Financial professional talks early holiday shopping tips
Supply chain issues have more people concentrating on the holidays.
LINCOLN, Neb. (KLKN) – Supply chain issues have more people concentrating on the holidays.
Financial professional, Tim Kulhanek from Stonebridge Insurance and Wealth Management, is sharing how you can prepare your finances for the early shopping season.
Why are we seeing this rush to start shopping for the holidays now?
- A recent study found companies will have to spend $223 billion more for the cost of goods due to supply chain issues, postal service delays and staffing shortages; those costs could be passed on to consumers
- Everything from toys, books, bikes, new clothes and more have been subject to shortages, backorders and delays
- The American Christmas Tree Association is asking people to get their trees early because of weather concerns in the Pacific Northwest
How will the holiday shopping season look different this year?
- The holiday shopping season is already underway; big box retailers started offering Black Friday deals already
- Americans are expected to spend between 7% and 9% more than in 2020, totaling about $1.3 trillion
- Online sales are expected to go up even more, with experts predicting an increase of between 11% and 15% this year compared to 2020
How can we prepare our finances ahead of time this holiday season?
- To avoid the anxiety of finding the perfect gift in a year filled with supply chain issues, you and your wallet will be better off if you start now; the earlier you start, the less you will have to spend on expensive last-minute shipping costs, and the more likely you are to take advantage of early deals
Have a Plan
- A successful shopping season starts with creating a spending plan, especially since sales are starting early and there could be less than most people are used to
- Be as detailed as possible; look at your budget to determine how much you can afford to spend this holiday season, then list each person you need to buy gifts for and how much you want to spend on them
- Don’t forget to budget for the extras, like shipping, wrapping paper and decorations
- Mare sure you keep an eye on shipping deadlines so you don’t end up paying extra; Kulhanek has a link on his website