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PERSONAL FINANCE
Holiday shopping hacks: Spend less, save more this season.
New York Life | November 15, 2024
With major shopping days like Black Friday (November 29), Small Business Saturday (November 30) and Cyber Monday (December 2) on the horizon, it’s easy to get swept up in the excitement. Here are some smart shopping tips to help you save now and all year round.
1. Don’t forget to shop small on Small Business Saturday
On Small Business Saturday take the opportunity to support your community by shopping at local businesses. This day is a powerful way to boost the local economy and strengthen neighborhood ties. For small business owners, it’s also a prime day to boost visibility and sales.
If you’re a small business owner, make sure to prepare well in advance. Stock up on best-selling items and extended store hours. Partner with nearby stores to create cross-promotions, like offering discount coupons for each other’s shops to encourage more local shopping.
For additional support, check out New York Life’s small business resources to maximize your business potential.
2. Stay in control and resist impulse buys
With all the holiday savings going on, you’ll likely see nonstop ads and enticing promotions. These sales can create a sense of urgency, playing into the fear of missing out (FOMO) and competitive shopping. But remember, just because everyone else is shopping doesn’t mean you need to join the rush.
3. Stick to what you really need
Sales holidays like Black Friday and Cyber Monday can lead to buying items you don’t actually need. A great way to avoid this is by making a shopping list in advance. If you’re buying gifts, list out the specific items you need and stick to it. For big-ticket items, do your research ahead of time and only buy if they’re truly on sale.
4. Track every dollar you spend
When discounts are steep, it’s easy to focus on how much you’re "saving" rather than what you’re actually spending. Before you buy, think about whether the item is worth the cost, not just the discount. And remember, avoiding the trap of spending your “savings” on other items will help you truly save money.
Looking for more tips on holiday spending? Check out our seasonal budget plan. While everyone else is diving into sales, you can take control of your finances, spend wisely, and even save more than you expected. Sometimes, a little planning goes a long way!
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Media contact
Kevin Maher
New York Life Insurance Company
(212) 576-7937
Kevin_B_Maher@newyorklife.com