Holiday season is upon us and for many, it can be one of the most stressful times of the year. From travelling to visit family, to the pressures of finding great deals on perfect gifts for your loved ones–it can all be super overwhelming. If you’re not careful, poor budgeting may ultimately spoil your holiday plans.
Of course, your friends at GlobeOne want you to enjoy a joyous and festive holiday season without breaking the bank. To avoid going into debt while holiday shopping for your loved ones, check out these stress-free holiday shopping tips…
Set a budget and stick to it
A mistake that a lot of people tend to make is making a list of people to shop for before creating a budget. We recommend not spending more than 1.5% of your annual income on holiday gifts and entertainment. Need help determining that number? Check out the Holiday Budget Calculator.
One of the best ways to stick to your budget is to pay in cash. Set a limit, withdraw that amount in cash and once it’s gone, you’re done.
This should go without saying, but to avoid overpaying, be sure to shop around, keep tabs on the latest promotions and take advantage of price-matching guarantees. Avoid paying full price if at all possible. During the holiday season, you should be saving at least 30 to 40 percent off full retail prices.
Be careful with your credit cards
Should you choose to use credit cards to make your purchases, ensure that you use cards that offer the lowest interest rate as well as any bonus points. Track your spending carefully and stay within your established budget. However, you want to be prepared to pay your balances off as soon as possible to avoid incurring interest.
In this age of store-bought gifts, handmade gifts or personalised coupons can be a special treat for your loved ones. Bake a fancy dessert, make a coupon for a home-cooked meal, babysitting services or a one-hour lesson in your area of expertise.
These are just some of the ways you can feel the holiday spirit without breaking the bank.