The gift giving season is just around the corner and it’s important to pay attention to how much money you are spending.
According to a survey conducted by Bankrate, 54% of Americans are worried about the financial burden the holiday season will cost.
The survey comes as the National Retail Federation is reporting holiday spending will reach record spending levels this year. The NRF says inflation plays a big part in how much will be spent.
Smart Shopping Expert Trae Bodge said it’s best to take advantage of the sale days like Black Friday and Cyber Monday, in order to decrease your holiday spending.
“Try to dial back a little bit, maybe shave a little bit of budget off of each person who you’re buying for,” Bodge said.
Other big days to note are Free Shipping Day and Super Saturday.
Free Shipping Day is on Dec. 14 this year. Originally beginning in 2008, Free Shipping Day features over 1,000 retailers waiving their shipping fees.
Super Saturday is always observed the Saturday before Christmas. This is when people get their last-minute gifts and typically when retailers start ending their holiday deals.
Bodge said some of the best ways you can save money this holiday season are booking any trips early, setting a budget and using your debit card or cash to pay for things rather than racking up debt on your credit card.
Buying gifts for people can be tough. Bodge has some recommendations on simple gifts that can go a long way:
- Food, gift baskets, chocolate/candy
- Flowers
- Gift cards
“A gift card is a really good way to give that recipient a way to buy what they want on their own versus you kind of taking a guess and going wrong,” Bodge said.
Some experiential gifts include:
- Trips
- Ice skating
- Picnics
- Concerts
“These experiences are becoming more and more important to us, especially for the younger generations of Gen Z and Millennials, they really want to spend time together versus gathering more things,” Bodge said.
Bodge said it’s important to plan accordingly and plan in advance this holiday season so you can get the ones you love something special but not take debt into the new year.