CHICAGO (WLS) — Holiday shopping will cost you more this year.
The latest inflation rate is still high at 7.7%, year to year. Financial experts say consumers are dreading a possible recession and looking to tighten their holiday shopping budgets. Here are some tips.
It’s time to shop on Chicago’s Magnificent Mile, State Street and online. But with inflation still top of mind, how can you save?
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First, write out your overall budget. Then assign an amount to each person.
“So when you start your budget, I would start with the goal in mind. How much do we want to spend for the holiday season, and you know I have this mantra that you can’t help others unless you help yourself. So, don’t spend more than you can afford to,” said Phillip Shaw with Goldstone Financial Group in Oakbrook Terrace.
Shaw suggests saving money by shopping in a different county or state where taxes are lower.
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If you’re shopping online and comparing prices, turn on the option on your browser that allows you to look privately without websites tracking your online moves.
“Do yourself a favor and do your browsing incognito, so that the brands don’t know you’re shopping for them, because sometimes they will mark up the products on you if they know you’re coming back again and again to look for a product,” Shaw said.
Also, google the product or company and see if there is a promo or coupon code available.
Consider shopping for “certified used” or refurbished electronics and appliances online. These items can be anywhere from 20-30% off, and they are as good as new.
Consumer data resource group, Jungle Scout says people are also saving by getting wrapping paper and holiday cards at…
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