Ways to stay financially afloat ahead of holiday spending
Staying within budget this holiday season
INDIANAPOLIS (WISH) — Tis the season for gifts and get-togethers, and this time of year may prove to be the most expensive for some people.
Recent surveys indicate some are still in debt from this time last year, causing stress for some American families. Personal finance company Nerd Wallet says “nearly three-quarters of 2023 holiday shoppers plan to use credit cards this year to buy gifts.”
Nerd Wallet also reports that “close to 222 million Americans (85%) plan to purchase gifts for friends and loved ones this holiday season. They expect to spend $831, on average, or more than $184 billion on holiday gifts this year.”
Adam Young, the area manager of Everwise Credit Union, joined News 8 to discuss this spending trend. “A lot of people think about their expenses but they really don’t think about their budget.”
Young suggests Hoosiers make a budget and stick to it. Shoppers can stay financially healthy this year by creating a gift strategy and keeping a close watch on cash flow by knowing your income and expenses. The leftover money can go to holiday purchases.
“Start with a budget and know exactly how much money you have coming in in a given month – but knowing exactly where your money goes is an important step in making sure you’re on budget, especially during the holiday season,” Young said.
Having a gift plan can also help eliminate anxiety. Ways to do this are listing who you will be shopping for, what you are buying, and searching for the best price.
“During the holiday season, it’s not always just about the money that you’re spending, a lot of people can do time or look for ways to make something,” Young said.
He also added that people can get creative this year with a gift exchange at a later date.
Watch the interview above to learn more.