ORLANDO, FL. (Ivanhoe Newswire) – Another month has gone by and it’s another month the feds have raised interest rates. That means higher prices on just about everything as we head into the holiday shopping season.
More than 59% of Americans are stressed about buying gifts due to higher prices, and 27% of people expect to go into debt for holiday gift-giving. According to bankrate.com, 40% of holiday shoppers said inflation is changing the way they shop.
But there are things you can do to help save money this season, according to Ivanhoe.
Half of holiday shoppers said they started shopping before Halloween, and they’re planning to buy fewer items and less expensive brands. They’re also planning to put more on their cards.
“They will charge, charge, charge and not realize what is that interest rate if you can’t pay it off the very next month,” says Jeannette Bajalia, a financial planner and president/founder of Woman’s Worth.
One thing the experts are saying to do: start buying now. It will allow you to spread out your cash flow and find the best deals.
“If you’re gonna buy your kids, grandkids gifts, then start now finding them at low affordable costs. That’s the first thing, the second thing is do a budget,” Bajalia added.
Use a gift-tracking app like Santa’s Bag where you can keep tabs on what you’ve bought, the cost and who it was for.
Sign up for loyalty programs to earn points for merchandise and take advantage of discounts. Also, you’ll be the first to know about a sale or a product coming in stock.
Now is a good time to learn to stack discounts. Go online and use credit card rewards, combined with online shopping portals and store coupons.
Snap photos of your receipts then use an app like Fetch Rewards to earn points that are good toward free gift cards at stores such as Amazon, Target and Walmart.
Consumer experts say shelves will be full, but they will be full of lower-priced options to help mom and dad make the most of the money they do have, and remember: “Just don’t spend any more than you can afford. It’s just it, the future is more important than the now,” Bajalia said.