Orlando, Fla. (Ivanhoe Newswire) — There are just over a hundred shopping days until Christmas. In fact, a lot of people have their gift buying done by the end of October. It may seem too early to think about it but actually, it’s just the right time to think about planning your holiday finances before it’s too late. According to the National Retail Federation, the average person will spend more than 900 dollars for gifts this holiday season.
It might feel too early to start holiday shopping but actually, this is the perfect time to get your finances in order. Experts say starting early gives you more control over your spending and reduces the chance of impulse buys.
First thing you should do, review your credit report. Consolidated credit recommends looking for mistakes that could lower your score or limits. Check your credit card balances and make a plan to pay down debt now. Trim any extras like unused subscriptions or excess takeout. Even small savings can free up holiday cash.
Experts at Equifax recommend building a holiday budget that covers everything, not just gifts.
Holiday travel should be paid for soon. Thanksgiving flights are cheapest if booked in early to mid-October. Christmas flights should be locked in by late October to avoid a last-minute price spike.
As far as gifts, NerdWallet says September sales offer major discounts on mattresses, appliances, outdoor furniture, grills, bikes, and tech. You could save up to 70 percent.
But before you buy, set a dollar limit for each person on your list. Many financial planners say it’s one of the most effective ways to stick to your overall budget. Download a cashback or coupon app before you buy. Sites like Rakuten, Honey, or Capital One shopping offer rebates and automatic discounts.
Also, tech tools like camelcamelcamel and Slickdeals will alert you when items drop in price. And here’s a final tip — start saving now. Putting away just fifty dollars a week from September to Christmas adds up to eight hundred dollars, enough to cover most holiday expenses.
Contributors to this news report include: Lindsay Dailey, Producer; Bob Walko, Editor.
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Sources:
https://nrf.com/media-center/press-releases/2024-holiday-spending-expected-reach-new-record
https://www.consolidatedcredit.org/financial-news/fall-financial-checkup-free-financial-help/
https://www.lendingclub.com/resource-center/personal-finance/tips-for-preparing-your-holiday-budget
https://thriftytraveler.com/guides/best-time-to-book-flights/?utm_source=chatgpt.com
https://thepointsguy.com/airline/best-time-to-book-a-flight/?utm_source=chatgpt.com
https://www.nerdwallet.com/article/finance/what-to-buy-every-month?utm_source=chatgpt.com
