With the average consumer spending a little over $900 during the holidays in 2021, how will the inflation we see impact consumers in 2022? Well, with inflation being the hot financial topic this year, your $900 last year will only be able to buy you about $810 worth of gifts. So, if you’re on a budget, there are many unconventional ways you can buy your family the presents they deserve without breaking the bank!
Here are 3 easy to follow tips that will help you make the most out of your holiday spending!
1. Facebook Marketplace.
Recently, I was looking to invest in a new computer monitor and said,
Well, I found a monitor that is about $250 new, for $50. Kids aren’t going to know the difference between whether something that is lightly used versus new. AND your dollar will go further by going in a direction most people aren’t considering.
This will directly undercut the rise in prices we’ve seen because you’re going to be buying everything at a discount that is much greater than what we’ve seen compared to inflation this past year. Basically, it’s black Friday 365 days a year on the Facebook Marketplace.
2. Give Yourself a Limit.
With the “Buy Now” options and all of the easy ways it is for companies to charge you nowadays, it will be wise to give yourself a limit BEFORE you start buying gifts. The way I’d suggest doing that is literally going to the bank and pulling out the cash you’re willing to spend for the holidays.
As you start to spend gifts use the cash as much as possible and that way you can literally track how you’re doing in terms of your spending. Psychologically it’s much easier for you to comprehend how much you’re spending when you see the cash leaving your pocket and becoming smaller and smaller.
3. Invest Into Your Family’s Future.
Whether it’s a vacation or an interest, you can make purchases that will teach your children the skills they need to become successful in the future. For example, maybe your child wants to be a graphic designer, you can invest in #canva or #adobe so they can start learning how to use it. Or maybe your kid wants to be an architect? You can buy Legos and complete that as a family.
Buying the latest and greatest toys will eventually not be popular. Like anything, your children will move on to something else that piques their interest. By investing in something that is interactive, you can purchase a yearly subscription or just go month to month. That way if your kids find out they don’t like something, you can just cancel the subscription at any time. This is much easier than having to go back to the store and return a gift.
Co-Founder of 369 Financial