Experts suggest the most effective methods for saving money during the holiday season.

• This year, many Americans are worried about managing holiday spending due to tight household budgets.
• The best ways to save money in the weeks ahead, according to experts.

Economic anxiety is a major concern as the U.S. presidential election unfolds.

With the temptation to splurge heightened during the holiday season, 2 in 3 Americans are concerned about managing their household finances due to high costs.

According to the National Retail Federation, holiday spending is predicted to reach a record $979.5 billion to $989 billion between Nov. 1 and Dec. 31 this year.

Pop culture is increasingly expressing frustration with the current economic climate.

Despite credit card debt reaching $1.14 trillion, holiday shoppers anticipate spending an average of $1,778, which is an 8% increase from the previous year, according to Deloitte's holiday retail survey.

Last year, 28% of holiday shoppers still have not paid off the gifts they bought for their loved ones, according to a holiday spending report by NerdWallet.

How to save money over the holidays

To optimize your cash during the peak holiday shopping season, consider taking these steps.

1. Pay attention to holiday sales

According to Adam Davis, managing director at Wells Fargo Retail Finance, the shorter holiday season due to Black Friday and Cyber Monday falling later on the calendar will force retailers to be more promotional in November.

As the holiday season progresses, major retailers heavily discount certain products. Although sales events earlier in the year are becoming more frequent, it is crucial for consumers to keep an eye on the products marked for those events.

To avoid being over-inventoried after the holiday, retailers must remain proactive and adaptable, resulting in deeper discounts on items that are not selling well, according to Davis.

According to Morning Consult, nearly half of all consumers are waiting for discounts on clothes or accessories, while electronics are also in high demand with 45% of consumers seeking discounts.

NerdWallet's credit card expert, Sara Rathner, advised shoppers to use online tools to track and search for sales products and items in order to get the best price.

2. Consider trading down

Morning Consult discovered that some shoppers are open to substituting pricier products with cheaper or less expensive alternatives.

According to Sofia Baig, an economist at Morning Consult, shoppers are more likely to opt for less expensive alternatives to high-end skin and hair care products.

She suggested that they might be opting for more affordable options at Target instead of luxury items at Sephora.

Consumers are actively seeking discounts and are considering purchasing from lower-priced retailers or brands this year, according to Davis.

Name brand products are frequently abandoned by Gen Z and millennial shoppers in favor of cheaper "dupe" alternatives.

Davis also recommends shopping secondhand to save on big-ticket items.

3. Try "slow shopping"

Consumer savings expert Andrea Woroch claims that "slow shopping" encourages making more intentional buying decisions by taking time to think through each purchase.

Woroch stated that slow shopping helps consumers make informed decisions by considering each purchase carefully before making it.

Woroch stated that this enables you to be conscious of your purchasing decisions, including the reasons behind them and the individuals they are for, while also providing you with the opportunity to save, compare prices, and search for discounts.

In many cases, there are good reasons to wait.

Woroch explained that slow shopping enables you to make a purchase at the lowest price by timing it when it's on sale.

To avoid impulse spending and debt, she suggested identifying and eliminating spending triggers, such as unsubscribing from store emails, turning off push notifications in retail apps, and deleting payment information stored online.

4. Dog-ear this date for travel discounts

According to Morning Consult, about 45% of travelers have not purchased plane tickets yet due to high prices.

Hayley Berg, lead economist at travel site Hopper, suggests paying attention to "Travel Tuesday," which falls after Black Friday, as it may be the last chance to book your holiday travel while mid-October was previously the best time.

According to McKinsey & Company, there was a surge in hotel, cruise, and airline bookings by U.S. travelers in 2023, during Travel Tuesday.

Some experts suggest booking a trip or experience instead of presents to keep holiday expenses under control. "Spending time together is more meaningful than any gift you could give," Woroch said.