Financial Tips

5 financially savvy holiday tips

With the holiday season fast approaching, it’s time to start thinking about how you’re going to spend the holidays. Between traveling, social gatherings, dinners, decorating, and gifts, the costs of the season go up very fast.

The National Retail Federation stated that Americans spent over $729 billion on holiday purchases in November and December 2019 with an average of $1,048 spent on gifts, decorations, and other holiday purchases per household.

Here are 5 tips to help you save money this holiday season!

1. Start early

Get ahead of any item shortages and hiked-up prices by starting the journey early! You’re more likely to find everything you need when other people are not searching for it, and you’ll have more time to fully enjoy the holidays without the stress of shopping.

2. Plan your spending and figure out a budget

Try to figure out what you need to buy this year. Decide who is getting gifts this year, what decorations you need to buy, and any other major purchases and plans for the season to see what you can afford. Put aside a holiday budget and stick to it. Though they may be tempting, don’t go overbudget just because you see a good deal on something that you weren’t planning to buy.

3. Take advantage of deals and sales

We all know how expensive the season can be, so take advantage of sales on items you’re planning to buy, such as Black Friday deals. A lot of companies release their new products at the end of the year, so the previous models go on sale for great prices to clear the prior year’s inventory.

4. Use benefits and discounts you already have

A lot of memberships that you already have may give you benefits that you might not even know about. Look through your subscriptions and memberships to see if you have any deals or benefits that are exclusive to members. Your Stanford FCU credit card  gets you cash-back on purchases or points that you can use to get gifts. If you’re already a rewards member with a major retailer like Target or Best Buy, you might have access to sales and benefits that are member exclusive!

5. Search for the right stores

Sometimes the closest store isn’t the best store. Check out different stores to see where you can get the best price or if they are running any promotions. Online retailers are a big bonus at this time as they can beat the prices at a lot of brick-and-mortar stores, and you don’t have to wait in line to get the items you want. Just be sure to shop online early enough to avoid those hefty rush shipping charges.