Tips for saving money on Christmas shopping

Jonesboro, Arkansas – Now that December has officially arrived, many will be looking to buy last-minute Christmas presents.

Americans are expected to spend $923 on gifts this year on average, according to a Gallup poll. That’s over $90 higher than in 2021 but $10 less than a year ago.

According to Ash Pulliam, a financial advisor with Sharp Financial Services, Inc., there are three best practices for cutting costs when buying for Christmas. Make sure you have a budget, leave room for unforeseen expenses, and use credit cards responsibly.

Pulliam advised looking at your spending habits in addition to beginning your buying as early as feasible.

“Get one of your monthly statements from the bank and just write down every expense you had for that month,” he said.

According to Pullam, this will assist you in identifying any costs you would need to reduce in order to reach your spending objectives.

Financial expert Matthew Kraus of Edward Jones Investments suggested that if you’re starting your shopping later than you intended, your disappointments this year can help you prepare for Christmas next year.

You may figure out how many weeks it will take to reach your goal and adjust your spending limitations according to the amount of time you have available, he suggested. This will assist you in deciding if, for example, you need to save $10 or $20 per week.

Kraus said that you should write down your goals and make sure they are as specific as possible.

“Write down the names, write down how much you want to spend, and target specifically what you want to buy from them,” he said.

Kraus noted that although shopping can be stressful, it can also be a good way to treat yourself. Reward yourself with a modest item each week when you surpass your savings targets.

“You can do something as simple as this week if you can save an extra 20 or 50 bucks, you can have an ice cream cone,” he said.

When comparing pricing, Pulliam advised taking your time, regardless of whether you’re shopping in person or online. For the goods you need, another retailer might be offering a greater value than the one at the first one.

Above all, Kraus urged everyone to avoid making the holidays solely about exchanging gifts.

“I think there’s something about the heart and the fact you’re trying to give the best you can, but don’t stress,” he said. “At the end of the day, if you’re planning it out and doing all this stuff, it’s pretty obvious that you love them.”