PENNSYLVANIA, USA — With Christmas just ten days away, Americans are scrambling to finish up their holiday shopping and cross off those last few presents still on the list.
While many get wrapped up in the idea of picking out the perfect gift for their loved ones, it’s important to budget yourself so you don’t break the bank this Christmas.
Dr. David DiRusso, a professor of marketing at Millersville University and department head of the Managing Marketing Department offered some financial advice to last minute holiday shoppers on how to budget this season.
He says to “set your budget before you start the shopping process. A lot of people just think in their minds what they can afford and what a good number is and they go about it without actually doing the planning.”
Next, when you’re actually out at stores or buying gifts online, Dr. DiRusso says it’s crucial to track your spending while you purchase those final gifts to avoid overspending.
“Retailers don’t want people doing the math as they shop because that makes people spend less, it makes them spend a little bit more rationally” he said.
One of the best ways Dr. DiRusso suggests to avoid spending too much, especially in-stores, is by simply browsing around online to get an idea of what’s in stock and what the prices are for things.
“A lot of times people will go to the store expecting to buy a $50 item, they see it’s out of stock, they see that there’s $75 or $100 versions there, they panic a little bit, and decide that they don’t want to disappoint, and they buy the more expensive item," he said.
So when should holiday shoppers plan on heading to the stores over these next ten days?
Monica Trego, the marketing director for the Tanger Outlets in Lancaster says it’s best to kick it out at the beginning of the week to avoid the weekend crowds.
She also advises putting together a little map of all the stores you plan to hit before heading out to save time.
“I always like to visit the website," she said. "We have a deals page, so it’s going to tell you what retailers are having the best sales because they change weekly. It will keep changing until Christmas."
According to Trego, most shoppers are heading directly to the back of the store to the clearance section to purchase something quick and cheap.
“Right now, I’m seeing some of the incredible deals that we had over Black Friday," she said. "Up to 60 or 70% off. Again, visiting that deals page really gives you a good overview of the best sales going on."
One benefit of finishing up your Christmas shopping in person—select retailers will sometimes include a free gift with your purchase. But Trego says you won’t know about it until you’re in the store.
According to Dr. DiRusso, the biggest mistake shoppers tend to make around this time of year is waiting until the last minute to do their Christmas shopping.
He says by not allocating enough time to get your shopping out of the way, it encourages people to start recklessly spending and racking up charges on their credit cards.
“Waiting too long gives you less time to plan this process out, gives you less time to create that budget, gives you less time to actually shop," Dr. DiRusso said. "It forces people to then pay exorbitant amounts for one or two-day shipping to get things to their household. So, the sooner you buy, the better position you are in to buy the best deals for yourself and to stick to your budget.”
By following these simple steps and tracking as you spend over these next few days, you'll be on your way to wrapping up your Christmas shopping in an affordable manner.