It is time to do some Christmas shopping for the holidays. The National Retail Federation says consumers will spend $832.84 this holiday season. It is easy to forget how much money you are spending when the pressure is on.
According to a recent Bankrate survey, more than a quarter of holiday shoppers said that their holiday shopping will strain their budgets, and 17 percent felt pressured to spend more than they could afford. 40 percent of holiday shoppers are affected by inflation, according to a survey.
You don't have to break the bank buying gifts to make those special holiday moments. There are six tips to help you manage your Christmas shopping.
More than 3 in 5 holiday shoppers don't have a budget for holiday expenses, and this can cause financial strain. It is possible to save for a holiday before the Christmas season starts.
"Have a separate savings account for the money you're using to buy your holiday gifts." It's time to put money into it. It's better to start early.
Matthew Goldberg, a consumer banking reporter, suggests that you should redeem your cash back from your credit card to help pay for holiday gifts.
If you want to earn awards, you should go towards the family Christmas wish list. Goldberg says, "If you're going to spend this money throughout the year anyways, this can be a nice annual system to give yourself a statement credit for the holidays."
It's possible to get hundreds of dollars in cash back per year on the best credit card.
If you don't have a budget for shopping, there's a chance that you'll overspending. 27 percent of holiday shoppers plan to take on debt in order to cover their holiday spending, according to a survey by Bankrate.
If you want to avoid taking on debt, you need to know how much you can spend on the holidays.
Bankrate's chief financial analyst says to check your credit card and bank statements to see what you spent last year Special meals hosted or attended and travel expenses should be included.
If you look at your past spending, you'll know how much to spend this year for each person. You don't have to buy for everyone as you make your budget.
It's a good idea to shop long before Christmas week to avoid crowds and overspending. The best time to shop for holiday gifts is between October 1 and December 1. You will still be able to take advantage of holiday sales like Black Friday and Cyber Monday, and you will also give yourself enough time to shop without feeling the pressure of a time crunch.
Dvorkin advises against waiting until the last minute. It's best to give yourself time to find the best deals. You can attend to other holiday details while other people are scrambling to get their shopping done.
Most of your gift shopping will take place in October and November. 11 percent of holiday shoppers said they started shopping before the end of August, while 14 percent said they started in September, 25 percent in October and 38 percent in November, according to Bankrate. Some people said they would wait until December to start shopping.
Comparison shopping is a great way to save money this holiday season. You should compare prices when you shop on other sites. It would be better if you spent less than you need to.
It's a good idea to ask for discounts that may apply to you. Stores will sometimes run promotions. Veterans, students, and senior citizens may be offered discounts. Unless you want to, you won't know.
Being a smart shopper involves taking advantage of holiday deals. Black Friday, Cyber Monday, and Christmas Eve sales are great for big ticket items. Try to combine purchases when a free shipping promotion is running. During the month of December, you can shop with participating large and small retailers that offer free shipping and guaranteed delivery by the Christmas season.
Don't go into these sale days without a list. If you have a specific person in mind, you should only buy that thing. Don't buy things you don't need and don't buy things you don't want. Don't deviate from the list.
You can look at different ways to give a holiday gift. You could set a limit on the amount of money people can spend on Christmas gifts. You don't want anyone to feel like their gift is too much if everyone is spending the same amount. Who is involved in gift giving can be limited.
Mark Hamrick is a Bankrate senior economic analyst. All potential targets for gifts in your family should want to keep exchanging items. Some people may want to skip the process. Sharing your time is more valuable than things.
Group gifts are great if you don't want to eliminate gifts. Instead of buying gifts for everyone in your family, you buy a gift for the whole family. This could be a game, a ticket to an amusement park, or a new television. Look for a good deal on something that everyone in your home wants or needs.
Buying things on a loved one's wish list can make an impression in the short term, but often those gifts are forgotten in the long term.
"Homemade gifts, potentially less expensive than those bought in store, can generate every bit as much gratitude as those bought in store." The people appreciate the thought and effort that goes into making them.
Every year, start a holiday tradition with your family. These experiences don't cost a lot. What they give is priceless.
Mari Adam is a certified financial Planner. Limit the size of your gifts, and make it big on meaning, from family to friends, traditions and creating memories
Holiday budgeting is important because there is a lot of pressure to spend during the holidays. When the pressure of the season starts to mount, having a plan to follow can help keep spending in line.
It is possible to plan how much you will spend on gifts, food, decor and travel once you have a budget for the holidays. If you end the year on a merry financial note, you will be less likely to take on high-interest credit card debt.
The survey was commissioned by Bankrate.com. The figures are from YouGov. 1,813 winter holiday shoppers were included in the sample. The work was done between August 17 and 19. The survey was done online and met high quality standards. It used a nonprobability-based sample and used a weighted scheme on the back end to provide national results.
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