Smart Holiday Shopping Tips
The holidays are an exciting time, but they can also be an expensive one.
Many people have tightened their belts during the last year because of the
troubled economy, but that doesn’t mean you have to miss the joy of giving
presents to loved ones or indulging in fun celebrations. The Iowa Society of
Certified Public Accountants advises that there are some smart steps you can
take to ensure that you are a savvy shopper even during what can be a costly
season of the year.
Make a List … And a Budget
It’s always a good idea to bring a shopping list with you when you go to a
store, whether you’re purchasing groceries or on the way to the mall. You’re
less likely to make impulse purchases when you have a clear shopping agenda
in mind. But before you get to that list, you first should prepare a budget
that spells out how much money you can realistically afford to spend on
holiday gifts this year. Then decide what you plan to spend on each person
on your list.
Consider the Extras
As part of the budgeting and list-making process, remember to include the
cost of wrapping paper, mailing, decorations, holiday cards, and any other
expenses associated with the holiday season. That way you won’t face any
unwelcome surprises.
Monitor Your Spending
A budget and a shopping list are great tools, but be sure to keep a
record of how much you are actually spending as you go to see that you are
not exceeding your budget or buying more than you intended.
Take Advantage of Sales
Many retailers have sales at this time of year, so it’s a good idea to
shop around and determine who has the best price. But keep in mind that a
low price does not always mean a good value. It’s best to compare prices at
several different retailers because a “sale” item at one store may still
cost more than the same merchandise at another shop. If you know you can get
a better deal elsewhere, see if the retailer will match or beat the lower
price. Remember, too, that a purchase is not really a bargain if it isn’t
truly what you need or doesn’t suit the person receiving the gift. Hold on
to your receipts in case a return is necessary and ask for gift receipts so
recipients can change a present that isn’t right for them.
Watch Your Wallet
All your careful planning may not matter if you fall victim to a crime.
And that’s quite possible at this time of year, because the holiday shopping
rush tends to attract pickpockets and other thieves intent on separating you
from your money or valuables. Be sure to store your wallet in a secure place
that would be difficult for a pickpocket to get to, and hold on to it when
you make a transaction. Also remember to get your credit or debit card back
from the salesperson after every purchase. And don’t leave your packages
unattended when you’re buying something, as they may disappear while you’re
distracted.
Turn to Your CPA
Prudent spending at the holidays is one of many smart steps you can take
to make the most of your money. If you want to learn more ways to spend
wisely, remember that your local CPA can help. He or she can answer any of
your questions about financial issues facing your family. If you are looking for a CPA, go to
www.findanIowaCPA.com.
