Happy Thanksgiving Week! I love this holiday because it’s a day we spend with family and friends and give thanks for what we have. Thanksgiving is also the day before we’re bombarded with Black Friday Specials and Holiday Sales (well, except for those people who start their shopping on Thanksgiving night).
If you’re like me, thinking about holiday shopping and spending is a little stressful. I think about all the people I have to buy for, picking the right gift and the extra money I’m going to spend. Before I hit the stores or the internet, I do it with a plan. Now’s the time you should consider how you will save money and pay for all of your holiday gifts. Here are my suggestions:
- STICK TO A BUDGET – The best way to buy holiday gifts and pay for them without owing money is to make a budget and stick to it. Most financial planners suggest limiting your holiday spending to no more than 1.5% of your annual income. A good way to make sure you stick to this goal is to know your income, then deduct all of your holiday expenses, which could include, but are not limited to: gifts (Family, Friends, Teachers, Clients, etc.), holiday outfits, holiday meals, holiday entertaining, travel, charitable donations and even gift wrapping supplies. Shoppers who make a budget and stick to it are much happier after the holidays, than those who are still paying for gifts well after the festivities are over.
- SHOP AROUND – Once you’ve made your list, and know how much you want to spend on each person, shop around for good deals. Remember, most stores offer door buster specials on Black Friday, the day after Thanksgiving, but in recent years, those specials seem to pop up periodically until Christmas. Also, instead of buying at a department store, you might be able to find a similar style or item at an outlet store or consider online shopping on Cyber Monday.
- SHOP WITH A REWARDS CARD – Credit card companies are doing their best to entice new customers. Some of those cards are offering rewards of up to $600 in rebates and travel. Stores also offer their own credit cards with an extra percentage off already discounted items. If you do open a new credit card and make holiday purchases with it, make sure you check the annual fees and are able to pay off the entire balance; if not, opening a new card may not be worth it.
- BUY IN BULK – The holidays are the perfect time to thank your clients, but a gift for everyone, could cost you an arm and a leg. It may seem impersonal, but consider buying client gifts in bulk. Some companies provide a discount the more items you buy, plus if the item is getting shipped to your business, you will save on postage and handling.
The holidays are here and it’s time to celebrate and be appreciative for everything in your life. I’m thankful for my family, my friends, my business, my employees, and most importantly, my clients, who make loving what I do easy and supporting my family possible.
Happy Thanksgiving everyone!
