Don’t Go Broke This Christmas! Holiday Shopping Tips to Keep You on Track

Halloween has passed and now we’re officially in the thick of the holiday shopping season. With Christmas just weeks away, the scramble is on, but how can you avoid breaking the bank this year?

If you tend to get carried away with shopping, you’re not alone. So many of us go out intending to spend a lot less than we actually do. But then, the deals speak to us, or we find that highly-coveted item that’s nearly sold out hidden behind another product, and boom! There goes the budget.

You can avoid spending too much this year if you’re cautious and make smart decisions.

1. Practice Slow Shopping

Slow shopping is a newer term, but not a newer practice. It involves thinking through each purchase before you take it to the register or hit that buy button. In essence, slow shopping is the flip side of impulse buying.

The idea is to be mindful, rather than just throw things in the cart and call it a day.

2. Make a Strict Budget

In order to avoid going broke, you need to know what you can comfortably spend and then use that as your guideline to set your shopping budget.

But, you know, a budget is only good if you stick to it. Make sure you count those pennies and avoid purchasing anything you didn’t plan on to begin with.

3. Make a List (And Check It Twice)

If Santa makes a list and checks it twice, then you should, too. This can help keep your gift list organized and ensure you buy for everyone you plan to.

It can also help streamline your spending, especially if you know exactly what you’re getting each person on your list. Then you can look for deals based on your shopping list.

4. Trade Down

You’ve heard the expression trade up, but what about trade down? This means instead of opting for the highest tier of a product, you downgrade just a little bit.

Trading down usually means spending less, so if you don’t have a need for a gadget with all the bells and whistles, and most people don’t, opt for the lower model. Or, if you’re shopping for skincare products, choose a brand that’s not so spendy, but has the same products. Most of the time, you pay for the name anyway.

5. Track the Deals

Starting on Black Friday, there are tons of deals available. Retailers and brands alike offer sometimes significant savings on specific items. Sites may even have a deal of the day with a dramatic price drop for those lucky to get in on it.

However, do your research. Just because it sounds good, doesn’t mean it is. Sometimes, the “original” crossed-out price is inflated and the “sale” price isn’t really much savings at all.

6. Pay With Cash

One great way to stay on budget is, you guessed it, use the good old dollar bills. After all, you can’t spend what you don’t have in hand with this method.

With a debit or credit card, it’s easy to swipe and forget, especially if you don’t meticulously track your spending. Doing this, you’re far more likely to go over budget by overspending without even realizing it.

7. Track Price Changes

If you have browser extensions like Honey or Keepa, you can track prices across different sites and dates. This can help ensure you truly get the best deal for your dollar.

You can also check fliers before you go shopping and digital apps, if you have them, of the various retailers to see who has what you want for a lower cost.

8. Keep It Simple

This can’t be stated enough. It can be fun to go all out for the holidays, but it’s also very expensive to do so. If you don’t have the money, keeping it simple is your best strategy.

Keeping it simple means different things for different people. For one, it might mean fulfilling a need. For others, it might be buying something someone wants but won’t buy for themselves, but not breaking the bank to do so.

9. Consider DIY Projects and Experiences

Some people prefer to avoid commercialism and instead give gifts they’ve made themselves, which is always a thoughtful idea. If you’re crafty, you can create items that have a more personal touch and are less likely to be hidden in a cabinet or closet.

Then, there’s the gift of experiences, such as tickets to a concert, museum, or sporting event.

10. Avoid Post-holiday Sales

Once you make it through the holidays, you have to avoid yet another temptation: the post-holiday sales. This is when retailers put holiday merchandise that didn’t sell on sale to clear out inventory.

If it’s something you will use for years to come, such as a fake Christmas tree, by all means embrace the savings. But, avoid falling into the trap of spending too much, especially if you went over budget on your regular shopping.

11. Start a Post-Season Holiday Club Account

Holiday club accounts are a great way to save up money over the course of a year. You could put as little as $5 or $10 per week away and let it accumulate interest.

Then, when holiday shopping rolls around, you not only have what you saved, but also interest on top of that. If you don’t spend it all, you can take what’s left over and roll it into a new holiday club account for the following year.