Holidays often pose budget challenges, thanks to holiday deals, sales and gift-giving — but there are always ways to save.
According to a recent Experian survey, 89% of consumers admitted they’re tempted to spend more than they should during the holidays. Additionally, 94% said they’d be tempted to make an unplanned purchase if the item were on sale. Over half (55%) also said that holiday deals have caused them to overspend, particularly on gifts for others.
But shoppers are determined to save this year, with 67% stating it’s more important to save money than give the best gift and 69% feeling motivated to improve their finances before the holiday season.
Try This: 3 Things You Must Do When Your Savings Reach $50,000
Read More: 5 Key Signs You’re Already Spending Too Much This Holiday Season
Here are the top five categories where holiday shoppers typically overspend, based on Experian’s survey results, and how to save on each.
Trending Now: Suze Orman’s Secret to a Wealthy Retirement–Have You Made This Money Move?
Three-quarters (75%) of respondents said they typically overspend on gifts for others during the holidays. One way to save money on gift-giving is to embrace regifting or repurpose low-cost gifts.
Regifting often has a negative connotation, which is why it’s important to be strategic. Etiquette expert Lisa Mirza Grotts previously explained to GOBankingRates that her No. 1 rule for regifting is to never regift within a specific social circle. Make sure the person receiving the gift doesn’t know the friend who gave it to you.
It’s also good to make sure the gift isn’t used and to freshen up the package. You should also tailor the gift to the receiver and make sure it’s not an obvious regift.
Check Out: Here’s How Much Americans Plan To Spend on Gifts This Holiday Season — Is It Too Much?
Sale items are tempting, but when you feel obligated to make a purchase even when you don’t need it, it can be a problem. Over one-quarter (27%) of survey respondents said they overspend on sale items they don’t need.
According to Forbes, research shows that powerful marketing can resonate with individuals and trigger an immediate desire for a product or service or a fear of missing out. Impulse buyers are also emotionally driven, and even a store’s ambience and display can influence emotions and decisions.
To avoid overspending on unnecessary items, create a list and stick to it. Pause to reflect before purchasing and try to pay with cash instead of a debit or credit card. Swiping a card makes it easier to overspend, but if you physically have to hand over cash, you can see exactly how much you’re giving away.
