2020 has been challenging to say the least. The holiday season is supposed to be full of joy, but for many, the holidays create even more stress.
According to CNBC, Americans average more than $1,000 of holiday debt. This debt may take years to pay off.
If there was ever a year to spend less on holiday gifts, this is that year. Travel restrictions lessen the pressure to shower everyone with gifts. Also, high unemployment and job uncertainties have forced many to deprioritize holiday spending. Your best offense is always to play defense and avoid overspending.
Here are helpful tips to navigate holiday shopping.
Shopping tips for this holiday:
Be honest. Suggest to your family and friends that you put a dollar limit on gifts. Maybe $50 dollars. It may be a welcome relief and lower their financial stress as well.
Shop online. Always search for coupon codes online to bring the price down. Recently, I used a $20 off coupon code that would not have been available in-store.
Use shopping portals. Cashbackmonitor.com is a site that lists cashback and travel rewards for thousands of stores.
Planning for 2021 holiday shopping:
Use Camelcamelcamel.com to find deals on Amazon. The best prices are not always during the holidays. Simply copy and paste the link for an Amazon item into camelcamelcamel.com and it will show the item’s price history. I use this to know if the current price is good or not. You can also have it send you an alert when the item drops below your target price.
Create a Holiday sinking fund. Set up a savings account that is separate from your main checking and savings. Determine how much you plan to spend on next year’s gifts. Then, set up an automatic deposit from your paycheck or bank account so that by next holiday season, you’ll have the money you need and avoid going into debt.
Whatever your plan is for holiday shopping, just know that the most valuable present you can give is your presence.
Follow Worth-Life Balance on Instagram for more tips.
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