With the holidays now over, it probably feels good to be done with all that shopping. We collectively spent roughly $985 billion on holiday shopping this year. That is a staggering number to look at and one that points back to the role Christmas shopping plays in the American culture. While you may want to take your foot off the pedal and not think about major shopping for another eight to 10 months, now is the time to start thinking about next year.
It may seem painful, but planning your holiday shopping now can save you good money if you do it right. Here are some tips to help you do just that:
1. Let retailers make it easy for you.
If you’ve ever been shopping during the days and weeks after Christmas, or any major holiday for that matter, you’ve likely seen significant discounts on things that were at full price only several days prior. Why is this? It’s because the retailer overestimated the amount of products they needed and thus need to move their excess inventory in order to get ready for the next holiday. It may seem like a crazy cycle, but it happens every year.
This is a perfect opportunity to start saving on Christmas shopping as it means you can generally save 50 to 75 percent off normal prices on things you may be purchasing anyway. It can be hit or miss in regards to what you might be able to find, but it can be a goldmine on many occasions. It is not uncommon to find deals on things like decorations, cards and wrapping paper. If you went through most of these items, then it makes sense to stock up as opposed to paying full price months later. The same can be said in regards to shopping for gifts. If you had your eye on an item for a certain someone but didn’t want to pay full price, it may be worth it to see if it’s on sale now. As with any sale, make sure to be discerning as overspending to get a deal isn’t saving.
2. Plan ahead for the big savings.
Here’s the thing about the winter holidays: We know they’re going to happen every year in December. Use that knowledge to your advantage and start planning for the holidays now as opposed to forgetting about them for the better part of a year. That might seem or feel impossible, but is most certainly doable. There are a variety of methods you can use to plan ahead for your shopping, with budgeting for them being the most practical.
Take a look at what you spent this year and determine if there are any areas to cut or increase and divide that number by twelve or even by four. This will allow you to set aside money on a monthly or quarterly basis to help prevent scrambling for money when the season rolls around next year. This strategy can also provide the confidence of knowing where the money is going to come from when you do begin to shop.
3. Readjust your overall strategy for the holidays.
Planning ahead and budgeting for holiday shopping really helps in the money saving department because it will allow you to plan out your shopping more strategically. There is a common myth many believe that Black Friday is the best time to shop for deals. In some cases that might be true, but in many cases it’s not. If you’re putting off your Christmas shopping until Black Friday or later with the expectation that waiting will save you money, it’s more likely that you’re overlooking greater savings opportunities throughout the year.
In reality, different categories of items experience their biggest discounts at different times of the year, so you’ll benefit from being on the lookout constantly and staying flexible. By budgeting for holiday shopping now, you will be well positioned advantage of deals as they arise so you can get the most bang for your shopping dollar. The side benefit is that it will hopefully allow for a less stressful holiday season, which should really be the goal.
Christmas may have just ended, but the time to start thinking about next year is now.
More from U.S. News
11 Ways to Save Time and Money
50 Ways to Improve Your Finances in 2015
10 Strategies From Super-Saver Shoppers
How to Get Started on Your 2015 Shopping List originally appeared on usnews.com
