How to prepare your wallet for the Holiday Shopping season
CHATTANOOGA, Tenn (WDEF) – The Holidays are here and while this is a time to celebrate with loved ones…it can be pretty stressful not only on you but also on your wallet.
“It is the season for giving. Just don’t give so much that you end up in a much worse situation later,” says John Vandergriff, Blue Ridge Wealth Planners.
Most Black Friday deals are already available to shoppers. While early shopping and online spending has its perks, there are some things you need to know to keep your money in check.
“The main thing we have to look at is revisiting the items that we are looking at to make sure this “great deal” that we’re looking at is actually a deal. So we have to make sure we are getting a good deal and recognizing the opportunities that are out there but also not making impulse buys,” says Vandergriff.
Last year shoppers spent over $11 billion dollars in online purchases and this year those numbers are expected to increase.
With Black Friday and Cyber Monday just a few days away e-commerce is on the rise.
“Try to figure out who it is you are buying for, what things are you looking for on the onset of it. Then seeing it and holding yourself to the budget you have to see if you are close. I think too many times whether it’s clicking or in the store we can get too much momentum going and then things start to show up in the physical or digital cart that we necessarily didn’t want or envision we would need on the front,” says Vandergriff.
Financial experts say being prepared for the holidays and the added expenses will help your wallet in the long run.
“You want to start with the things that are non negotiable first. Like big time debts, mortgage, car payments, utilities. You want to make sure you outline what you have flexibility on and what is that we are trying to make decisions on. Also I think sometimes when it comes to budgeting too many times people don’t do work throughout the year to get into a position to have the flexibility to be able to spend what they want to,” says Vandergriff.
Shopping for deals can save you money, as long as you remember to shop carefully and securely before swiping that card.