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How to Beat Inflation and Save on Holiday Shopping

holiday gift wrapped in paper

person with shopping bags in front of holiday tree

Costs are up across the board, but steep price tags do not need to lead to a busted budget. You can beat inflation and save on holiday shopping this year. Here are our tips to get you started.

Set a budget – and keep it

Make a clear budget for the holiday season, including all expenses you expect to encounter, and set a dollar amount for each. Don’t be afraid to set amounts that seem like a stretch. Challenge yourself to lower your holiday spending and find creative ways to make the season festive without landing in deep debt. You can do it!

Look for deals and discounts

In spite of inflation, you can still find great deals and coupons to bring down the price. For example, electronic devices will go on sale in late November, while toys are always marked down the weeks just before Christmas. Keep an eye on Black Friday and Cyber Monday deals, as well as other seasonal promotions. Retailers often offer significant discounts during these events, allowing you to stretch your budget and get more for your money.

Consider DIY gifts

Get creative and consider making some gifts yourself. DIY presents not only add a personal touch but can also be more cost-effective. Whether it’s homemade treats, crafted items, or personalized photo albums, thoughtful gifts often hold more sentimental value.

Opt for group gifting

If you’re planning to buy a substantial gift for a family member or friend, consider rallying others to pitch in. Group gifting not only reduces individual financial burdens but also allows you to give a more significant and meaningful present.

Use these tips to beat inflation and save on your holiday shopping! Happy holidays from all of us at Elevate Credit Union.

If you enjoyed this article, you can find more just like it on our MoneySmart Tips blog.

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