News & Advice

The most wonderful time of the year can quickly turn into the costly time of the year, but by being a savvy shopper, you can stay within your budget. 

Give yourself the gift of having a game plan so buying presents can be an enjoyable part of the holiday season. To feel in control of your spending, follow these tips to avoid overspending on holiday shopping. 

ESTABLISH EXPECTATIONS 

Establishing expectations with family and friends is a great way to avoid overspending on gifts. If you know that an expensive item is on someone’s wishlist, talk to others to see if there’s a chance to go in together on gifts so the cost is split. Just because Americans have spent more money during the holiday season over the years doesn’t mean you have to. 

Another option is to see if family members will opt to only give gifts to the children in the family. By doing so, adults don’t have to worry about shopping for each other and can put more money toward what the little ones want. 

BUDGET AND PLAN

Overspending can’t be avoided until you know exactly who you need to shop for, so start by making a comprehensive list. Then, think about what kind of items each person would like to receive. 

When you have a plan for what you want to buy, you’ll be less tempted to impulse buy. Keep in mind that you have other expenses for the holidays, like food and travel, that should factor into how much you can spend on presents. 

TRACK YOUR SPENDING AND BE ACCOUNTABLE 

To avoid overspending, keep track of what you spend as you go. Your budget alone isn’t the secret ingredient to not overspending. Tracking your spending is what’s crucial to staying within your budget.

Bringing a friend with you while you shop can help with this, but don’t just choose any friend. Choose someone who you know will hold you accountable to your budget and will steer you away from impulse buys.

DON’T IMPULSE BUY 

If there’s a good sale on something you have on your list, then definitely go for it, but don’t buy things just because you see a deal. If it’s not something that’s on your list, you could end up regretting it and going over budget. It can also be tempting to shop for yourself, but stay focused so you can avoid overspending. 

If this is something you know you struggle with, buy gifts with cash or an INOVA Visa gift card so you have a limit to what you can spend. From November 1 through December 31, the $2 purchase fee for INOVA Visa gift cards is waived so you can avoid purchase and activation fees!

BARGAIN SHOP AND FIND DEALS 

Bargain shopping is a great way to save money. Do your research ahead of time to see what brands you’re on the hunt for, see if online sales are better than in-store deals, and bring coupons along with you. You can also avoid paying full price by shopping for used items that are like new at thrift stores or online marketplaces. 

DEDICATE TIME FOR HOLIDAY SHOPPING

Day-to-day life can get hectic. Shopping when you’re stressed out or on a time crunch may cause you to just grab items to check holiday shopping off your to-do list. This can lead to regret, so make sure you carve out time to focus on finding gifts you’re excited to give. 

SAVE WHILE YOU SPEND 

When you bank with us at INOVA Federal, we help you save while you spend. As you give to others this holiday season, we give back to you through extra reward points on INOVA Debit Card purchases and 4.99% APR for 3 months on INOVA Visa credit card purchases, from November 1 through December 31.

Stop in and see us at one of our convenient locations, or visit us online to learn more about these specials and how you can get an INOVA Debit Card or Visa credit card.