The Christmas shopping season is just around the corner and staying within our budgets is the best way to avoid worries in the future, mainly with the incessant inflation and the higher cost of credits.
Even if our plan is to control seasonal spending, once we get into the festive spirit it is very easy for some impulse to make us get out of our plans.
That is why, in the midst of an uncertain economic scenario, it is best to plan and follow a series of strategies that will help us to fall into impulse purchases and overcome the season away from unnecessary debts.
2001 tips to stay on budget this holiday season
1. Make a list
Just like when you go to the supermarket and avoid buying unnecessary products, before going out for Christmas shopping it is a good idea to make a list .
This list will allow you to decide if everything that is included is necessary and discard in a second or third revision what is not before spending your budget.
“The best way to stop impulse buying and last-minute spending is to create a gift list ahead of time and allocate a budget amount for each person,” said Lindsey Bell, Ally’s Director of Markets and Money Strategy.
2. Not everything is products
If you want to keep your expenses to a minimum, but give a regulation that is meaningful to someone else, you can choose to do something with your own hands.
In this case, Swati Chalamuri, founder ofhearmefolks.com, told GoBankingRates that in this category are homemade objects such as something baked or a service such as helping another person or teaching a skill.
If done creatively, a gift made with your own hands can be very meaningful this holiday season.
3. Forget the mountains of gifts
This advice is not about not giving anything during the upcoming Christmas season, but about exchanging the mountains of gifts for experiences that can touch the lives of your loved ones.
You can think of spending more time with a person or giving an experience whose learning is more valued in the future of time than the fleeting experience of opening a gift box.
4. Save your credit card
Buying with a credit card the gifts you plan to give during the Christmas season is one of the worst ideas, especially at a time in which credit becomes more and more expensive.
Guadalupe Sánchez, founder of Budgeting in Blue, explained that by buying with a credit card the feeling is generated that it was not spent; however, when the account statement arrives we can be surprised to see our budgets exceeded.
The recommendation is to keep the credit card saved and opt for debit cards and cash.
5. Adjust your budgets
Sticking to a budget can be a parallel task to creating a list of seasonal expenses.
However, this part is a bit more detailed and considers allocating a limited amount of money for each gift you plan to give or look for alternatives to avoid expensive purchases that could put your finances in trouble.
6. Look in the second-hand market
The best gifts are not always the ones that are new in stores, if your budget is limited and you want to give something meaningful, the second-hand market may be an option.
On digital platforms such as Facebook Marketplace, eBay or Craigslist you can find good deals and used products that maintain their quality.
7. Explore the possibility of exchanges
This type of organization can be very useful if you want to avoid having to spend more on many gifts, since exchanges generally have some rules.
One of the most common is that a group of friends or relatives agree on a price for the gifts to be bought; In addition, if you want to avoid buying many presents, you can opt for the “Secret Santa” method, with which you only have to give something to one person.
8. Look for stores with price guarantees
During the season it is common that you look in more than one place trying to get the best price for the gifts you plan to give.
A recommendation is go to stores with a price match guarantee, in which you can get refunds if you find that there are other chains in which a certain product may be cheaper.
In this list there are well-known stores such as Walmart, Target and Best Buy.
9. Save for the holidays
This may seem like a bit of a late tip; however, it can be very functional and applies to each year: plan a savings fund for Christmas purchases.
We know that every year the Christmas shopping season is going to arrive, we know when it will happen and we know that fulfilling all wishes can be complicated.
That is why planning with a fund in which resources are allocated month by month, throughout the year, can be very practical when the season arrives.
2001. Don’t buy now and pay later
This modality has become popular as an alternative for consumers to the high prices that inflation leaves on practically all products.
However, it can be dangerous to opt for this modality if you are not sure that they will be able to cover all the terms that result, otherwise we will not only keep our debt, but we will add charges and commissions for arrears.
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