The new car in the driveway with a big red bow on it. The shiny new bike perfect for your kid. The latest and greatest in video game consoles. That romantic getaway vacation.

When it comes to the holidays, people love to give big gifts; to see that moment of shock and amazement from their loved ones. It’s exciting, fulfilling, and a lot of fun. But big gifts come with big price tags. Big-screen TVs, the latest smartphones, and power wheels cars are not cheap. So, to help you figure out how to afford those big-ticket gifts, we’ve got some ideas on managing your finances to make it happen.

Set Aside Savings Just for the Holidays

Before the radio starts playing those holiday classics, you should be saving money for your gifts. Especially if you want to buy expensive gifts this year, or even next year, you should start saving money now.

A great way to pull this off is to budget out how much money you’ll need and start setting a bit of money every month. For example, let’s say you’ll be spending around $1,000 on gifts at the end of the year and it’s January. For 12 months, you should set aside $83 dollars a month to reach your goal. Now, if you get a sale and some of the items are cheaper, great! But don’t count on it happening.

If you want to make sure you are saving money every month, create an automatic transfer from your main savings to a specific holiday fund, like a Pioneer Special Purpose Savings account. That way, you don’t have to stress about remembering or playing catch-up closer to the holidays.

Learn More About
Special Purpose Savings!

Hunt for those Savings

The holidays are like the wild west when it comes to discounts, savings, and shopping. Something might be full price one day, then be on sale for 80% off the next day. You might buy something for a small discount, just for it to go on clearance a week later.

When it comes to buying big items, you need to hunt for savings. Starting in October with Amazon Prime Day and going all the way through December, stores are having holiday sales.

Even in the chaos of sales, there are some patterns you can find. For example, the best time to buy a car is at the end of the month and the end of the year as the dealers want to make room for new cars coming in and put vehicles on clearance. Other items have similar trends, so research what you want to buy and when the best sales might happen.

Pit Stores Against Each Other

Another piece of the shopping arsenal is price matching. Many major retailers will price match their competitors for your business, which can make shopping quicker and easier. The best way to take advantage of this system is if you have a rewards program with a certain store, making your money go farther. For example, if you are part of the Best Buy rewards program but Walmart is having a sale on the TV you want, ask Best Buy to price match and earn rewards there.

Similarly, other places might be more flexible with prices if they find out you are shopping at their competitor. Any place with a salesperson and expensive items might drop the price just to earn your business. Car dealerships, mattress stores, and other such places will be more willing to negotiate on price if you come to them with a better offer from a different store.

Use Your Credit, Pay Off the Expense Over Time

If you know you can pay off the expenses of holiday shopping over time rather than in one month, utilize your credit for some extra flexibility.

The first option is to use your credit card, but be sure you can pay off the full charge in the next month. Credit card interest rates are some of the highest around and can turn a few hundred dollars into something much bigger in a short time. If you are going to use a credit card, find one with favorable benefits. If you open a new Pioneer credit card, you can earn a ton more Rewards! points over the first 90 days.

Another option to use your credit is to take out a small loan to pay for your gifts. With a lower interest rate than a credit card, a small loan gives the same financial flexibility with easier to handle monthly payments. Pioneer’s Signature loan is perfect for this, letting you pay for holiday gifts over a set period of time instead of a single month.

Learn More About Signature Loans!

Team Up with Others to Split the Costs

For gifts you can’t afford, but your loved one really wants, don’t be afraid to work with others and split up the cost. Partner up with other family members, friends, or even their coworkers and employer.

The best way to pull this off is to reach out to each person individually and see if they are interested in teaming up to get this huge gift. This could be replacing any gift they were going to get them or just be an extra way to be nice. Then decide if you are going to split costs evenly or you cover a majority of costs and they split up the remainder.

Get Ready for Next Year’s Holidays Now

After the holiday season, some of the best sales of the year happen. Stores are looking to offload their unsold merchandise and make room for the new year’s products. Clearance racks are filled, meaning you could get a jump start on some big or smaller gifts for next year.

A great way to start saving up for next year is with Pioneer’s ChangeForward savings account. Every time you make a purchase with a Pioneer debit card, we’ll round it up to the next dollar than put the change into a savings account. This way, with every purchase you make through the year, you’re saving money and you can end the year with extra cash for those big gifts next holiday season.

Learn More About A ChangeForward Account!