Do you feel stressed when you think about budgeting for the holidays? You’re not alone!
According to CNBC, many of us feel squeezed due to ongoing inflation, tariffs, gas prices, and job instability. Despite this, forecasts project holiday shopping growth of about 4-7%, but much of that is due to price increases rather than people buying more.
So, how can you stretch your holiday shopping dollar? Here are a few ways that can save you big, plus money expert Clark Howard’s biggest tip to keep your gift-giving budget out of the stress zone.
1. Start Early
With the Prime Big Deal Days sale happening October 6-7, you’ll be able to scoop up gifts and essentials at much lower prices. If you’re shopping at Amazon, you can always check CamelCamelCamel to take a look at price history to determine whether something is really a deal. (And now, this tool works for Walmart, too!)
Many other retailers are offering sales during this week to compete with Amazon, including Walmart and Target. Our Deals team will be working around the clock on those dates to find the best deals, so sign up for the Clark Deals newsletter to be notified of the savings.
However, this isn’t the only time you can score early deals. As Black Friday ads are released, we often see coinciding early sales with limited-time Black Friday pricing. Last year, I got my dad a very nice sweater from JCPenney during the early sales, at a Black Friday price!
2. Strategize Paychecks and Extra Work
If you’re someone who gets paid once a week, October is a five-Friday month and a great time to stash away that extra paycheck for your emergency fund and saving for the holidays.
This is a great, simple strategy to help fund your savings!
Another strategy is to take on additional short-term work. Many retailers are hiring for seasonal work, and that is a great way to earn extra money for the holidays. Plus, many of them offer an employee discount! You could pick a favorite store, or somewhere you had planned to buy many of your gifts, to get that double benefit.
Shipping services will also be hiring more help. Amazon Flex, Walmart Spark, Veho, and Roadie are gig-economy delivery services where you can pick up routes whenever they fit your schedule. However, you’ll want to research the guidelines and processes for each service.
3. Make or Bake Your Gifts
A friend of mine turned her love for glitter into beautiful resin gifts, capturing memories and moments in timeless creations! She made items for weddings, funerals, and more. (I even have a resin chess set she made and consider it one of the coolest things I own!)
Baking is a holiday favorite, too. The main point is that sometimes a gift someone created is much more meaningful than something you can buy at the store. And maybe, if you are super creative and enjoy your craft, you can excel at a side hustle that helps to pay for the holidays and sell it on Etsy.
We have a list of free and cheap gift ideas to help you brainstorm.
4. Look in Unexpected Places
Our Clark Deals team is constantly surprised by where we may find a great bargain from a reputable seller. Case in point: the Bullseye eBay store, an official Target reseller. (Take a look and you’ll see what we mean!)
One of the most fun places to score a bargain is the clearance section, especially at a “store with concrete floors.” (That’s a Clark-ism for where he shops to save the most money!)
Retailers that fit this description also include Ollie’s Bargain Outlet, as well as Marshalls, TJ Maxx, and Nordstrom Rack, to name a few.
A big caveat here: If you’re shopping online, you’ll want to avoid website scams offering too-good-to-be-true deals. Make sure the seller has a social media presence, strong reviews, and customer support you can chat with or call. Even Facebook has been approving ads from scam websites, so you’ll want to watch out for that, too!
5. Stick To Your Budget
The most important thing during the holidays is setting a budget and sticking to it. This avoids the holiday shopping hangover in January, and you don’t have to endure that stress after the holidays are over.
If, however, any unexpected expenses pop up, you’ve got your emergency fund to cover them.
Bonus tip: If you can spend responsibly with credit cards, many cards offer intro bonuses that could potentially cover all your holiday gifting!
Final Thoughts
In summary, the holidays don’t have to be stressful from a financial perspective when you plan things out and perhaps sprinkle in a little hustle. You can save money and still enjoy a festive season, so you can focus on what matters most — the meaning behind the holidays and the family and friends who make it a special time of year.
The post 5 Ways To Save on Holiday Shopping This Year appeared first on Clark Howard.