Holiday cheer doesn’t have to break the bank
Gallup: 86 percent of Americans plan to buy holiday gifts this year
(InvestigateTV) — Many Americans are stressed out about the cost of the upcoming holidays, but experts say a little planning and strategy could help alleviate overspending.
Dominique Washington with Bank of America said just like people make spending plans for everyday expenses, they should create one for the holiday season.
“You want to make sure you know who you’re buying gifts for, what those amounts are going to be,” Washington said. “And you have that plan together where you can track it and hold yourself accountable to stay within those limits. Then the other thing is just being strategic about using different rewards systems during the holiday season so you can gain cash back.”
A lot of people use cash rewards from credit cards. Washington said shoppers can strategically redeem those rewards not only to earn cash back on purchases but also to jump-start savings for the next year.
He also suggested using phones to constantly price check while shopping.
“It’s so easy to just be able to shop whether you’re online or in person and look at that exact item, do a Google search, and see what’s available at other retailers,” he noted.
Washington said it may sound old school, but one of the simplest ways to save is to ask these questions:
- Ask retailers or a chatbot about current promotions.
- Ask if the store offers price matching on identical items.
- Ask about price guarantees, in case something you buy goes on sale soon after purchase.
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