Most people know to set a budget and make a gift-giving list. That’s basic holiday spending 101. But saving money goes beyond this. Of course, you want the season to be wonderful, and part of that is buying the perfect gifts for your loved ones. But when the bills hit in January, the wonder quickly turns to disbelief at how much you spent.
There are some techniques, however, that you can use to soften the holiday-spending hangover. Here are 10 smart holiday-spending hacks.
1) Plan Shopping Trips and Save
You’ve made your shopping list and know what you want to purchase. Now go back over the list and group items based on where you are shopping for these items. With high gas prices, it doesn’t make sense to crisscross all over town going from shop to shop. Instead, plan your trip before you start the car, and you could save gas money.If you’re going crosstown for one particular item, call ahead. You should ensure the store has that item in stock before hitting the road.
2) Cyber Monday vs. Black Friday
Black Friday is notorious for wild sales and equally crazy crowds. You’re sure to save. But by the time you drive your car from store to store, fight the crowds, and wait in line, how much do you save?Cyber Monday may be the better way. From the comfort of your home, you can scroll through deals, check reviews, and make purchases. And you’ll never need to stop at a gas station or wait in line.
Cyber Monday has become more anticipated than Black Friday. A retail analytics firm, for example, found that 72 percent of consumers were more excited about Cyber Monday than any other end-of-the-year sale. That included Black Friday and the day after Christmas.
Black Friday usually means big-ticket items like consoles, big-screen TVs, or laptops. But Cyber Monday generally means people who bought those big-ticket items are reselling them on sites like eBay. Cyber Monday often has deep discounts.
The bottom line is that Cyber Monday may be the way to go from a perspective of convenience and savings.
3) Spending Money Is Not Saving
“I know it wasn’t on the list, but it was 30 percent off.” Have you ever heard yourself saying this? There’s a reason you made a list. And that was to keep yourself on budget. It turns out not to be a deal when you buy something just because it’s on sale that you don’t really need.If you spend it, you haven’t saved it. Watch out for enticing sales of items not on your list. If you don’t need it, don’t buy it, no matter what the sale price is. And although there is an exception, be wary of “buy one, get one” (BOGO) deals. If you don’t need one, you surely don’t need two.
4) Duplicate Gift Giving
One exception to taking advantage of the BOGO deal is if it’s an appropriate gift for more than one person, so you can give the same gift. A BOGO on sweaters is great when making multiple purchases for a large family. Give both brothers a shirt. It'll cost you half the price.5) Reward Apps Help Save
Cashback apps can be a great way to save or earn rewards on your purchases. These apps partner with stores and pay you cash back on your purchases. One app, Rakuten (formerly eBates), partners with more than 3,500 stores.There are several to choose from, including Capital One Shopping, Ibotta, Fetch Rewards, and many others. You can find them with iOS or Android.
6) Resist Overbuying, Gift Add-Ons
The longer you shop, the more you'll buy. You’ve already purchased your granddaughter a couple of gifts, but you see one more she might like. This is the time to resist and know when to say enough. Nothing blows a budget like overbuying. If you already purchased a gift, then don’t purchase another for the same person.7) Use a Credit Card the Smart Way
If you’re opening a credit card over the holiday season, look for one with a zero percent interest rate the first year. Then put all your purchases on it. That way, if you don’t pay it off on the first of the month, you'll have a year interest-free to pay it off.Always use a cash-back credit card. And plan which card to use for each purchase because some cards give higher cash-back for selected purchases.
If you want to cash in those points, make sure you’ve linked your card with an online retailer. Then, use that card on Cyber Monday for additional savings.
If you’re buying big-ticket items, shop with credit cards that have extended warranty protection. Also, look for cards that offer purchase protection in case your gift is stolen from your front step or damaged.
8) Give Off-Season Apparel
Just because it’s December doesn’t mean you need to give a coat or sweater. There are four seasons. Spring and summer apparel may be discounted, but still desirable. So, instead of that heavy vest, gift your grandson a pair of shorts and a hip T-shirt. He‘ll love it, and you’ll love the savings.9) Take Advantage of Free Amazon Prime Trial
Sign up for Amazon Prime’s free 30-day trial. The holidays are a great time to take advantage of it. Be ready for Cyber Monday, and you'll have free shipping when you hit that purchase button. There are also prime deals that will be available to you.10) Don’t Go Bust Over the Holidays
Shop smart over the holidays. Just because it’s winter doesn’t mean the gifts have to be winter-oriented. Take advantage of seasonal clearances. When shopping, resist the urge to buy that one more gift or take advantage of a sale you don’t need. And finally, make a strategy and plan how and where you'll shop.The Epoch Times Copyright © 2022 The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.
