Five Ways to Save During the Holiday Spending Season
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Reading Time: 4 minutes and 36 seconds | 884 words | Date: 2021/11/26
It’s the holiday season, or more aptly put, it’s the spending season. This time of the year can certainly put a big dent in your bank account, all in the name of the holiday spirit. And while this is the season of giving, it’s important to keep spending in check to avoid post-holiday blues caused by an empty bank account or overcharged credit card.
It's well known (read: expected) that overspending happens at this time of the year. Sales and deals are well timed in anticipation of people flocking to spend their hard earned money on holiday gifts. Black Friday and Cyber Monday are infamous for one day sales and specials, and you can bet your bottom dollar that these sales will lure you in with limited time offers that make these deals even more thrilling.
While it’s true that you can save money during these special shopping days, it’s quite likely that you will overspend as the consumer psychology of spending and social pressure is well planned. So counteract that overspending with some savvy shopping tips to make it through the holiday spending season.
- Budgeting: Before you even think about WHAT you want to buy, start with your budget. Who do you plan on giving gifts to, and how much will you spend per person? Your budget is your best friend, as long as you don’t go over it.
Savvy shopping tip #1: Make your budget detailed, and give yourself another line item for other spending that can be an overflow for when you overspend on certain people or items. That way you still stick to a budget, even if some things go over.
- Black Friday (Friday, November 26th): The infamous day that kicks off the official holiday sale season, Black Friday carries the combination of sales prices for a limited time plus the social pressure that dictates that the deals must be fantastic. If you’ve ever stood outside a big box store on Black Friday, you know that this formula works. Black Friday sales can be beneficial for items that you’ve planned and saved up for, as you can save big on big items.
Savvy shopping tip #2: Plan out the bigger ticket and known items in advance, and allocate your budget to these things. Limit your shopping to these things only and don’t let the other deals draw you in. Remember, there will be other sales, even though the urgency of ‘one day only’ will tell you otherwise.
- Buy Nothing Day (Saturday, November 27th): This day counteracts the madness of holiday shopping by encouraging a mindful and environmentally friendly attitude towards holiday spending. Whether you choose to buy a little or buy a lot, take the time to consider the merits of this anti-shopping holiday.
Savvy shopping tip #3: It’s never a good idea to go into the red for holiday shopping. If you can’t afford something, don’t buy it, period. There are other ways to give for the holidays without spending a lot of money, and you can opt out on spending as much as you want.
- Small Business Saturday (Saturday, November 27th): The shop small movement has energized small business owners from traditional brick and mortar to online shoppers in a one day event. This day is to make sure the small businesses don’t get forgotten. However, with the rise of online shopping and large chain stores, small businesses need support now more than ever before, and they need it for more than just one day. Support small businesses with your holiday spending dollars when you can.
Savvy shopping tip #4: Consider gift giving from local and small businesses where you can. Your budget might not go as far, but quality over quantity is almost always the winner.
- Cyber Monday (Monday, November 29th): The deals continue in the epic holiday shopping season. Didn’t get what you were after on Black Friday? Not to worry - Cyber Monday has more deals in store. If you stuck to your second savvy shopping tip and didn’t overspend and buy things that you didn’t plan for, use this day to check if you can get other items crossed off your list.
Savvy shopping tip #5: Start with your local stores online as they often run deals that carry the same items as big box stores. Even if it’s a chain, support local stores and Canadian businesses where you can.
It can be easy to go overboard on holiday spending, but with a little bit of planning and budgeting, it is possible to celebrate without spending all of your cash or maxing out your credit cards. After all, while Santa has to buy presents for the whole world, you certainly do not. The season of giving does not have to mean the season of overspending. Overspending will lead to buyers remorse, and will rob you of the joys of the holiday season.
While budgeting for the holidays can certainly alleviate financial stress, if you are facing overwhelming debt, remember that you are not alone. Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back.. Now offering video appointments with clients, Bromwich+Smith’s Debt Relief Specialists are available for an initial free, confidential, no obligation consultation by phone at 1.855.884.9243 or request a call back at our contact us page.