buying for coworkers? A neighboring family? Relatives that live in the same home? If so, opt for a larger single gift, rather than multiple, individual gifts. For example, you may purchase a fruit basket, create a Christmas decoration, purchase a food gift, or even make a pie! Not only will these types of gifts be received well, but they will save you a lot of money!
If you are in search of ways to save money this holiday season or are looking for financial tips, visit our blog today at: https://somervillebank.net/blog/