Today is Black Friday! Monday is Cyber Monday! This weekend is when most of us will power shop to get all our holiday shopping started or done. However, to help avoid a nasty credit card bill in January, here are some useful Christmas shopping strategies.
Set a Budget. Without a plan or budget, most people will overspend. So, before you start, prepare a list and how much you want to spend per person; this will force you to think twice before impulse buying.
Compare Pricing. Shopping online can save a lot of time, but before you click ‘add-to-cart’ be sure to compare prices from various retailers. If you do venture to the mall, knowing which store has the best price will not only save you time, but it will help you avoid paying too much.
Use Cash Not Credit. Take with you the total amount you want to spend in cash, that way you can easily track how much money you are going through. However, some purchases don’t make sense to pay for in cash. One strategy I use all year long to keep track of my spending is to transfer the amount I want to spend into a separate bank account and use only the corresponding debit card to pay for things.
Make a List. Whether online or in-store, sticking to a list will help you avoid impulse purchases.
Set Boundaries. Higher prices due to inflation this year have strained a lot of people’s finances; whether you have a lot of people on your list to buy for; or you’re on a limited budget, talk to your family and friends about setting limits to control spending.
Keep Track of What You Spend. Do you know what you have spent so far? If not, view your up-to-date statements online and make a list of your purchases, if you have paid cash/debit for some things make sure you add those expenditures to your list as well. Be detailed, and don’t forget to include the cost of deliveries, cocktails with co-workers, wrapping paper, gift bags, and treats.
Set yourself a reminder in January. After the holiday season is over; add up the total amount you have spent, divide it by the number of pays you will receive in 2024; and start setting aside a Holiday Fund for next year.
And remember, some of the best gifts are not costly. Spending time together in person enjoying affordable activities like skating, sledding, holiday festivals or simply going for a walk to view the neighbourhood light displays creates wonderful memories.
Furthermore, avoiding a huge credit card bill in January could be the best Christmas gift you ever give yourself!
Happy Shopping!
Tracey & Paige
Sources:
https://www.cnbc.com/2019/11/27/how-to-avoid-overspending-on-black-friday-and-cyber-monday.html
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