Gift Guide: Shopping Tips You Shouldn’t Miss | News, sports, jobs

Photo provided

The festive and fun nature of the holidays can make it easy to forget the benefits of frugality. Many people spend too much money on vacations, making this time of year expensive for consumers.

According to Mastercard SpendingPulse, sales between early November 2023 and Christmas Eve 2023 increased 3.1 percent year-over-year. The National Retail Federation reported in November 2023 that holiday spending is expected to be between $957 billion and $966 billion. According to Trading Economics, a provider of financial market indicators and forecasts, personal spending in the United States rose just 0.2 percent in May 2024 from the previous month, marking the lowest increase since January 2024.

Shoppers looking to spend less and stick to a budget for holiday entertaining and gifts can keep these budget tips in mind.

• Set a value for gift recipients. It may sound harsh, but certain people on holiday shopping lists may be given higher priority than others. For example, you wouldn’t necessarily spend the same amount on a gift for a child’s teacher as you would for a grandmother. Putting a dollar number next to each name on the shopping list will help you identify what you expect to spend and where you can save.

• Determine your overall budget. Once you have an idea of ​​your potential vacation expenses, set a firm budget. Avoid the temptation of impulse buying.

• Start shopping early. Start browsing ads and looking for deals before Thanksgiving or Black Friday. Keep a running list of gift ideas and purchase those items when the price is right.

• Price check “perfect gifts.” If you’ve discovered the perfect gift for someone but it’s out of your budget, see if you can find a cheaper price elsewhere, says Better Money Habits. There are apps that allow users to scan barcodes and check items at various retailers. Many stores also have price-matching policies that can help shoppers save money.

• Constantly look for deals. Many people depend on seemingly deep discounts on Black Friday and Cyber ​​Monday deals. However, industry experts say there is often not much difference in discounts between these promotions and those on other special offers. Some retailers even increase the prices of goods just to mark them down for Black Friday and give the impression that there is a discount. Only by knowing the average price for items can you determine whether a sale is legitimate.

• Sign up for Shop Rewards. If you don’t want your regular email inbox to be flooded with offers, set up a separate email account for in-store purchases and online purchases. You can then sign up for the rewards programs at checkout. Use coupon codes and promote sales to save money without sharing your primary email data with other marketers.

• Track expenses carefully. If you don’t know how much you’re spending, it’s impossible to stick to a budget. After each purchase, keep a running tally of all holiday spending to see how far you are from the finish line.