holiday shopping

December 14th, 2020

Shop Smart this Holiday with these Tips

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Written by Selva Hafeez

 

   According to the PwC Canadian holiday outlook report 2020 , the average spending for gifts this season is about $1104 which is nearly a third less than last year (%1593). But, experts warn that the odds of overspending is more likely to occur without a plan ahead or taking advantage of deals.

Tips for staying under your budget

  • However much you plan to spend, make sure it doesn’t take you a year to pay off your credit card. First plan a doable holiday spending budget and go on from there

 

  • Do NOT wait until the last minute. This can help avoid making costly errors and take advantage of holiday deals.

 

  • Make a list of the people you are gifting and create an individual or general budget for everyone on the list. This will let you know how much your spending for each person and what gift fits in that particular price bracket.

 

  • For larger families or friend groups, “Secret Santa” is a great way for everyone to not go over their spending budget and ensures everyone will receive a gift. Each person picks one person they’re going to gift, and this can be done anonymously for a special surprise on the big day!

Deals

  • Search for deals on retailer websites and sign up for emails. A lot of retailers give money for first time purchasers or through referrals.
  • When searching for electronics, double check competitor’s price while at the store. Price matching can help you save money- in some cases they may also take an additional 5% off.

  •  Redeem loyalty points for gifts through AirMiles.

Online Shopping

  • When shopping online, check the deals section and search from “least to most” expensive items on the site or create your own budge ($30-$100). This will make it much easier to see more options that fit your budget.

  • Sign up for website referrals or email campaigns or sale notices to save money.

  • Download the chrome extension “Honey” to ensure that you are getting the best possible deal.

Citation

B. Borzykowski, M. says: and T. W. says: “Smart holiday spending,” MoneySense, 04-Dec-2020. [Online]. Available: https://www.moneysense.ca/save/debt/smart-holiday-spending/. [Accessed: 14-Dec-2020].

 
 

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