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12’s Holiday Shopping do’s and dont’s

We are halfway through the month of November, which means Christmas is 6 weeks away!  Are you prepared??

 

Well, if you’re not the best at this and you always find yourself rushing at the last minute and going way over budget to only put yourself in debt, here are some Holiday Shopping do’s and don’ts that can help you get through this crazy time of the year!

 

Here are your holiday shopping “do’s”

1. Make a Budget

Before you head to the mall, or Amazon, first establish your total budget for the holidays. Then, write a list of all the people you need to buy gifts for. Now, divide the number of gifts into your total budget, and that will tell you how much you have to spend per person. For example, if you have a total budget of $500, and are buying gifts for 10 people, that’s $50 a person. Now you may decide to spend more on certain people over others, that’s fine, just make sure to then reduce your budget for the others appropriately.

2. Be Opportunistic

Give yourself some flexibility. Start shopping early enough to take advantage of deals, like Black Friday. Do research online, and price shop. Also use online shopping apps like PriceGrabber.com, that let you compare prices across different retailers and automatically send you notices of price drops for your target gifts. Doing all your shopping on one day, in one mall, can really limit your savings opportunities.

3. Do The Double Discount Dip

You know the 15% discount or $30 credit you get for opening up a new credit card at the point of sale? Those could add up to significant savings, especially when their combined with items which are already on sale! While most folks will tell you to avoid them like the plague, the fact is, if you pay off the cards right away, it’s found money. Just make sure you have the discipline to pay off your balance completely in the first month, if you can’t trust yourself take a pass on this strategy.

 

Here are your holiday shopping  “don’ts”

 

1. Avoid Spending More Than You Have

The holidays are supposed to be festive occasions. Putting yourself into debt to buy someone a gift is no one’s idea of fun. Stick to your budget. The people you’re buying gifts for are presumably friends and family – they don’t want to enrich their lives at your expense. If they do, find some new friends.

2. Don’t Be Cheap, Be Frugal

There’s a difference between being cheap and frugal. Being frugal means you’ll do the work to find the cheapest price for an item. Being cheap means you’re willing to sacrifice quality for price and get a poorer quality item, just because it’s cheaper.

3. Don’t Buy It, If You Can Make It

I don’t know about you, but my most memorable gifts have always been the ones that were made for me, like a blanket knitted by my grandmother. While that may be unrealistic for many modern adults, it’s certainly something we can ask of our kids. Instead of giving them money to buy us something, why don’t we ask them to give us a non-monetary gift, like a painting, a video, a hand written card, a photo album of their favorite family pictures, etc…

 

Good talk,

12 Mr FTC

@12mrftc

facebook.com/leobrown


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