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When it comes to saving for the holiday season, whether it's buying gifts for others, traveling to see family or both, scheduling the time and setting aside the budget can seem like a task that is both long and drawn out.
Getting tips on where to find the best deals for both shopping and travel can make accomplishing these things much easier, and getting insight on how a financial coach does them-- even better!
Dr. Annie Cole launched Money Essentials for Women in June of this year and is the author of the new book 101 Ways to Build Wealth in Your 30s. Her personal financial story consists of going from a $26k salary to early retirement in her 40s.
Here I discuss with Dr. Cole a few ways in which she utilizes savings to be more financially conscientious around the holiday season.
Q: As a financial coach, when do you feel like it is the best time to begin scouting out sales for holiday gifts?
A: Don’t wait until December to start your holiday gift shopping – take advantage of holiday deals starting in November! Black Friday and Cyber Monday are two of the best days to find gifts for a fraction of their regular price. You can even start shopping online early in November, add your items to your cart, and then see which items go on sale during the upcoming Black Friday and Cyber Monday sales.
Q: Where do you feel like you find the best holiday deals, online, in-store or both?
A: Although most stores will offer the same discounts for online and in-store products, the best variety is going to be found online. Stores just can’t keep as many items in stock in their stores, and most online orders come with free or discounted shipping these days.
Q: How soon in advance do you start to look for deals on traveling? Are there any airlines you'd recommend for the best deals during the holiday season?
A: According to an Expedia study in 2024 (https://www.expedia.com/newsroom/air-travel-hacks-2024/), the best time to book a flight is 28 days before your travel date. Want to make super easy to get the best price on your next flight? Set yourself up for notifications of flight price drops using flights.google.com, skyscanner.com, or hopper.com.
Q: Do you use any frequent flier miles (or any other type of reward system) more during the holiday season, look for percentage payment discounts, or use them in combination, if that's possible?
A: When I’m planning a trip, I try to use a combination of things to save money: I use credit card flight miles that I’ve saved up over the year, take advantage of a companion flight credit, and use points I’ve accumulated through Expedia. Make sure to check your credit card rewards to see what other travel bonuses are available to you (e.g., free drinks or food, lounge access, etc.).
Q: Do you prefer hotel chains over Airbnb or vice versa when staying out of town? Do you prefer to stay with relatives for a few days for even more savings?
A: When I’m deciding where I want to stay during a trip, it all depends on the location I’m visiting and if I already know someone there. If I’m traveling locally, I’ll stay with family to spend more time with them. If I’m traveling further away, I tend to prefer hotels so I can enjoy the amenities like the pool, spa, and in-house restaurant. If I’m looking for a more secluded getaway, I love using Airbnb and VRBO to find a cute cabin or beach house.
You can check out Dr. Annie Cole's full story here at Business Insider.
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