How to Budget for Holiday Shopping in 2023
How to Budget for Holiday Shopping in 2023
The holidays are in full swing, which leads to one of the biggest stressors of the season: gift buying. Holiday shoppers flood malls and online sites in search of the very best discounts and savings with the sometimes difficult task of finding the perfect gift for those on their list. With other factors such as inflation and supply, it can make the process even more stressful on yourself and your wallet.
In fact, 2 in 5 Americans say inflation will change their holiday shopping habits this year.
Instead of dreading your gift hunt, you can find peace of mind with helpful budgeting and shopping tips to nail your gift list this season. In this guide, we'll walk you through some smart strategies to help you manage your holiday shopping budget effectively in 2023.
How to Shop Wisely for The Holiday Season
Whether it's online shopping or visiting brick and mortar retailers, use the following tips to maximize your holiday shopping budget this year.
Start Early and Plan Ahead
One of the keys to successful holiday budgeting is starting early. Begin by making a list of everyone you need to buy gifts for and allocating a budget for each person. By planning ahead, you can take advantage of early holiday sales and discounts, avoiding last-minute impulse purchases that can strain your budget.
Set a Realistic Budget
Determine how much you can afford to spend on holiday shopping without compromising your financial stability. Consider your monthly income, existing expenses, and any additional costs associated with the holiday season. Setting a realistic budget will help you prioritize your spending and avoid overspending.
Embrace Digital Tools
Take advantage of budgeting apps and tools to keep track of your holiday spending. Apps like Mint or YNAB can help you monitor your expenses, set spending limits, and stay within your budget. These tools can provide real-time insights into your financial situation, making it easier to make informed decisions.
Look for Discounts and Cashback Offers
Keep an eye out for holiday discounts, cashback offers, and promotional codes from your favorite retailers. Many stores offer exclusive deals during the holiday season, allowing you to stretch your budget further. Additionally, consider using cashback apps or credit cards that offer rewards for your purchases.
Consider Sustainable Options
Incorporate eco-friendly choices into your holiday shopping by considering sustainable products and services. This year, consider ecoATM, a convenient and environmentally conscious option for upgrading your devices. ecoATM allows you to trade in your old smartphones for cash, helping you offset the cost of new devices while contributing to electronic waste reduction.
Reevaluate Traditions and Gift Exchanges
Initiate conversations with friends and family about adjusting gift-giving traditions. Suggest alternative ways to celebrate, such as organizing a gift exchange with spending limits or opting for homemade gifts. By reevaluating traditions, you can collectively reduce the financial burden of holiday shopping while fostering meaningful connections.
DIY Gifts and Personal Touch
Consider creating DIY gifts that not only showcase your creativity but also help you save money. Handmade gifts often carry more sentimental value, making them a thoughtful and budget-friendly alternative. Plus, adding a personal touch to your gifts can make the holiday season even more special for your loved ones.
Make Space for The Season
Believe it or not, you could very well have holiday shopping funds sitting in your drawers and closets at home. By taking the time to clean out your home, you could find items that you no longer use to sell for holiday shopping funds. You can take your used smartphones to an ecoATM for instant shopping cash, or trade them in online with a site such as Gazelle to earn extra holiday funds.
When Should I Start Holiday Shopping?
If you haven't started already, now is the prime time to get better prices on your holiday gifts. Inventory for several items will continue to deplete throughout December. It's best not to wait as you may also have to pay added fees for any expedited shipping costs if you're online shopping.
Is Online Shopping Better Than In Store?
The chances of finding better prices online rather than in store are highly likely for many gifts you may be shopping for. Make sure to keep your eye out for special holiday coupons, emails from online retailers, or any other online promotions during December.
Make Instant Holiday Shopping Cash with ecoATM
Looking to save even more during the holiday season? You may have instant shopping funds laying in your drawers at home. You can sell your old or used phones for immediate payment at your local ecoATM. We have over 5,000 locations across the country to offer a convenient and green way to dispose of your old devices.