Holiday Shopping Budgeting Tips With Vivian Tu "Your Rich BFF"

The holidays can be stressful with so much to do, so much to see, and of course, so many presents to buy! It can all be very overwhelming, especially if you don’t budget correctly.

But not to worry, Vivian Tu , an ex-Wall Street Trader turned TikTok financial helper, has partnered with Citi to discuss spending and saving this holiday season and she has some tips to get you through this year and start planning for next year!

Let’s start with budgeting for Christmas. In terms of saving up to buy all your holiday gifts, Vivian’s best advice is to start EARLY with something called a sinking fund.

It's going to be a lot easier if you start preparing for the holiday season, January one. Create a sinking fund, which is just a really fancy way of saying a pot of money set aside for a specific purpose.

Every single week, you can set aside a few dollars, or you can do it on a monthly basis. But essentially, it makes it a lot less painful than having to reach into your pocket for a large sum of money at the end of the year.

Now, let’s say you’ve got your money all saved up, but you’ve missed the big ‘sale’ days like Black Friday and Cyber Monday. Vivian says don’t fret – there's still ways to save!

In the past few years, it's no longer just Black Friday and Cyber Monday, the deals are starting to creep up earlier and earlier in the year and also later and later. So the entire month of almost November and December are really great sale moments.

‘I also think it's really, really wise to be using a credit card that offers cashback or rewards. In particular, I love the Citi Double Cash card. Not only do you earn 1% when you purchase, but you'll also earn 1% when you pay for your purchase, there are no categories or verticals you have to remember, and that makes it really, really easy to use.’

Finally, if you’re looking for the most cost effective gift this year, Vivian suggests thinking outside the wrapped box.

‘I love to gift really practical gifts, something that is an experience. So, if you're interested in gifting them their favorite pizza or their favorite pasta, you can either coordinate with the restaurant directly or there are a lot of services now that are able to ship certain foods from across the country. Great If they're feeling a little homesick, a little nostalgic.’

‘I would say small hometech. These are really easy ways to make your loved ones day just a little brighter, whether that's so that they can have a little music playing in the background while they're doing chores, or something that'll tell them the weather or even just a smart light that may have a certain hue in the daytime at a certain hue at nighttime to help make sleep a little easier. These gifts are typically pretty affordable and can integrate into most homes.’

Lastly, doing Secret Santa may be a lot more financially bearable for the holiday season. Choosing a Secret Santa and focusing on a gift for one person, you'll likely be able to spend a little more for that one person and also just have your gift mean a little bit more.

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