5 Tips for Tackling Your Christmas List
Podcast Transcription
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Hi everyone, thanks for tuning in to this week's Money Talk Podcast, I'm your host, Maddy. We are officially in the first full week of October and I don't know about you but it's hard to be believe that we're already here. I know how it goes, some of you are happy about this with the leaves changing color, Halloween right around the corner and pulling out your favorite sweaters and boots. And I know some of you have been dreading this- warm weather is gone, winter is almost here, and the days are short. Whatever side you fall on, we probably realize one thing – the holiday season is approaching quickly.
Whether you have a short list of Christmas shopping to get done or feel like it’s a mile long, I want to share some tips so that you can be smart while you shop and not feel that dreaded holiday hangover in January.
Tip #1 is to create a budget or adjust your current budget to account for your holiday spending. Making room in your budget and knowing how much you have to spend is crucial. If you skip this step, you’re more likely to overspend or accumulate extra debt.
Are you going to need to cut back in other spending areas to accommodate for your holiday spending or is it a matter of tucking away money specifically for Christmas shopping so you don’t dip into your emergency fund or savings for a new car.
Tip #2 goes hand-in-hand with a budget and that’s creating a list and getting an idea on pricing for items or how much you want or are able to spend on each person. Just like when you go grocery shopping with a list to stay in your budget and get everything you came for. Who are you buying for this year? What is your total budget? What are spending on each person? Do you have a general idea of what everything costs?
Tip #3 is to comparison shop, this is made so much easier with technology. Have a specific item you want to buy? Look at 2 or 3 places to see where you can get the best deal. A quick google search can save you some money on the item itself or in shipping costs. This is especially great to do for those larger or more expensive items.
Tip #4 is to keep revising as you shop. Sometimes we do veer outside of our budget or what we planned to buy and that’s okay. Just make sure to keep checking in on your budget and making changes as they come. You might need to reallocate money, change up your initial list or adjust your current spending. You can do all that without overspending or digging yourself into unexpected debt.
Tip #5 is to be strategic in your purchases. Start shopping early, snag the deals and the sale items when you see them. so, I was at Sam’s Club a few weeks ago and I saw a couple of things I knew my son would love so I grabbed them and I tucked them away.
And don’t fall for the marketing ploys. Buy 2, get one free isn’t saving you money if you only planned to buy one to begin with. Reaching a minimum balance to get free shipping or markups during sales are tactics that can lead you to overspend. Check real and honest reviews, check out the item in person if you can, to see if it’s really what want. And oftentimes buying the older model of something is just as good and a lot cheaper than the latest. Consider if you really think that all of the new bells and whistles are worth the extra cost.
Thanks for listening, everyone!
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