The holiday season is a time for generosity and giving. However, amidst the tempting holiday sales, it’s easy to end up spending more than you intended and losing money unintentionally.
Retailers have long used coupons and discounts as tactics to boost sales. These strategies have proven effective for decades. According to a 2018 survey conducted by the Center for the New Middle Class, shoppers tend to overspend when they shop sales, with a 50% higher likelihood to exceed their initial budget. Additionally, using coupons can lead to overspending by 38.5%.
While it’s wise to take advantage of sales and coupons, it’s essential to be mindful of their influence on your spending habits. Before making a purchase based on a discount, ask yourself if you would buy the item at full price. If the answer is no, consider the purchase carefully to avoid impulsive spending. Setting a specific budget for your holiday shopping and withdrawing that amount in cash can help you manage your expenses more effectively.
Creating a shopping list is another effective way to regulate your spending. By planning out your purchases in advance, you can allocate your budget efficiently and even designate a portion for discretionary spending.
