5 Personal Finance Tips To Survive Holiday Shopping

Despite the development of stress from COVID-19, problems with inflation, and the reluctance of many Americans to ring in a new year that doesn’t seem so new, people plan to spend more this holiday season. Numerous surveys suggest that consumers are feeling more comfortable shopping in stores and leveraging their purchasing power online after the holiday wash 2020.

In fact, the National Retail Federation predicts that, as the bells ring and ring, Americans will spend up to $ 859 billion this year, the highest holiday retail sales on record. The average American, research shows, will have a good K while on vacation. Likewise, Mass Mutual projects that Americans expect to spend an average of $ 1,243 on vacation shopping. The survey found that 42% expect to spend at least $ 500 more than last year while on vacation, and 25% expect to spend at least $ 1,000 more.

However, not everyone is so quick to jump on the spending sled. Deloitte survey finds 11.5% of people plan to skip the season without spending anything about gifts. Those who plan to go out dancing and take walks in retail stores are likely earning more. High-income households (at least six digits) will spend five times as much as low-income households (earning less than $ 50,000) this holiday season. They will spend an average of $ 2,624 each during the holidays, which is a 15% increase from 2020 and from the $ 536 that every low-income household will spend, marking a 22% decrease from the year last.

After all, according to a NerdWallet report, one in three buyers still have vacation debt from last year hanging over their heads. And a LendingTree survey shows that 41% of people also plan to take on debt this season.

No matter where you are on the spending spectrum, debt doesn’t do you good. Use these personal finance tips for holiday shopping to make the bell a good time without spilling all your eggnog.

And don’t forget to check out Q.ai’s Limited Edition Holiday Shopping Kit, which helps you enjoy the frenzy of holiday shopping in a less conventional way. The kit considers where everyone is spending their money, and then lets you invest in the major retailers that are crushing it this season, so you can get a piece of the pie, be mistaken, gingerbread.

1. Set a budget that will keep you and your wallet happy.

Shopping without a budget is like shopping on an empty stomach, but with an even more sparkling topping to grab your attention. It’s important to budget how much you can spend this holiday season without breaking the bank, and budget before going to the store.

2. Make a list and double check it.

Make a list of the people you’re shopping for and include yourself even if you know you’re someone who tends to have fun along the way. Think about who you really need to gift gifts to (maybe people like your family and your favorite boss) and the people you would ideally like to celebrate if you have some budget left (like your neighbor downstairs? the street).

Once you’ve prioritized these people, seriously think about what exactly you plan to buy for them. Having a list of what to buy in stores will help you hold yourself accountable and not spend the extra money (which adds up) on that shiny ornament or adorable Christmas stocking that you didn’t need. . It will also help you save money if, for example, you can buy things in bulk, like two candles for the price of one for your coworkers.

3. Ask Santa for better prices.

Once you know what you want to buy, don’t do it so quickly. Shop around for the best prices. Some stores offer holiday sales or coupons that you can collect to reduce the price of silver.

While it can be intimidating to physically walk into all the dizzying stores teeming with shoppers, you can shop online or call the stores ahead to see what they have in stock and at what price for you. .

4. Take advantage of all the holiday miracles.

Look for little ways to save money here and there, like shopping cart abandonment. This is an ecommerce term that refers to placing items in your online shopping cart, but not completing the checkout process. Some retailers may email you coupons to engage you in checking to see if they see you’re sitting on certain things.

Also, keep an eye out for discount codes circulating on your social networks, which will certainly serve you ads tailored to your online shopping history.

5. Keep your receipts handy.

At the end of the day, be sure to keep your receipts and collect gift receipts if needed. The last thing you want to do is waste money on gifts that don’t match or perform well, which would be a bummer for the recipient and your wallet.

Keeping track of your receipts can also help you track your spending and keep track of your vacation budget.

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