Money Saving Tips During the Holiday Season
With Christmas just around the corner, gift-giving is inevitably on everyone’s minds these days. Christmas is looking very different this year however due to the COVID-19 pandemic. Research has shown that online shopping is expected to grow by 25 – 35% according to Deloitte’s annual holiday retail forecast.
Online stores have quickly adjusted to the growing times, with many online marketplaces slashing their prices for their Christmas sales. But there are other and better ways to save money during the holidays aside from going for the sale items and using online coupons.
Here are InLife’s all-time favorite money-saving tips for the holidays.
1. Set a holiday budget
If you want to keep your wallet and bank account intact, one of the best financial tips for the holiday season is to set a budget for yourself and stick by it no matter what. Determine how much you want to spend on gifts, decorations, and food. Then, add a buffer for unexpected expenses that may come up.
2. Make a shopping list
Write down each person you want to give a gift to and try to figure out how much you can spend on them. If you find you’ve gone over budget, consider revisiting your list. We know it’s difficult to miss out on some people, so consider offering your time or extending help instead of a physical gift.
3. Be smart about using your credit card
Paying with cash, a debit card, or an online wallet might be a simpler and smarter option because you can easily stick to your budget this way. Once the cash is gone, that’s the end of your shopping trip. With a credit card, it’s easy to keep swiping and going. And let’s not forget about the interest rate that goes along with your bill when you overshoot your due date. This can easily pile up and lead you to post-holiday debt.
4. Give gifts from the heart
2020 is a year unlike any other, and if there’s anything the world has collectively realized, it’s to be less materialistic and be more appreciative of the things we do have. Don’t stress about spending a lot on gifts, especially if your budget does not allow it. Instead of buying something expensive, why not buy something that is affordable but still meaningful?
5. Invest in the future
Flashy gifts cost a lot and are only good for a couple of seasons. Instead of splurging on a trendy bag or gadget, why not choose to invest in your loved ones’ future? Be more prudent without compromising on value this holiday season and invest in an insurance plan, the gift that keeps on giving.
InLife can offer you and your loved ones a wide range of insurance plans. From life insurance, education, health, and investment plans, InLife can help ensure your future is a bright one for as low as P1,700 per month!
It’s easy to get caught up in the holiday rush and go overboard with the Christmas spending. While it may feel nice to spoil our loved ones with fancy gifts, having to deal with the stress from overspending afterward is just not worth it.
Be a smart spender this Christmas and make wise shopping decisions you and your family will be grateful for!