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A mid-December survey from U.S. News & World Report shows that panic shopping may be just around the corner for some Americans. There are many reasons people wait until the last minute to buy gifts, but for some it’s a necessity. About three in 10 shoppers have to wait for their next paycheck to finish their holiday shopping.
Here are other reasons respondents haven’t finished shopping:
Respondents were asked how they plan to pay for last-minute purchases. Here’s how they respond:
Respondents were asked if they had a holiday budget, and here are the findings:
The best way to stay out of debt all year long is to have a budget in place. This is even more important if you make purchases with credit cards. If you overspend with a card, it’s easy to carry that balance to the next month. You may think you’ll pay it off right away, but if you add new purchases to your card, it’s a slippery slope to debt.
And when you’re doing last-minute shopping, there’s a tendency to overspend. One reason is because there are fewer options available. Another reason is because you’re having anxiety and you want to get the shopping over with.
But there are ways you can survive the panic shopping phase of your holiday season without going into debt.
The antidote to panic? A budget, a gift list and shopping apps.
Aside from anxiety, panic shopping also has an unpleasant side effect. Last-minute shopping has the potential to lead to long-term debt. I don’t want that to happen to you.
There’s nothing like writing it down on paper (or using a gift-list app) to organize both your thoughts and your budget. Even if you’ve been shopping all season without a list, I want you to create one right now.
Figure out how much you can spend on gifts in the next few days without going into debt. It’s OK to use a rewards credit card for purchases as long as you plan to pay the balance in full in January.
Decide how much you’ll spend per person. This next task is very important: Track your spending. If you budgeted $30 for the babysitter, but you spent $40, then that $10 needs to come out of someone else’s gift.
When you make a commitment to a dollar amount, you’ll feel compelled to stick to that number. If you can’t afford to buy for everyone on your list, then give a gift they can redeem during the first few months of the new year. For example, set a date to take them out to lunch. Get creative and you can find ways to give gifts covered by your future cash flow.
Respondents were asked what strategies they plan to employ to save on purchases, and 50.3% say they’ll be looking for last-minute discounts, but almost 27% have no strategy in mind.
And only 29% plan to use shopping apps to find the best deals, compare prices and get coupons.
When time is short, you want to find the best price quickly. Here are some easy-to-use apps that can help you track down the best prices. All the apps listed are available for Android and iOS.