The holidays are upon us, which means extra spending is on the horizon, as well. Whether a customer or a business owner, you cannot let your finances derail during the holidays, so it’s vital to approach your holiday spending with a sound plan. We’ve put together our top three tips for both the individual shopper and the business owner.
For an individual…
Make a game plan.
Plan out which stores you’re going to, who you’re shopping for, what you’re looking for, and any special deals you want to try to snag. Research the deals ahead of time and compare similar items so you get the best price available. Going into the holiday season without a game plan will be overwhelming and you’ll be more likely to break your budget.
Stick to your budget.
Determine who you are buying for and set your budget for each person. Research some of the items you’d like to buy ahead of time, so you can plan accordingly. If there is a big-ticket item you want, plan your budget around that item so you know how much is still available.
Start early and pace yourself.
Start your shopping early so you can space out and pace your spending. Spacing out your purchases over time will be softer on your bank account and credit cards. You don’t want to go broke or take a harsh blow to your finances for the holidays - it’s important to spend within your means and pace your purchases so neither of those things happen.
For a business…
Have a meeting to review changes.
Meet with your team to review the changes that will come during the holiday season. This includes any new deals you might be offering, special holiday hours, the holiday work schedule, any limited-time products/services, and more. By meeting with your team, you can ensure everyone is on the same page about the upcoming changes for the holiday season.
Determine your budget.
Businesses need to determine and stick to a holiday budget, just like individuals. If you plan on having a holiday party, giving out holiday gifts or bonuses, or donating to charity, these are all things you should budget for in the beginning of the year, so you don’t have to scramble come the holiday season.
Stock up on inventory.
Review your current inventory, as well as past holiday sales reports, to ensure you’re stocked up for the holiday season. By reviewing past sales reports during the holiday season, you can estimate how to prepare for the upcoming season of sales. Did one product sell way more than another? Is one product more in demand than another? Take some time to figure out your inventory for the holidays so you’re sufficiently stocked.