With the holidays quickly approaching, it’s easy to be influenced from advertisements promising the “lowest savings of the year” or “limited time only” offers which could lead to falling into debt. Whether you’re shopping for the latest and greatest toys, electronics, or anything else, Lone Star Credit Union cares about your financial wellness! We’ve provided 4 quick tips to keep in mind while you shop for the holidays.
Create a Budget
First and foremost, create a budget. While this may seem obvious, it’s easy to quickly overspend with an enticing deal or the next big tech which is set to arrive in stores. By creating a budget, you will become more aware and less likely to overspend. You can always add a little wiggle room of $50+ just in case to cover taxes and other miscellaneous charges. Generally, we’d recommend paying in cash to maintain a balance of income to spend but LSCU members who need a little more time and purchasing power have the option of a personal line of credit, personal loan, or a VISA credit card. Having the flexibility to pay for holiday expenses at a later date can greatly help but would extend your budget for the following months after the holidays.
Be Proactive – Give Yourself Enough Time
Holiday shopping doesn’t always have to be during the holidays. While Black Friday does have attractive deals, that doesn’t necessarily mean they’re always the best deals. At times, some of your favorite stores can have an even better deal weeks/months leading up to Black Friday, it’s just a matter of staying up to date and regularly checking on the item you’re seeking. Secondly, create a plan to make multiple purchases over a length of time, maybe within a few months. Rather than buying in bulk, spreading out purchases can help alleviate the financial hit to your wallet. The earlier your start, the more time there is to save and avoid getting into debt.
Free Shipping Day 2019
If you’re a last minute online shopper, you can also take advantage of Free Shipping Day which is on December 14th, 2019. While this may not apply to every single retailer, an extensive list of large retailers have adopted this date in order to guarantee shipments before the Christmas holiday.
Price Match to Save
Lastly, don’t be afraid to shop around to find the best deal. Chances are your favorite large or even small retailer will price match as long as the item is identical. Price matching is a great way to find the lowest price and combine it with another retailer’s better return policy, just in case the gift was a lump of coal. Of course this may take some time, but it could possibly help find you the right deal and save some money in the long run.
No matter how you spend the holidays, remember that it’s the thought that counts. Lone Star Credit Union wishes you a stress-free and budget friendly holiday season.