How to avoid overspending this holiday
Gallup: Americans plan to spend $1,014 on holiday gifts this year
(InvestigateTV) — According to Beyond Finance, a debt consolidation company, 76% of consumers experience emotional distress around holiday spending.
The authors of the study said this distress could lead to overspending, finding 1 in 4 consumers often blow their holiday budgets.
Debt lawyer Leslie Tayne said holiday parties are one thing that can contribute to overspending, even for those just attending them.
“What are the expectations of the holiday party? Are you supposed to bring something?” Tayne asked. “Maybe you can make something to keep your costs down. Talk to the host ahead of time and see what options you have and budget friendly ways to participate in holiday celebrations.”
Tayne said it’s okay for those having a tough year financially to talk to family and friends and let them know. She said they should be open with loved ones about what they can and cannot participate in this year.
She suggested trying a secret Santa gift exchange, where each person is responsible for one gift or only buys for one person, to help cut down on costs and keep the budget manageable.
She said making a list of all gifts to buy and the estimated cost can be very helpful. Then try to stick to that list.
One way is to shop early, shop the sales. Try to limit last-minute gift buying at sticker price. Tayne said keep coming back to the original shopping list, because sticking to the plan can help avoid overspending, especially when shopping online.
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