Holiday Shopping: Universal Financial Tips And The Impact Of COVID-19
‘Tis the seasons for holiday shopping…
‘Tis the season for holiday shopping but how do you check everybody off the list without breaking the bank? It’s a good question and a very common one at that. In many ways, this holiday season has been impacted by the implications of the COVID-19 pandemic, however, in many ways, it also hasn’t. In this article, we will offer a variety of universal shopping tips to help you through this holiday season and the many to come!
Make a List and Stick to it!
Before you even begin to think about holiday shopping, determining your budget is vitally important! You want to make a budget you can truly stick to with limits for each person on your list. These limits will help you avoid overspending or buying something you don’t actually need just because of that blowout sale.
When making your budget and setting limits, make decisions based on your personal financial picture. Everyone has a different financial situation, just because someone buys you a particularly nice gift, does not mean you need to reciprocate with a gift of the same cost, especially if it’s going to break the bank. Remember, it truly is the thought that counts!
You might be able to avoid this situation entirely in your own families and social circles by setting gift limits, suggesting a grab-bag style event, arranging a Secret Santa Style gift swap, giving group gifts, or something similar.
Price Shop & Lookout for Coupons
When shopping for specific items, check the price at several stores, both in-store and online, before making a final decision. If you see your product at a cheaper price but prefer a specific retailer, you can always ask the store to price match as most stores offer a price match guarantee.
You should utilize a variety of online sources for coupons throughout the holiday season and be sure to take advantage of any discounts you may be eligible for. These might include discounts for those in the military, students and teachers, or retirees. Additionally, keep track of rebates!
So many products offer rebates knowing that most consumers do not follow through on them. If you purchase a product offering a rebate, be sure to follow up in order to recoup some of the cost.
Shop Local!
If there were ever a time to consider shopping local, this is it! Gifts from (or gift cards to) local boutiques, restaurants, breweries, grocers, and more, all make great gifts for nearly anyone on your list.
Although gift cards can sometimes feel impersonal, a more personalized local gift card can add a more personal touch. (Plus, studies show that gift cards are actually a highly desirable gift for a large segment of the population) Shopping local provides a meaningful way to give back to the businesses in your community, many of whom were hit particularly hard by the headwinds of COVID-19.
Although other options may be more convenient, some people on your list may truly appreciate the effort to shop local this holiday season, particularly if they are business owners themselves.
Don’t forget about Small Business Saturday following your Black Friday shopping spree. The event was launched by American Express in 2010 and provides a way to show appreciation and support for these businesses in your community!
Consider Alternative Gifts
I know we all say, “It’s the thought that counts,” but it really is true. Alternative gifts are a great option for almost anyone on your list, especially the recipient who already has everything and more! You might choose to cook, bake, or create something special for your family and friends this year. You can use festive tins and pair your creation with a bottle of wine or a homemade card. You may choose to give the gift of time or an experience as opposed to a standard gift. While the packaging may not be quite as pretty, this is something your recipient will likely remember for years to come.
For the person on your list who actually has everything, you might consider making a charitable donation on their half. Not only is this socially and emotionally rewarding for you and your recipient, but it may also be financially rewarding. Charitable giving provides possible tax advantages depending on your personal financial picture. Should you choose to incorporate charitable giving this season, consider having a discussion with your financial advisor in order to do so strategically to not only reap the potential tax benefits but also to make the most of your donation!
If donating is not a viable option for you this season, volunteering your time is a sure-fire way to truly embrace the holiday spirit. Gather your loved ones and find a cause that you can all contribute to. There are many ways to get involved in your community, yes, even virtually, and often the need is greater than ever during the holidays.
Written by Kaitlyn Keeler
Kaitlyn is an enthusiastic client service intern that assists our advisors with your accounts. She is an attentive business student with a concentration in finance.
