ROANOKE, Va (WFXR) — With the holiday season around the corner, inflation is still rising as shoppers start to make their holiday shopping lists.
A new poll shows shoppers are expected to spend $507 on gifts up slightly compared to last year, and with high prices, shoppers are recalculating how much they can spend, with many expressing they plan on purchasing fewer gifts.
According to the National Retail Federation, more people plan on shopping now (November) to expand their shopping budget.
So how can you shop without going over budget?
- The Better Business Bureau (BBB) suggests limiting how much you can spend per person. They say to be honest while making that list, and ask yourself, “can you still afford this gift after your own financial needs are met?”
- Experts say, plan on buying fewer gifts this year, to stay on budget.
- Check prices and comparison shops, the trend for this year are shopping at budget-friendly stores.
- Track your spending, even the materials you are using to wrap.
- If possible create a special saving account, just to keep you on task.
“Have two accounts, one where the money goes in there where you never see it, and never touch it, that’s that rainy day emergency type of fund, and then you have one where you put a little bit away maybe to save for the holidays or save for a trip, and you use that, but you need to think this stuff through and be deliberate on what you are doing,” said Julie Wheeler, President and CEO of BBB Serving Western Virginia.
Another tip to keep in mind is to keep an eye out for all the big sales coming up, several companies like Walmart and Target are already offering deals.
The National Retail Federation says 62% of people will do everything they can to get holiday gifts for their loved ones. That includes cutting back on other areas so their loved ones get to spend the holidays like they always do.