Budgeting tips for holiday shoppers dealing with inflation

INDIANAPOLIS (WISH) — Experts say now is the time to consider reducing your expenses and saving money where possible. 

Americans are working against the fastest-rising inflation rate in 40 years. Financial professional Casey Marx from Crown Haven Wealth Advisor recommends people plan out how much money to spend this holiday season and stick to that budget. He says inflation has strained budgets throughout the year, meaning shoppers must be budget-conscious as they deal with higher prices.

“Once you have your budget. Look at the folks you are trying to buy gifts for if you think you want to buy gifts for those people. Say, okay, here is my budget. Let’s work backward from this and who I would like to allocate funds to essentially. “You are going to list those people and look at what you can afford,” Marx said.

Marx also says you can still get into the holiday spirit without getting carried away and putting your finances in danger. Instead, he recommends buying gifts on sale and taking advantage of significant sales like black Friday.