The holidays are right around the corner, and we all know what that means! Time to start your holiday shopping!
Although it’s fun to exchange presents, the cost can quickly add up, especially when you’re already paying bills like rent and electricity.
To make things easier for you this holiday season, we have compiled six money tips for the holidays before you go shopping. Keep these tips in mind when purchasing gifts for your loved ones:
Tip #1: Set a holiday shopping budget
Setting up your budget is a great money tip for the holidays. Sit down and figure out how much money you have to spare. The best way to do this is to give yourself a few months to do your shopping over. That way, you’re not using all your extra cash for one month.
Have this budget in mind when you head out for your holiday shopping. Keep a running tab of how much money you’ve spent and how much you have left to spend.
If you are online shopping, make sure to do the same thing. When paying with a credit card, it’s easy to go over budget. You will also need to take the money from your budget to pay your credit card bill. As long as you are mindful, you should be able to keep your budget in check.
Tip #2: Make your own presents
Nothing shows your loved ones that you care more than a handmade gift that you created especially for them. Scour websites like Pinterest, YouTube, and Instagram to come up with your inspiration. Since everyone has different interests, there is something you can make for everyone on your list.
Some ideas include homemade candles, custom doormats, planters (with their favourite plant included), and custom signs.
You can really have fun with this and create gifts that everyone will love.
Pro Tip: Start making your gifts early so you’re not rushing in the end!
Tip #3: Borrow money for the holidays
If you need some extra cash for all of those holiday gifts, a payday loan is a fantastic option since you can get approved and pick-up your money on the same day that you apply. This means you can pick up your cash and do your shopping all in one day!
With a payday loan, you can borrow anywhere from $200 up to $1,500, or up to 50% of your income. This money is borrowed against your employment income, child tax benefit, or your seniors’ pension.
Here’s what you need to apply for a payday loan: one piece of government-issued photo ID, a blank personal cheque and/or pre-authorized debit form, a 60-day bank statement from date of application, proof of address, and your most recent pay stub.
Tip #4: Buy gifts when they are on sale
Take advantage of Amazon Prime Day, Black Friday deals, and other deals around the holidays. Since these events usually offer massive deals, this means massive savings for you.
With Amazon Prime Day being in October and Black Friday in November, this gives you a chance to buy gifts ahead of time so that you’re not scrambling last minute and paying full price for things.
It’s also a good idea to keep an eye out for coupons and discount codes and use them when holiday shopping.
Tip #5: Go shopping on quiet days
If you’re able, go shopping when the malls and stores are quiet and avoid the weekends. This means that you will have more time to think your gifts out, rather than hurrying to buy something because the stores are so busy.
In a calm and quiet environment, you can make the best choices for your wallet. Holiday shopping is stressful enough, so do yourself this small favour.
Pro Tip: Have a good breakfast on the day you go shopping so that you have the fuel you need to get your shopping done. By eating at home before you head out, this also means that you’ll be less tempted by the wonderful aromas coming from the food court (and therefore spend less money!).
Tip #6: Buy the same gift for multiple people
If you have people on your holiday shopping list that have similar interests, buy them the same gift. Doing so allows you to take advantage of certain deals like buy one get one (BOGO deals).
Just because you are buying the same gift doesn’t mean they need to be the same. For example, if buying the same sweater, opt for different colours to give the gift a bit of uniqueness.
Keeping all of these tips in mind this holiday season should not only make your gift-giving easier but will ensure you’re not left with a huge bill come January. This will also start a new way of holiday shopping for years to come, ensuring that you save money year over year!