How to Save Money – Before You Start Your Holiday Shopping

You probably have noticed at your local store that Christmas promotions are crowding out Halloween items. You may have passed yard signs at busy intersections from businesses offering to install outdoor holiday lights.

Yes, the Christmas shopping season is underway. Amazon had its version of Black Friday with Amazon Days on Oct. 7-8. Walmart Deals were held Oct. 7-12, and Best Buy's “Techtober” ended on the 12th of the month.

Don’t worry. More sales are coming. Here’s how to make the most of them:

Make a budget and check your holiday savings account

How much can you truly afford? Much depends on the holiday savings account balance. It’s time to put those funds to work.

The best plan:

• Spend only what’s in the account—avoid adding debt.
• Combine your saved funds with cash-back rewards or small year-end bonuses.
• Use any earned interest or savings incentives to cover extras like shipping or wrapping.

If you don’t have a holiday account this year, make a New Year’s resolution to open one on Jan. 2 next year. Talk to a Tropical Financial banker about opening a Savings Club Account with automatic funds transfers to make shopping easier next holiday season.

Use credit card rewards strategically

Your credit cards can be your best holiday shopping tool, especially if they offer extra cash back or bonus points for online shopping, groceries, or department store purchases in the last three months of the year.

Maximize benefits by:

• Matching the card to the purchase. Use the one that earns the highest return for each category.
• Redeeming existing points or miles for gift cards, statement credits, or cash.
• Tapping your savings account to pay the full balance immediately to avoid interest charges.
• Checking for limited-time bonuses on your card’s website. During the holidays, some issuers often run targeted promotions with top retailers.

Enroll in retailer loyalty programs

The simple truth is that frequent shoppers get more from stores. Members often receive early access to sales and personalized coupons as reward bonuses during the holiday shopping season.

Get the most by:

• Signing up now, even if you don’t plan to start shopping until December.
• Combining loyalty points with online promo codes or printed coupons.
• Redeeming points for last-minute gifts or store credit.
• Keeping track of coupon expiration dates to avoid unpleasant surprises at checkout.

Leverage coupons and discount codes

You can go old school with printed coupons or 21st-century with digital codes. Before checking out at the register or on a webpage, search for promo codes or install free browser extensions that automatically apply them.

Money-saving tactics include:

• Signing up for store newsletters to receive new-customer or seasonal discount links.
• Using price-comparison apps that instantly identify the lowest available price.
• Combining stacking multiple deals where store policy allows.

Time your shopping to price adjustments

Take full advantage of price matching and price adjustments. Many retailers refund the difference if an item’s price drops within a specified period after you purchased it. Set reminders to follow up on big-ticket purchases like electronics or jewelry.

Black Friday, Cyber Monday, and Green Monday can mean heavy discounts on select items, but keep your eyes open for January markdowns. They can deliver better deals on items you might purchase for next year’s holiday season.

Think value, not price

Is the most expensive gift the most valuable one to the recipient? Not if it shows a lack of care and understanding of the person. Focus on your connection with the individual rather than the price tag.

What might make someone happy?

• A family gift exchange.
• A homemade gift, baked goods, or an experience-based present for Gen Z and millennials.
• A small charitable donation in the name of a loved one (Tip: Use your credit card’s cash-back rewards to fund.)