By Emma Jackson The holidays are upon us. It is the season of giving, but you don’t have to break the bank to celebrate! The Bank of America offers 10 tips to help you save on gifts this holiday season. 1. Value your relationships Make a list of all of the people you plan on buying for this year, ...
By Emma Jackson
The holidays are upon us. It is the season of giving, but you don’t have to break the bank to celebrate! The Bank of America offers 10 tips to help you save on gifts this holiday season.
1. Value your relationships
Make a list of all of the people you plan on buying for this year, then write a dollar amount next to their name of what you are planning on spending for them. Setting a limit for each person will help you stay on track with your spending.
2. Price check on your phone
Make sure to cross compare prices before making big purchases this year. If you find the perfect gift at the store, do a quick price check on your phone at other stores to ensure you get the lowest price before making the purchase.
3. Don’t procrastinate
It is easy to overspend when you wait until the last minute to purchase your gifts. Often the prices are marked up closer to the holidays because of that reason. Don’t fall victim to paying an arm and leg, as well as all the stress that comes with it. Start your shopping early!
4. Buy last year’s electronics
Saving is easy when you aren’t spending your entire income on the latest gaming console or cell phone. Try gifting last year’s model instead! You’ll save money and your loved ones will be just as excited for their gift.
5. Know the truth about Black Friday and Cyber Monday
You’ve been keeping track of those doorbusters in preparation for you gift purchases. But did you know that studies show that there aren’t huge differences in markdowns between those two days and normal holiday sales? Focus on those every-day holiday deals instead to keep your stress level manageable.
6. Stay on top of your spending
Keep track of your account statements this season to stay on top of your spending. Take actions like downloading your Bank’s app so you can check your finances no matter where you are.
7. Consider making gifts
DIY is very in. Handmade gifts always hold more meaning because you took the time to put thought and work into the gift that you are giving. Consider making the gifts you can this season to save some money and showing your loved ones how much you care.
8. Save up for expensive presents
There’s always that one gift that is crazy expensive but you know that you just have to get it for that special someone. Start a little savings on the side and put aside money from each paycheck, even if it’s only a small amount at a time. It’s always better to have a savings for large gifts than to have to fork out all of that money at once.
9. Try to avoid shopping sprees
Everything in a store is carefully thought out and strategically placed. Aisle displays, lighting and even music is all used to entice shoppers. It is called the shopping momentum effect, which just helps shoppers to keep shopping and spending once they start. Make a list and stick to it to avoid overspending on things that you don’t really need.
10. Factor in shipping
Finally, factor in shipping costs when doing online shopping this holiday season. Products may have a great price but the shipping cost could be out of this world. Make sure you budget in those added costs when choosing gifts online.