This may be a couple weeks too late, but it is still important. During the holiday season or for any major celebration, it is common to pull out your trusted credit card and get to shopping. The problem comes at the end of the month or the beginning of next month when you get your credit card statement. As an accountant in Reno, I wanted to take a second to discuss holiday shopping.
Although you may feel compelled to buy everything on someone’s shopping list, you and your family could try some great alternatives this holiday season.
Set a Per Person Limit
Whether you are buying for mom, dad, your significant other or a friend, set a shopping limit. Talk with the person that you want to buy a gift for and come to an agreement on a shopping limit. This is a great strategy for a couple of reasons. First, it allows you to budget your holiday spending and, as an accountant in Reno, I am a fan of budgeting. Second, it forces you to shop. If you come to a $25 arrangement with somebody, what are you going to do? You are going to go and find the best gift or gifts that you can for that price. This means that you are going to shop smarter.
Another idea is to draw names. This idea is more applicable to families, but can work with a group of friends. Simply gather the family around, place each person’s name in the hat, and then draw. Whomever you draw is the person you will shop for. Having to shop for one family member means that you can spend more time on that person and afford to buy them something nicer than you would have if you had to shop for everybody.
Check Three Stores
Once you have your shopping list for each person you should go to three stores before you buy the item. Although you may think you have found the best deal, you never know what the next store will have.
Wait 24-48 Hours
Once you have found the item you want to buy someone, especially if it is a more expensive gift, you should wait 24 – 48 hours before purchasing it. With that said, make sure that the special will last that long.
My goal, as an accountant in Reno, is to help you save money and manage your finances. These are just a couple of tips to help you get through the holiday season.