How to Holiday Shop and Not Regret it in the New Year

It’s the holiday season and we love spending money on those we care about right? It’s very easy to overspend when it comes to holiday shopping.  According to a recent Gallup study, 1/3 of consumers expected to spend over $1,000 on gifts. While that might seem like a great idea in December, there may be some regrets spending that amount come January. If you’d like to avoid demolishing your budget with holiday spending this year, consider these few tips.

Stick to a set budget: It can be really easy to add a few extra items to your shopping cart when you see big sales and savings. It can be even easier if you’re shopping online. What you really need to do is plan ahead, and if you already missed the boat this year – start now for next November. Figure out how much you’ve set aside to spend and don’t allow yourself to make any last minute or impulse purchases. Think about who you’re buying for and pick out something within budget that you know they’ll love. If you’re under budget, choose some smaller items or stocking stuffers until you’ve met your spending goal.

Start early: Are you a last minute shopper who typically hits the mall on December 23 or 24? Unfortunately you won’t find nearly as many deals on December 22 or 23 as you would if you started looking in early November.  Plus, even if you do find exactly what you’re looking for, you’ll probably be in such a hurry to finish your shopping, that you may be forced to pay whatever the price tag says without any sale options since you’ll be out of time.  If you start coming up with ideas in October or November, you’ll have plenty of time to do your research, save up, and find the best deals. Don’t overpay for last minute gifts that you could have gotten on sale weeks ago.

Save your receipts: There’s nothing worse than buying someone a clothing item and then finding out you bought the wrong size. No matter what you’re buying, there’s a chance it’s going to need to be returned. If you don’t have receipts, it’s quite possible the store won’t refund your money in full. If you can remember to get a gift receipt and include it with your gift – even better!

If you would like to get ahead of the game for next year’s holiday shopping – ask us about our Holiday Club Savings Account. You can easily setup payroll deductions from each paycheck to automatically go into the account, and by October you’ll be all set to shop for everyone on your list!*

*A $5 deposit in a base savings account is required for credit union membership prior to opening any other account. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. View full Rewards First program details at firstffcu.com.

Article Source: John Pettit for CUInsight.com

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