Americans spend an average of $900 during the holidays. About 35% of consumers require 3 to 5 months to clear their balance. With nearly half of holiday debtors carry their balance well into the new year. To avoid holiday debt, here are a few smart shopping and saving tips.
- Create a Holiday Budget. Figure out how much you can afford to spend this holiday season. Consider what flexible spending, (eating out, movies, etc...) you can cut for now to put toward holiday spending.
- Make your List. Create a list of all the people you will need to buy gifts for this year and choose an amount to spend on each person ahead of time. Stick to your budget.
- Choose Thoughtful Gifts. Spending a lot on holiday gifts isn’t necessary. Take some time to consider your gift-giving, personal gifts tend to mean more and can be less expensive.
- Use Cash, Not Credit. Try to commit to using only cash or a debit card to help prevent overspending.
For more financial planning information or to schedule a free money management workshop for your community, civic group, or church on topics such as; creating a spending plan and saving money on grocery shopping, check out:
For more information, contact Traci Dixon at (252) 459-9810 or email traci_dixon@ncsu.edu.
N.C. Cooperative Extension is an equal opportunity provider.
