Expert tips to rein in holiday spending
Six in 10 consumers expect to pay more for gifts and food than they did last year
(InvestigateTV) — The Conference Board Holiday Spending Survey predicts the typical American will spend $985 on the holidays this year, a little less than the 2022 average.
Nate Johnson, a financial advisor with Merrill Lynch, suggested consumers prioritize the gifts they are giving and rank them in order of essential, important, and not that important.
“Maybe think about pooling your resources with other folks in your community,” Johnson said. “You know whether it’s your siblings going in together for gifts for the parents, close friends going in together with or another gift for a friend.”
Johnson also suggested considering a homemade gift, something sentimental or maybe planning an experience or trip.
He said it is important to have rules for spending and to set limits.
“So, for me, I am not allowed to take my kids shopping with me because they are going to tell me to do all sorts of stuff that’s out of the guidelines, out of the budget,” Johnson said. “So, I’m just not allowed to take the boy shopping with me.”
He proposed the 24-hour rule – wait at least a day before purchasing an item, then reevaluate if you still want to buy it.
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