This holiday season each of us is expected to spend about $998 on gifts. That’s a lot of money! In addition, the average household already owes nearly $8,000 in credit card debt. During this expensive time of year, you should keep an eye on your wallet.
WalletHub’s editors have compiled six-holiday shopping tips to help you give more, spend less, and worry about money as little as possible. Check out these helpful tips to spend less and give more this holiday season below.
1. Make A Budget & Payback Plan
It might seem like broken-record advice, but you should really determine how much you can afford, who you need to buy gifts for, and what other expenses you are likely to incur. Plan your budget accordingly. WalletHub, of course, makes the process easier for you by offering a suggested budget for the holidays. However, you should still plan how to use it wisely if you want to make everyone, including your wallet, happy. It’s easy to get so caught up in the holiday spirit that your wallet suffers a nasty New Year’s hangover. The last three months of the year are typically when we rack up the most credit card debt. Consider a 0% APR credit card if you expect to need more than one billing period to pay off your holiday expenses. Use a credit card payoff calculator to make sure you’ll be out of debt before the regular interest rate kicks in.
2. Avoid Retailers’ Special Financing Offers
Do not use your normal credit card or take advantage of retailer financing if you anticipate that your holiday expenses will lead to a balance you can’t reply to immediately. Credit cards often charge high-interest rates – the average is about 19% – and if you didn’t get one specifically for financing, it probably won’t be helpful. In addition, most of the store credit cards that offer 0% introductory rates come with deferred interest, which can result in unexpected costs. Instead, find a general-purpose card with no annual fee and the longest possible 0% intro period.
3. Have A Rewards Strategy
Credit cards offer historic value right now. According to our latest Credit Card Landscape Report, the average rewards credit card offers an initial bonus of $206 in cash or 27,156 points/miles. In addition, the best offers can be worth over $500. Basically, the right card could cut the average person’s holiday budget in half. Plus, wouldn’t you be thrilled about a 10% – 30% off sale at one of your favorite stores? Well, that’s the discount some of the best store credit cards give you on your first purchase. Even the best cash-back credit cards can save you 2% on everything. You just need to apply soon enough to have your new card by the time you do your shopping.
4. Hunt For Deals
The best retailers for Black Friday usually give up to 70% off. The best Cyber Week deals are almost as sweet, offering as much as 60% off. And those are just the high-profile annual options. Retailers also hold more impromptu sales this time of year, and you can often find big-time savings online from sites such as eBay. Moreover, perusing “daily deal” and coupon sites, comparing prices from various retailers, and avoiding last-minute transportation all are among the myriad ways we can keep holiday costs in check.
5. Give Cash
It might seem impersonal, but cash is also much simpler and infinitely more versatile than any other present you could give. Gift cards are another good option, especially since the most popular offers have decent resale value. You can also give gift cards for shares of companies’ stock.
6. Give Back
Roughly one-third of the year’s charitable giving occurs during the month of December, according to various reports. So why not join the merry crew spreading holiday cheer to those in need? There are plenty of great causes to choose from if you’re feeling generous, and your donations will help you out when tax season rolls around if you itemize your deductions.
Need Some Winter Fun?
Here are 8 Ways to Spend Your Winter Days in Charlotte
1. Take a Brewery Tour
ShareWe have a lot of beer here in Charlotte. There are actually 30+ breweries throughout the Queen City and there’s nothing like wearing your favorite sweater and enjoying a cold brew. If you need something to do on a cold winter day, try doing a brewery tour. In addition to charming fire pits and fun taprooms, you can also enjoy the winter season by discovering new beers.
2. Go See A Panthers Game
ShareAttending a Carolina Panthers game is a Charlotte must. With football back (Yay) who wouldn't love wrapping up in your warm team gear and cheering on our boys? Okay...you might get a little chilly out there in the stands, but the Carolina Panthers are right here in the QC and a game is a perfect way to spend the day. Wear some gloves and go, team!
3. Go Ice Skating
ShareWhy not spend the morning or afternoon exercising and enjoying some ice skating? Charlotte has multiple places you can ice skate. The USWWC has an outdoor rink that opens November 11th and there is also an outdoor ice rink in Rock Hill. In addition, there is a great indoor rink in Pineville with open skate times and an indoor bar for breaks.
4. Go to a Charlotte Hornets Game
ShareEnter the swarm and take yourself to see at least one Hornet’s game this year. In the winter, you can enjoy a seat in the hive while watching some talented basketballers shoot some hoops and enjoying classic stadium concessions all in the comfort of the stands. It's warm and cozy and so much fun! A Hornets game is a memorable and exciting experience for all ages, regardless of whether basketball is your thing.
5. Go to the Movies
ShareI love the movies. Now that they are back open, you can keep warm and be entertained by heading to one of our many Charlotte movie theaters.
6. Go to the Spa
ShareNeed to relax? How about a day all about YOU? The spa is just the place. Charlotte has a bunch of spas and it's a great way to enjoy a winter day. A visit to the spa in winter is truly a leisure everyone should experience.
7. Take A Carriage Ride
ShareYou will find this unique winter attraction pure bliss if you love horses and Charlotte as much as we do. Located at the intersection of Trade and Tryon, Charlotte Center City Carriage Tours offers a delightful way to see uptown Charlotte. You will receive a blanket during this historical and magical journey, and you are welcome to pet the horses before and after. You can see more on scheduling a carriage ride at their website.
8. Go Golfing Indoors
ShareThere are two Charlotte locations for Top Golf. During winter, Topgolf's heated, climate-controlled bays are the perfect place to warm up. I've done this before and I loved it! There are drinks, golf, and snacks to enjoy.
