Though it’s only mid-October, you’ve likely noticed Christmas items sharing shelf space with Halloween candy and costumes. Referred to as “Christmas creep,” this trend seems to arrive earlier and earlier every year, with stores including Macy’s, Costco, Sam’s Club and Wal-Mart reportedly decking the halls as early as mid-September.
It’s tempting to blame the retail industry for this too-early start to the holiday season. However, a recent CreditCards.com survey suggests that 34 million Americans started their holiday shopping at the end of September, giving credence to the industry’s assertion that they’re simply catering to the desires of their customers. What’s more, there is a strong case to be made for getting a head start on holiday shopping, not the least of which is spreading out the expense. The National Retail Federation estimates that total holiday spending will increase 3.6 percent this year to a whopping $655.8 billion.
[See: 9 Ways to Save When Holiday Shopping With Credit Cards.]
Whether you’re always the early bird holiday shopper or are simply trying a different approach this season, follow these tips to prepare yourself and your budget for the most wonderful time of the year.
Discuss expectations. Before you even plan your budget, chat with family about expectations for the upcoming holiday season. If you’d prefer to buy gifts for just the kids this year, now is the time to make that clear and get others on board. A more minimalist approach to the holidays is good for everyone’s budget. But it needs to be discussed ahead of time, so there are no surprises.
Plan your budget. The best way to craft a realistic holiday budget is to review last year’s spending. This task takes time, something you have very little of in November and December, so it makes sense to tackle it now. Once you identify where your holiday dollars tend to go, tailor your budget to this year’s plans. In addition to gifts, be sure to include travel and hosting expenses, extra food costs and often overlooked expenses, such as postage for holiday mailers and holiday tips for service providers.
[See: Big Budgeting Blunders — and How to Fix Them.]
Create a gift list. Start a list of all the people to whom you plan to give gifts and even brainstorm gift ideas to assign to each person. Don’t rule out do-it-yourself or homemade gifts for neighbors, co-workers and kids’ teachers, as these items cost very little but still convey the sense of caring and gratitude characteristic of the holiday season. In fact, making your gift list as frugal as possible now will help you avoid going into debt later. When crafting your list, consider using an app like Santa’s Bag, so your list and holiday budget are always within reach.
Start tracking prices. Specific gifts and purchases are better priced later in the year when holiday sales are in full swing. To avoid missing out on a great deal, create price-drop notifications through sites, such as MyAlerts.com and CamelCamelCamel.com. You can also research price histories on products using these tools, helping you better plan your holiday purchases based on when they typically see price drops.
Consider a new credit card. Many credit card companies offer bonuses of $100 to $500 to qualified consumers who spend a certain amount (between $1,000 and $3,000, typically) within the first three months. A new card can offset your holiday spending when managed responsibly and potentially offer richer rewards, depending on the cards you currently use.
[See: 7 Ways to Avoid Financial Stress Over the Holidays.]
Stockpile discount gift cards. Discount gift cards are a unique money-saver for the holiday season (and beyond), and can be used as gifts themselves or as currency to save money on actual purchases. Compare discounts between gift card re-sellers using GiftCardGranny.com and consider selling any old gift cards you have laying around for extra holiday cash. You can also redeem credit card points for gift cards to help offset your holiday budget.
Shop early for select items. Retailers want you to believe that Black Friday boasts the best deals of the year, but industry experts and savvy shoppers know better. Certain items are actually better priced right now, and it would be smart to cross them off your list while you still can. For example, jeans, costumes, camping gear and even select HDTVs are better values in October, according to DealNews.com. Fall is also a better time to schedule family photos for holiday cards since fall foliage and mild temperatures make for a better backdrop.
With holiday decor crowding retail aisles as early as Labor Day, it’s understandable that many consumers are unhappy about Christmas creep. However, there is value in starting your planning and shopping early, especially if it means avoiding the debt and stress that is increasingly characteristic of the holiday season.
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7 Tips for Early Bird Holiday Shoppers originally appeared on usnews.com
