Holiday Shopping Tips for the 2023 Season

The 2023 holiday shopping season is bringing some of the best discounts in recent years. 

“This is the best discounting season in years. Retailers are offering generous discounts to move clothes, toys, electronics and other physical goods.”

Ted Rossman, senior industry analyst at Bankrate and CreditCards.com, via CNBC

However, shoppers should beware of the potential for price inflation before discounts are applied. The enticing deals on display may not necessarily be the best prices offered across the year. Furthermore, the holiday spirit might lead to unintended overspending which could result in financial strains in the new year. Additionally, CNBC provided tips to help consumers navigate their shopping and spending this holiday season:

1. Utilize Unused Gift Cards

Use unspent gift cards either for personal shopping, gifting or resell them on platforms like CardCash or Raise. “Almost half of adults, 47%, have at least one unused gift card, gift voucher or store credit, with an average value of $187 per person and $23 billion total nationwide.”

2. Redeem Credit Card Rewards

Claim your cash back rewards monthly, as they don’t appreciate in value over time.

3. Look for and Try Combining Multiple Deals

Leverage hefty seasonal discounts, stack offers, earn credit card rewards, and use shopping portals like Rakuten or Shop Through Chase for additional savings.

4. Practice Safe Shopping

Avoid falling victim to fraud by researching unfamiliar retailers, using secure websites and enabling multifactor authentication for online transactions.

5. Avoid Credit Card Debts

Consider cash or debit card payments and devise a payment plan prior to using credit cards to avoid high-interest debts.

6. Understand Store Card Terms

Before using retail credit cards, understand their terms including high-interest rates and deferred interest plans.

7. Curb Overspending

Set spending limits for holiday gift buying and consider a gift exchange system for extended family to manage the budget effectively.