Kmart created a stir by becoming the first retail store to launch holiday-themed advertisements. While pondering about holiday shopping before the summer even officially ends might seem preposterous, it’s actually shrewd to begin early. The National Retail Federation’s data reveals that in 2013, 40 percent of shoppers commenced their holiday shopping before Halloween.
Here are ten tactical measures to help you keep your budget intact this festive shopping season, even if the mere thought of budgeting feels baffling.
1. Leggo the clutter.
Fall is as suitable a time as Spring to rid your house of unnecessary stuff and convert it into ready cash by selling it off; this can be especially handy for your festal shopping budget. Large items like furniture sell well on Craigslist or local Facebook buy-sell-trade groups. Clothes could find takers at local consignment shops or online platforms such as RecycleYourFashions.com or thredUp.com. Outdated gadgets can be sold for cash on websites like Gazelle.com or NextWorth.com.
2. Eye on airfares.
If you intend to travel during the holidays, it’s wise to start flight checks now. Usually, the prime time for excellent airfare deals ranges between six to four weeks before your preferred departure date. When scanning, utilize the “flexible date” option to assess rates across varying departure and return dates, enabling you to identify the least expensive date alternatives. Don’t forget to monitor the prices using Yapta.com; this maneuver will help you apply for a credit from the airline, should the cost of your flight drop after you’ve booked it.
3. Discounted Gift Cards.
Not only are gift cards a favored gift for seven consecutive years, but they can also save you money when purchased at a markdown. Websites like GiftCardGranny.com offer thousands of discounted gift cards for popular retailers, for example, 25% off Starbucks gift cards. Besides, any undesired gift cards can be sold for some quick cash, providing up to 92% of the original card’s value, which can fortify your festive shopping budget.
4. Curtail needless spending.
Review your expenditures that reliably recur and identify areas for reduction. This could involve weekly takeout meals, weekend spas, or frequent morning lattes. By reigning in some of these expenditures, your savings for the holiday season can bulge.
5. Save userfully.
Every time you refrain from making a purchase, transfer the equivalent amount into a dedicated savings account for your holiday spending. Opening a Christmas Club-type account at your bank or credit union is an option. Alternatively, SmartyPig.com, a free service, can help you stash away the cash for any occasion. The difficult access to this separate savings account will discourage any small withdrawals.
6. Wire in hidden costs.
Planning for gifts and travel might be a default setting, but we often overlook the hidden costs accompanying festivities. Examples of such overlooked costs include postage for holiday cards, White Elephant gifts for office parties, or tips for various helpers. Remember, these stealthy cost factors could drain your budget quickly, so allocate some funds for these in your budget.
7. Explore part-time jobs.
Consider adding to your income with part-time jobs which don’t just help you earn some extra money for the season but could even extend into more permanent roles. Websites such as eLance can help you find companies seeking freelancers, while TaskRabbit connects you with clients needing help with small chores. Timely advantages of a part-time sales job are extra disposable income and an employee discount on gifting items.
8. Tally up your rewards.
Use the reward points you accumulated over the summer on your credit card to ease your holiday spending by swapping them for gift cards. These can be used as gifts or for buying gifts from particular stores. Occasionally, credit card companies offer reward gift cards at discounted prices.
9. Begin scouting and collecting gifts.
Start searching for gifts now and note down their prices. It can be financially rewarding to buy a few gifts now and some over the next few months rather than engaging in last-minute, peak-season shopping. Keep an eye out for discount coupons on online platforms such as CouponSherpa.com to get added bargains or free shipping.
10. Do your homework on layaway.
While layaway programs seem to be a good idea, helping you reserve desired items and gradually pay them off, pay attention to their fees. They might levy startup and service fees ranging from $5 to $10, and cancellation charges. Some stores don’t offer layaway for online purchases, neither do they price match online prices with in-store prices, leading you to pay more for a gift than necessary.
Andrea Woroch is a renowned consumer and money-saving expert for Kinoli Inc., advising shoppers on wise spending habits and personal finance, without altering their lifestyle drastically. Her expertise has been recognized by leading news outlets, including Good Morning America, NBC’s Today, MSNBC, the New York Times, Kiplinger Personal Finance, CNNMoney, and many more. Follow her on Twitter for daily savings tips and advice.
