By Janet Currie
With the holiday shopping season upon us, it’s easy to get caught up in the excitement of gift-giving. According to a recent Bank of America consumer survey, 2024 holiday spending is expected to be 7 percent higher than in 2023, with consumers spending an average of nearly $2,100. But while finding the perfect presents for family and friends is top of mind, 62 percent of Americans anticipate feeling financial strain around holiday expenses. With a little planning and some smart shopping strategies, you can enjoy a festive season without breaking the bank. Here are a few tips to help you shop smarter this holiday season:
Start early and set a spending limit
Planning ahead – no matter when you begin shopping – is key to managing your holiday budget. Start by creating a list of everyone you plan to shop for and estimate how much you’d like to spend on each person. Incorporating these holiday expenses into your monthly budget can help you achieve your savings goal by the time the season arrives. To avoid impulse buys, create a shopping list before you start browsing, keeping you focused on what you truly need.
Maximize your holiday spending with rewards
According to a recent Bank of America survey, 40 percent of people are using credit card rewards to cover some, or all, of their holiday shopping. To make your spending go further, consider using a rewards credit card that offers cash back or points on purchases. Cards like the Bank of America Customized Cash Rewards credit card allow you to earn 3 percent cash back in a category of your choice, including online shopping. Cozy up with a warm drink, check off your shopping list, and earn rewards on every purchase you make.
Find creative ways to save on gifts
Gift-giving doesn’t have to be expensive to be meaningful. There are plenty of ways to stay within your budget while showing loved ones you care:
- Look for deals on experiences: Experiences often make the best gifts, and there are plenty of holiday discounts available. Whether it’s discounted tickets to an amusement park, a couples’ massage or a meal subscription for home dining, experiential gifts can offer lasting memories without the high price tag.
- Opt for thoughtful, not expensive, gifts: It’s the thought that counts. Homemade DIY gifts, acts of service or sentimental presents can be just as meaningful as store-bought items—especially when paired with your time and effort.
- Go in on group gifts: If you’re watching your spending, consider group gift exchanges like White Elephant or Secret Santa. This way, everyone can participate without the pressure of buying individual gifts for each person.
By planning ahead, making strategic purchases, and thinking outside the box, you can enjoy the spirit of the season without stressing about your bank account. Happy holiday shopping!
Janet Currie is the president of Bank of America Greater Maryland.
The post How to spend smarter this holiday season appeared first on AFRO American Newspapers.
