This post was sponsored by Regions Bank. All opinions are my own. #RegionsGreetings
We all love to shower our loved ones with gifts during the holidays. It’s so fun to see their faces light up when they open up all the gifts that they had on their wish list! Then we get the bills in January and you have to come up with the money to pay for everything. I’m here to help you make sure you make a plan to “spend smarter” this holiday season.
Here are a few ways I make sure I get the best deal and get the gifts my kids love.
Make a list – Every time there is a commercial on TV my kids say “I want that.” But there is no way we would every buy them everything they have ever said they wanted. So I have my kids make a list of the top 10 things they want. I ask them to include a book and a piece of clothing they would like to have. This helps me narrow down the things I need to watch on sale.
Watch the sales – I hate to pay full price for anything! I don’t know if I have ever paid full price for anything. The holiday season is a great time to take advantage of the sales and discounts, like Buy One Get One Free! (Tip – Black Friday does not always have the lowest prices!)
Shop online – I love to go to stores and look around. But rarely do I ever find a better price in the store than I do online. When I shop online I can find extra coupon codes and use cash back sites that pay me back a percentage of my purchase. These benefits are not available when you shop in stores! Plus, there is also the added benefits like shopping when your kids are sleeping, you are not using your gas, and you don’t have to circle the parking lot 10 times just to find a parking spot!
I am always looking for ways to stretch my dollar further! Using these 3 tips really helps me save more so I can give more during the holidays!
The National Retail Federation predicts a 3.7 percent increase in sales this year, with the average American set to spend an estimated $786 in the following categories:
- $459.87 on gifts for family
- $80.00 on gifts for friends
- $26.03 on colleagues
- $30.43 on the other people in their lives
For our family, we try to avoid purchasing anything with our credit card. We will use our credit card to get additional bonuses, but we will pay them off right away. If you would like more tips about how to save more during the holidays, Regions Bank, one of the largest U.S. banks with 1,630 branches across 16 states, has insights for consumers on how to prepare financially for the holiday shopping season.
- Begin with the golden rule. Spending on gifts shouldn’t exceed more than 1.5 percent of your annual income. Use this rule as a guide to determine how much you should set aside to spend on gifts for your friends and family — and stick to it.
- Separate and delegate. Consider creating a separate account to fund gift purchases and make regular contributions from your primary checking account in a weekly, bi-weekly or monthly basis.
- Only buy what you can truly afford. To prevent overspending, never leave home without a list of what you intend to buy, and be sure you have the money needed to cover your purchases once you arrive in-store.
- Use timing to your advantage. While things like airline tickets should be booked far in advance, other items — toys in particular — often drop in price during the first two weeks in December. Sometimes it pays to wait, other times it does not, so be sure to check for deals before you head out shopping.
I am sure you will be doing your holiday shopping soon (if you haven’t already started) so make your plan! Figure out your budget and stick to it! Use my tips above to help stretch your dollar further.
It’s important to know How to Save Money for the Holidays! Let Regions Bank help you.