The global pandemic has rocked many facets of everyday life, and you can expect some changes to your usual Thanksgiving shopping traditions so learn to manage Thanksgiving How to Stay on Budget.
Like last year, many major retailers plan to keep their doors shut over the holiday weekend, and they’re releasing Black Friday and Cyber Monday deals as early as October to compensate for their closure.
Now that Thanksgiving shopping has become a marathon rather than the usual sprint, it’s never too early to start thinking about how to shop safely.
Here are some ways you can do that.
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Find Your Spending Limit
It’s never a good idea to jump into a shopping spree without knowing your limit.
This can lead to spending more than you can feasibly afford on treats and gifts.
You might even accidentally spend money you reserved for the important stuff, like rent and utilities.
To avoid that dicey situation, sit down with your budget and determine how much of your paycheck can go towards the holiday once you pay for the essentials.
The essentials, by the way, include some money set aside for emergencies, just in case.
Understand How Credit Fits into Your Plan
If you have less than what you thought to play with this year, don’t borrow money to shop.
Don’t get it wrong — there is a time and place for online loans, whether you’re searching for a payday cash advance, installment loan, or line of credit online.
These loans are designed to help you with unexpected emergency expenses when your savings fall short, like if your tire blows on the way to a holiday get together, or your oven won’t heat up on Thanksgiving, and it’s your turn to host.
This advice comes from the online loan specialists at MoneyKey.
As long as you compare prices and ensure you can afford them, these online loans might act as a convenient safety net in emergencies.
Assign One Credit Card for the Holidays
That said, online shopping requires a credit card at checkout.
Treat each purchase as though you’re paying with cash.
That way, you’ll be able to pay off your balance in full and avoid accruing interest.
While you’re at it, pick just one credit card to shop with if you have multiple cards.
This helps you keep track of your online purchases, making it easier to spot any suspicious activity that indicates you’ve been hacked.
Avoid Using Your Debit Card Online
Some retailers may allow you to pay online with your debit card, but this is a bad idea.
By using your debit online, you’ll be sharing your banking information.
If a cyber thief manages to hack your retailer, they’ll be able to access any account linked to this bank.
A credit card, on the other hand, is isolated from your savings and 401(k). This makes it easier to prevent and control possible fraud.
A credit card also comes with better purchase protections than the average debit card in case your purchase arrives broken or faulty.
Last year, many shoppers played it safe by browsing the virtual aisles to avoid crowded shopping malls.
And with the pandemic still ongoing, it’s a trend that’s likely going to stick around for another year at least.
Shopping from home where you can avoid the crowds is a safe alternative to in-person shopping, but you still have to think about your finances.
Follow these tips for Thanksgiving How to Stay on Budget to help you prepare for holiday shopping, and you’ll save money.