Do’s and Don’ts When it Comes to Holiday Shopping

| Tedis Baboumian |

Do’s and Don’ts When it Comes to Holiday Shopping

For many people, the holiday season is the most expensive time of the year. Even though it’s a joyful time, it can also be a stressful time, especially when it comes to budgeting. You may want to shower your loved ones with gifts, or you may be tempted to take advantage of holiday sales. Here are a few do’s and don’ts when it comes to holiday shopping.

Do Set a Spending Limit

Make a list of who you plan to buy gifts for and set a maximum amount that you’ll spend for each gift. Once you’ve set your spending limit, stick to it, and don’t be tempted to keep shopping or buy things that are more extravagant. Remember to factor in shipping costs if you shop online or are shipping gifts.

Do Take Advantage of Cash Back Rewards

If you use a credit card to shop, take advantage of cash-back rewards. Know which cards are offering rewards and if the rewards are limited to specific stores or items.

Do Compare Prices

Having a cell phone in your pocket makes it easy to look up whether you can find the same item cheaper somewhere else. An even better approach is to compare prices online before going to stores. Before rushing to make purchases on Black Friday or Cyber Monday, make sure the prices being offered are actually good prices. While you’re comparison shopping, avoid buying sale items that can’t be returned. 

Don’t Wait Till the Last Minute

Waiting till the last minute sets you up to have a limited selection so you may spend more than you mean to just because you’re in a rush. Getting ready for the holidays can be stressful and waiting until the last minute to shop makes the experience even more stressful. 

Don’t Buy Extravagant Items to Impress Others

The holiday season often makes people feel like they have to buy gifts that impress others. People that are close to you are more interested in something you’ve put some thought into rather than something with a high price that you may struggle to pay for. Many people cherish handmade items over store-bought gifts. Consider giving something you made yourself such as a painting, a framed photograph, or baked goods.

Don’t Overuse Credit

Credit cards make it easy to spend money without thinking about it. You’re more likely to make impulse purchases if you use credit to pay for your holiday shopping since you’re not thinking about actually paying for what you’ve bought right now. Use cash whenever you can. When you do use credit cards, know what you’ve spent and be sure to make at least the minimum payment on time.

Be proactive about checking your credit report to make sure there’s nothing on it that’s incorrect. When inaccurate information is on your credit report, it can bring down your credit score, and this can affect your ability to borrow at the best interest rates. Partnering with Dovly, an AI credit engine that can help you dispute any errors you find on your credit report. Try it risk-free with our free membership tier. Get in touch with Dovly today.

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