According to a 2021 forecast from Deloitte, U.S. consumers will spend up to 9% more this holiday season compared to last year. Since holiday season spending doesn’t include just gifting, it’s essential to set your budget now.
Eight tips to start the New Year
You may likely find yourself spending extra on food, decorations, holiday travel, and more. Don’t let the holiday season take a toll on your wallet by confidently planning your spending with a budget. Here are eight tips to help you start the New Year holiday debt-free from holiday spending:
- Save ahead of the holiday season and utilize your bank’s automatic transfers to set up a holiday savings account.
- Don’t wait until the last minute, as rushing may lead to overspending. Take the stress out of holiday shopping and start crossing off items on your gift list as soon as possible.
- Keep an eye out for everyday price cuts instead of holding out for Black Friday or Cyber Monday. Many stores will offer discounted items ahead of these one-day sales.
- If you plan to use credit, consider using a credit card that offers cashback or rewards. You may gain some additional benefits to help lower the cost of spending.
- When shopping for specific items, don’t settle for the first price tag you see. Research the item online to see if you can find a lower price elsewhere or utilize a select store’s price match.
- Consider buying an older version of the big-ticket item you desire. Last year’s edition may save you money as retailers discount big-ticket items at the end of the year to make room for newer models.
- When planning your holiday shopping, write down everyone you’d like to buy gifts for and assign a reasonable dollar amount to each. Planning creates a blueprint to follow for your shopping and helps keep your spending on track with your budget.
- Brainstorm a list of gifts you could potentially make yourself. Making gifts will help you to save and show the recipient you’ve invested your time and effort into their gift!
Consult a Professional
Need help developing a strategy for future goals or retirement savings? Your financial professional can help. Contact them before the year ends to start 2022 off with a plan.
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