How Can You Save on the Big Gift this Year?

The holiday season is the perfect time to go big with a fun gift for a loved one. It may be something that they have been wanting or needing for a while, and you want to go out of your way to give them something they’ll love. However, these big gifts can be quite costly. Continue reading to learn 4 ways to save on the “big gift” this year.
 

1. Spend Time Researching

If you’re going to spend a decent amount of money on a big gift, you want to make sure you do your research. By completing some research, you may be able to find some more cost-effective alternatives.

For example, if you want to buy a loved one a car and you have a specific model in mind, consider searching for a few other similar models. By going with a less popular model that is similar, you could end up saving several thousands of dollars.

2. Budget

After researching what gift you want to purchase, it’s time to start budgeting. To buy a big ticket item, you’ll need to set aside money throughout the year. Start by tracking your spending to see how much you can set aside each month. You will then have to divide the cost of the gift by how many months you have to save. Compare the amount you are currently able to set aside each month and how much you need to begin setting aside so you can tell if you need to make any spending cuts throughout the year.

3. Search For Deals

If you already have a gift in mind that you want to buy, you can be on the lookout for sales throughout the year. The earlier you shop, the more likely you’ll find a good deal. There are several different big sales weekends, including MLK Jr. Weekend, Memorial Day, Labor Day, and Black Friday/Cyber Monday, where you can look out for sales. Also, there are typically more and more sales as the holidays approach.
 

4. Go In On A Group Gift

A larger and more expensive gift can be a large hit to your finances. However, if you split the cost amongst several people, the gift is much more attainable. If you’re getting a big gift for your parents, go in on it with your siblings and have it be a group effort. By sharing it, you can accomplish giving a great gift to a loved one and not having the cost take too much of a hit on your finances. 

A knowledgeable and experienced financial advisor will be able to assist you in working on a budget throughout the year so you can go big during the holiday season. Our advisors at Total Clarity Wealth Management are here to guide you on a path to financial wellness. Schedule a consultation with us today.

Sources:

https://www.nerdwallet.com/article/finance/how-to-plan-big-expenditures

https://www.cnbc.com/select/how-to-save-money-on-gifts-this-holiday-season/