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Why Holiday Shopping at the Last Minute Is a Bad Idea

GOBankingRates Logo GOBankingRates | Slide 1 of 11: Bags are full after Christmas shopping

Does this sound familiar: You have every intention of getting all of your holiday shopping done well before December but then find yourself scrambling to buy gifts the weekend — or even the day — before Christmas. You’re certainly not alone in your procrastinating ways.

Research by the National Retail Federation showed that in 2016 more Americans actually planned to shop the Saturday before Christmas than over the Thanksgiving weekend. By mid-December, only one in 10 had finished their holiday shopping, and shoppers on average had only completed about half of their shopping.

If you’re trying to save money over the holidays, you’re not doing your bank account any favors by waiting until the last minute to do your shopping. “Last-minute holiday shoppers spent an average of $400 more than those who shopped earlier,” said Janna Herron, a senior personal finance analyst at ValuePenguin.

Here are all the ways you’ll pay more and lose out by waiting until the last minute to do your holiday shopping. Don’t delay — take steps now to avoid holiday overspending.

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