7 Ways to Shop Smart this Holiday Season

BY SHARON ARREY, MBA Finance & Accounting

Smart shopping tips

With the holiday season here, I have been thinking of ways to shop smart, get great gift items without exhausting my budget.  The National Retail Federation reports that this holiday season, retailers are targeting serious bargain hunters. Their research shows that consumers in the U.S. plan to spend an average of $682.74 on holiday related shopping this year compared to $707.01 last year (a 3.3% drop from last year). About 65.3% of Americans say the economy has affected their holiday plans this year with a majority saying they are adjusting by simply spending less this year. 84.2% will be shopping sales, 55.0% using coupons, 41% recycling last year’s decorations, 55% buying practical gifts and another 40% buying joint gifts. This obviously indicates that many are already making financially smart adjustments.

Here are a few tips on how to shop smarter:

1. Don’t get hung up on black Friday. The whole “black Friday” shopping is not always such a smart shopping move, simply because it is only blown out of proportion for commercial purposes. Many retailers like Amazon.com offer several pre-black Friday deals on electronics beginning in early November. Other retailers offer free shipping and a large selection of sales weeks before black Friday to draw in more consumers as well. Good deals are usually extended over the holiday season. It is also important to note that smart shoppers actually start shopping on the day after Christmas, which honestly has better deals than black Friday.

2. Make a shopping list. Before you leave home, be sure to have a list that you plan to stick to no matter what. It’s crucial to be disciplined especially because the shops are set up to tempt you into spending more than planned.

3. Use coupons and look for discounts. Coupons are a great way to save money. Look for coupon codes and discounts on items that are on your list only; do not try to save money by spending on things you do not need. Celebrities and other well known personalities are shopping smart too these days too …

4. Create a “sale” email account.  This is an extra email account just for email updates and announcements from your favorite and most visited stores. Check for items on sale for great deals before you hit the shops.

5. Use consumer reports to chose quality over quantity. Review a product before purchasing it.

6. Research. Knowing the price of a product and where to find it by researching online saves you time  and effort. Remember that many stores offer price matching these days, this is an incentive you can take advantage of.

7. Bargain. Sounds funny? Do not be afraid to bargain or negotiate on price. It may be embarrassing but hey, it never hurts to try!

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