With the holidays approaching, many Canadians have started preparing for the gift-giving season. In fact, a recent survey from the Retail Council of Canada (RCC) found that eight in 10 consumers “intend to buy gifts for others this year.”

However, an IPSOS survey found that 33% of Canadians it polled went over-budget when gift-giving last year. So, to help you get the most out of your holiday shopping, we look at some smart gift-buying strategies for the upcoming season.

1. Start with a list.

Get organized by making a list of gift recipients and ideas for what you want to buy for them.  You can even take it a step further by dividing your list and shopping budget into separate categories of family, friends and colleagues. By taking the time to develop a list of what gifts you want to buy and for whom before you start shopping, you can cross off items on that list and minimize the risk of impulse purchases.

2. Avoid waiting until the last minute to shop.

In its survey, RCC found that more than a quarter of consumers start their holiday shopping in November. This means that holding off on your holiday shopping until the very last minute could lead you to overspend on both gifts and shipping costs. So, it pays to start shopping soon after making your gift list to avoid unnecessary stress.

3. Consider giving the same gift to multiple people.

Don’t be afraid to give the same gift to multiple people if you think they would appreciate it. Doing this will not only help you save time, but retailers could potentially offer discounts as a part of a promotion if you buy two or more of the same item. You can also save on shipping costs if you’re buying online.

4. Have some alternative gifts in mind.

Between the holiday shopping rush and ongoing issues that are impacting supply chains around the world, you may find that some of your original gift ideas are sold out. So it’s a good idea to have some alternative gifts in mind when doing your holiday shopping.

5. Use a credit card that gives you cash back on holiday purchases.

Cash back credit cards help you get more out of your holiday spending, making your money work harder for you. For instance, the Home Trust Preferred Visa has no annual fee and offers 1% CashBack Rewards on all eligible purchases with no cap, even when shopping online.

With a little planning and a Home Trust Preferred Visa, you’ll be on your way to getting the most out of your holiday shopping. Learn more by visiting hometrust.ca/credit-cards/preferred-visa-card.

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