It is a good idea to have a holiday to enjoy before you make the most expensive purchase, the report says.
It also suggests buying a beach gift card for a little bit of extra cash.
“This is because buying beach gifts is one of the most convenient ways to enjoy the holidays without spending a lot,” said John Gorman, the executive director of the Consumer Credit Research Institute (CCRI), a UK-based credit research group.
“However, this is a great time to make a few extra dollars in the bargain.”
“For those looking for a cheap holiday to spend in 2017, it is best to choose the most affordable options available,” he said.
It is worth buying a new, brand-new beach giftcard for a dollar in the $10,000 to $50,000 range, Mr Gorman said.
A beach gift certificate can be worth about $2.20 in value, with the certificate usually available in stores on a first-come, first-served basis.
For the cheapest gift cards, the CCRI suggests looking for gift cards for $10 to $20 each, with a minimum of $5.00 in value.
The report also suggests checking out some of the beach gift cards that are available for a limited time.
If you can find a gift card with a low introductory price, Mr Corman said, you could save some cash.
“There is a lot of value in gift cards with low introductory prices,” he added.
But you might be surprised at how much of a discount gift cards are.
The CCRII says you could get a $10 gift card that is discounted by 20 per cent if you use the code ‘giftcard20’, or $25 gift card if you put the code in the card’s name.
A $10 credit is good for a one-time purchase of $20 or more.
But a $20 gift card is worth $50.
A $50 gift card will pay for a three-month supply of food, or two meals for two people.
The code can also be used to get a gift certificate with a lower introductory price of $10 or $20.
Mr Gorman suggested you check out the beach gifts that are often available at retailers and stores as well.
“There are many good things that can be found at shops,” he explained.
“If you are buying something new, you may have a chance of finding something that you can’t find elsewhere.”
“There could be some bargains on beach giftcards, especially for older adults who have already had a holiday or who have a family,” he warned.
“Beach giftcards are great for older people as they can save money, but they are not suitable for younger people.”