5 Money-Saving Holiday Shopping Tips for 2020

29 Oct 5 Money-Saving Holiday Shopping Tips for 2020

Here are the proven and tested Christmas shopping tips you can follow for the holidays this year.

Sharing with you some easy ways to spread the holiday vibe without breaking the bank:

• Start early.

Avoid last minute shopping! Chances are, you’ll have a hard time figuring out what to get your parents or your kids because you are already in a panic mode. The key is to keep your eyes open all year round for potential items your family or friends would like. It’s often when you’re not really looking that you actually stumble upon just the perfect gift. Come December, you’ll be glad you’re almost done with your list.Stick to a budget

You may have your mid-year bonus, your holiday bonus, or your tax refunds so ask yourself how much you are willing to spend on holidays. Set a budget for “gifts,” “dinner parties,” and/or “Christmas get togethers.” Come up with a realistic spending limits to avoid debt. The key is to stay faithful to your planned budget. Be specific on your spendings.

• Make a list and check it twice.

I found this really, really smart tip from ASIC (Australian Securities and Investment Commission).

“In the lead-up to Christmas, make lists of the things you need to buy and the food you need to prepare for the festive season. Having lists will help you plan your spending and keep you on track.

• Presents- List who you’re buying for, what you want to buy, and how much money you’ve allocated for each person. For larger gifts, consider using lay-by in the months before Christmas so you can pay them off over time.
• Supplies for Christmas/Boxing Day- List what you want to buy, and where from. Buy in advance where possible to take advantage of specials, especially if the items can be frozen or have a long shelf life.

• Dig online!

You can find everything in the internet, so your Christmas gifts are actually just a Google-search away! What you need is extreme patience and excellent marketing research skills.

Refer to your list and search for the items you took note of. Don’t go directly to the merchant’s website. Find it on Google and you might stumble upon a cheaper option. Search for reputable online reviews.

• Plan for next year.

Yup, you read it right. This goes all the way back to Step 1, from starting early. The thing is, once the Christmas hype is gone, retailers start selling off their holiday stocks. Mostly, they offer these on big discounts so make sure to take advantage of that.

Plus, if you could include ASIC’s helpful finance tips below and as your Soul Finance Group broker I’d be more than glad to advice you and help:

• Start saving now- Open a high interest savings account in January and contribute a small amount to it every payday. Saving $20 per week will add up to over $1,000 in a year’s time. 
• Shop the sales- Shop for presents throughout the year, especially during sales. This will spread your costs and make them more manageable.
• Layby- Pre-plan larger gifts and layby 3-6 months ahead so you can pay them off over time.

Have yourself a merry, stress-free, little Christmas and shop away!

Disclaimer:

Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.

This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.