Looking to save money on holiday shopping this year? Financial advisor Nora Yousif has valuable tips to help you keep your budget in check as you plan to buy gifts this holiday season.
Plan Ahead to Stay Debt-Free
We're just entering apple-picking season, but it's never too early to start planning your holiday shopping budget. According to a recent survey by Bankrate, almost half of all holiday shoppers plan to start shopping by Halloween. Planning early can help you face the holiday season head-on and avoid going into debt.
Smart Budgeting Strategies
Nora Yousif, a financial advisor at RBC Wealth Management, suggests setting aside a portion of your remaining paychecks throughout the year. She advises, "Know who you're buying for and how much you plan to spend on each person. Add it up and divide by four, as we have four months until the holidays."
Debt Management and Smart Shopping
Bankrate reports that around a third of shoppers believe inflation will impact their shopping habits this year, with 27% planning to take on debt for holiday purchases. Yousif recommends transferring credit card balances to a 0% interest rate card to avoid accruing additional interest. Being proactive can help pay off debts before interest rates increase.
Optimizing Savings
The holiday shopping season will be shorter this year, with only 27 days between Thanksgiving and Christmas. Yousif suggests taking advantage of early promotions and discounts, as retailers are expected to offer deals sooner due to the shorter season. Start shopping sales early to snag great discounts on electronics in October, clothing on Black Friday, and toys in December.
Creative Gifting and Budgeting
Consider homemade gifts like baked goods, crafts, or personalized items to add a unique touch and save money. Yousif advises setting limits on spending per person to manage expectations and recommends prioritizing purchases of high-demand items. Keep track of your purchases to avoid overspending and stay organized throughout the season.
By following these expert tips, you can successfully navigate the holiday shopping season while keeping your budget in check.