| | | | | Hi there!
Forget white elephant exchanges and swapping identical gift cards with your siblings this year. When it comes to holiday shopping in 2020, all bets are off. During this notoriously spend-happy time, it's always been easy to forget about larger financial goals in the interest of buying the "perfect" present, but now more than ever it's time to take stock of where you (and your credit cards) are. It's understandable if you're feeling like the "right" presents will help erase some of the chaos of the year, and you're definitely not alone. But this week, we have some alternative to overspending. Plus, there's one hack to help you save on every online purchase, and if you're eyeing one specific big buy (hello, Peloton) we have ways to help you cut costs. Read one for ways to save and spend wisely this season. | | | |
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| | | THE GUIDE | How 'COVID-Guilt' Is Making People
Feel Pressured to Overspend
| The pandemic has changed our shopping habits: Overall, 39% of Americans are planning to spend less on holiday shopping this year, and 66% of shoppers don't intend to rack up credit card balances because of their holiday purchases, according to a new NextAdvisor survey.
If you feel like you need to overcompensate during this nontraditional holiday, remember that many people's financial priorities have shifted over the year and it's crucial to approach your holiday spending expectations with empathy and understanding. This year has taught us that connection is more important than ever — and you don't need to spend money to create connection with the people you love. A few alternatives: Giving low-cost or experiential gifts, such as planning hikes or future events, and asking people what they really need right now. Maybe it's offering financial assistance, helping someone to enroll in a new course, or exploring new industry options after a job loss. Think beyond the typical "gift guides" and consider each individual and how their year has been. If you still want to buy those gifts you've had your eye on, shop smart by using coupons or your credit card cash back or rewards points and taking advantage of Black Friday and digital doorbuster sales. | | | | | | |
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| | | THE HACK | An Incredibly Simple Way to Save
Money on Almost Every Online Purchase | Even a pared back shopping list still has something on it. And you owe it to yourself to save as much money as possible. If you're not already a devotee of cash back portals — or don't know what they are — well, now's the time to learn. Rakuten is one of the most popular resources to offer "cash back" on your online purchases. It's incredibly simple: you install the extension to your browser (or download the app, if you prefer shopping on your phone) and as you purchase items online, a notification will pop up telling you if there's a coupon or discount available, and then automatically apply it. Every quarter, you'll receive the cash you saved in your PayPal account (or through a "Big Fat Check"). Usually, you'll get between 1% and 5% of your purchases back in cash, which can definitely add up during the holidays. Another tool is the browser plug-in Honey, which automatically scans for available coupons and the best price for the items in your cart. (Seriously, it's magic.)
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| | | THE DEAL | How to Get the Peloton Experience Without
Paying the $2,000+ Peloton Price Tag | Peloton exploded in 2020, with sales surging 172% in the fourth quarter compared to a year earlier. The reason? No gyms. Many people have turned to working out at home, but feeling the burn from the comfort of your living room comes with a high price tag. An entry-level Peloton Bike will cost you $1,895 ($49 per month for 39 months). To access classes, you also need to pay for a Digital or All-Access Membership, which costs $12.99 or $39 per month.
But we have a handful of tricks to drive down the cost. First up: If you have a Chase Sapphire credit card, you can earn statement credits to help cover the cost of membership, ranging from $60 to $120 toward the membership of your choice. Secondly, there are no rules against sharing your membership with your family or friends to cut costs. You can try to snag a used Peloton bike on Facebook groups like Peloton Buy Sell Trade (BST), which currently has 124,000 members. Or, for a less expensive option, check out Schwinn's IC indoor bikes, starting at $429 or the Bowflex C6 bike, which costs $999. Finally, you can always just download the Peloton App on iOS, Android, Apple TV, Fire TV and Roku TV and use equipment you already have.
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| | | THE BOTTOM LINE | Spending more this holiday season won't make this difficult year go away — in fact, hunting down deals and saving money will make the New Year even sweeter.
| More soon,
The NextAdvisor Team | | | |
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