How much will you spend over the holidays? It may be more than you anticipate. Consumers surveyed reported an average of $1,003 in new credit card debt following the 2016 holiday season, with 65% saying they hadn’t budgeted for the extra spending.* The following tips can help you put a plan in place now to curb unanticipated spending and avoid adding new debt this holiday season:
- Create a holiday spending budget based on what you can afford
- Begin setting money aside now in a designated holiday savings account
- Shop early to avoid overspending on last-minute gifts or shipping charges
- Talk to friends and family members about setting dollar limits on gifts; they may be as relieved as you to keep spending within reason
- Get creative. In lieu of exchanging gifts, give the gift of time spent together to create memories that last.
To learn more about budgeting and other financial management strategies that can help you remain on track toward your goals, contact me today to schedule a consultation.
All the best,
Russ Story, RFC