Holiday Gift Alternatives and How to Stay Inside Your Budget This Year

TheNevadaGlobeStaff

2 years ago

Categories: 775Times

Holiday Gift Alternatives and How to Stay Inside Your Budget This Year

RENO, Nev. (775 Times, NV Globe)- Christmas is only 24 days away, and holiday shopping will be more pricey than usual. According to a recent inflation buying habits poll, more than half of customers intend to spend less money.

With rising costs placing a strain on finances all year, it is suggested that thoughtful presents be given. What truly do your family and friends require?

Consider alternate gift options such as experiences or a lasting present. You might open up a bank or savings account for a kid or grandchild’s future schooling.

According to Freedom Retirement Services, it is best to avoid debt. Start with the smallest balance or pay off the loan with the highest interest rate.

Holiday spending, according to Matt Rowley of Freedom Retirement Services, is just one aspect of your financial strategy, and planning is essential.

“Set aside whatever you want to spend on Christmas figure it out ahead of time, divide that by 12 and figure out how to fit that in your budget every month I would start now start right away, and that first contribution may count toward this year’s Christmas, but starting in January start saving for next year’s Christmas”, Rowley said.

If you have Christmas debt, you should pay it off as quickly as possible. Because certain interest rates are so high, you don’t want your Christmas shopping to put you in financial jeopardy, according to Freedom Retirement Services.

Click here for additional budgeting advice.

Credits: KoloTv