Warnings are out saying that the holiday shopping season for 2021 will involve product shortages, supply chain issues, and higher prices.
That means now is the perfect time to consider a budget for your holiday spending.
In the pandemic year, the average American family spent about $1,000 on presents. That rate could be 20% higher this year. Do you have an extra $170 just lying around?
If not, here are some ways to help get your budget through the holiday season.
1. Set Limits
Write down everyone who gets a gift. When you put a dollar figure next to each name, it’ll help you start saving some money.
2. Do Price Checks
Use your mobile device to check for better prices when holiday shopping. Most stores have matching policies if you can find it for less somewhere else.
3. Be Proactive
Don’t buy all your gifts in a rush. When you find something that is perfect, get it! Who cares if you’re shopping during the first week of November?
4. Get an Older Model
It might be nice to get the latest iPhone, but you could save a lot of money by getting the iPhone 11 this year instead. Most people want something that meets their needs. Having access to the latest features is secondary.
5. Know the Doorbusters
Black Friday can offer some great deals, but the markdown differences on the special shopping days aren’t much different from other one-day promotions. Look for deals each day to ensure you stick to your budget.
By staying on top of your spending, you’ll avoid going over your budget. These tips can help you get there!