We're barely into apple-picking season, but you may want to start thinking about your holiday shopping budget now.
Planning early can help you tackle the holiday season head on and stay out of debt.
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Nearly half of all holiday shoppers plan to start shopping by Halloween, according to a new survey by Bankrate.
Nora Yousif is a financial advisor at RBC Wealth Management. She recommends setting money aside from your remaining paychecks this year.
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"Know who you're buying for -- about how much each person you're going to spend," she suggested. "Add that up and then divide it by four, because we've got four months to go between now and the holidays."
According to Bankrate, nearly a third of shoppers say inflation will change the way they shop this year, and 27% say they'll be taking on debt for their holiday shopping, either with a credit card or through buy-now-pay-later services.
"If you already have credit card debt, you want to put those interest rates that are burning a hole in your pocket on ice. And the way to do that is transfer the balance of your credit card to a 0% interest rate credit card," Yousif said. "That way, you stop the leakage on the interest rates and hopefully have paid off the credit cards by the time they jump."
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The holiday shopping period will be tighter this year. There are only 27 days between Thanksgiving and Christmas.
"That, coupled with the fact that we've got an election year, which usually makes people spend a little bit less. Retailers know this," Yousif said. "You're going to notice that they are going to start offering promotions and discounts earlier than before."
To help keep your budget in check, Yousif recommends shopping sales early.
"October is generally a great time to get great discounts on electronics," she said. "For clothing, Black Friday all the way, and then for toys, usually December is the best time to score deals on those."
Yousif also suggests using price-tracking tools to ensure you're getting the best deals, and consider homemade gifts, like baked goods, crafts or personalized items. It adds a personal touch and can help you save money.
"What I'd also say is change up the rules. If it means capping the amount you're going to spend per person, that's always good to do. Set expectations for everybody," she said.
If there's something specific on your list that tends to fly off the shelves, prioritize those purchases first so you're not scrambling later. And remember to keep everything organized -- track what you've bought and for whom to avoid overspending.
