Michael Stevens Financial Planner of Capital Wealth Advisors talks staying on budget during the holidays! Inflation has put a strain on budgets throughout the entire year, which means shoppers need to be budget-conscious as they deal with higher prices. When taking inflation into consideration, holiday spending is expected to see minor growth compared to previous years, increasing 3% at most.
Nearly 3 in 4 Americans are hoping to spend less than $500 by purchasing fewer gifts than years past and taking advantage of major sales like Black Friday.
You don’t have to stop giving gifts, but there are meaningful ways to give and avoid a hefty credit card bill come January 1st. Look at your budget to determine how much you can afford to spend this holiday season. Then list each person you need to buy gifts for and decide exactly how much you will spend on each person. Don’t forget to budget for the extras, like wrapping paper and holiday decorations!
If you need help setting a plan, there are holiday budget worksheets at capitalwealth.com