Holiday Savings Tips

Avoiding the Holiday Shopping Hangover

Christmas Bike
Shop smart this holiday season.

We all know that the holidays are a time of spending – but did you know that this can be a time for savings, too?

In all of the holiday shopping madness, here are some tips to help you save and get more for your money.

Plan – Consider your Holiday Spending from Last Year.

First, it comes down to planning and setting a budget this holiday season. Look at how you managed your spending last year. Is there room for improvement? Take into account your current financial situation and determine a total amount you’re willing to spend. Then, looking at this budget, identify how much you want to spend on each individual. Doing so will help you start the New Year with solid financial footing.

Budget – Don’t be taken in by “Buy-Now-Pay-Later.”

Of course, when shopping, be careful using those credit cards. Shopping with a credit card may feel better than shopping with cash, but it can lead to overspending. To avoid a holiday spending hangover – financial expert, Jean Chatzy recommends spending no more than 1.5% of your annual take home pay.

Don’t know where to start in figuring out what you will be spending this holiday spending season? Check this helpful spending calculator: Holiday Spending Work Sheet.

Shop Smart – Watch the price disparities.

Finally, be wary of those “incredible” deals. For example, ever wonder why you see savings in percentages rather than in dollars? It’s because it makes bargains look bigger. Also, getting a great deal may make us feel pretty smart and retailers know this. That’s why you need to be suspicious of any limited time offers by asking yourself, do I really want this item or just want to brag about my savings?

Ultimately, it’s about being an informed shopper. Before buying, make sure you have an idea of how much things cost. A great way to do that; especially on the go, is to use an app like Red Laser or a website like