The holidays come quicker than you think. Americans typically spend an average of $1,200 annually on holiday presents, according to the National Retail Federation. 亚洲麻豆精品在线 business professor Dr. Cathy McCrary said starting to budget now can help avoid stress and overspending later.
鈥淚t鈥檚 been said that 鈥榳hen you fail to plan, you鈥檙e planning to fail,鈥欌 McCrary said. 鈥淭his wisdom also applies to spending decisions.鈥
McCrary recommends creating a simple plan that:
- identifies who you want to buy gifts for,
- lists the types of gifts you鈥檇 like to give, and
- includes the average retail price of each item.
By setting a plan early, shoppers gain discipline, understand price points before sales begin, and have a clear savings goal for major events such as Amazon Prime Days, Black Friday or Cyber Monday.
Strategies for Saving:
- Determine a realistic savings target (even if it doesn鈥檛 cover everything on your wish list).
- Break down how much you can set aside each pay period, based on your income and other financial responsibilities.
- Create a separate savings account and set up automatic transfers to stay on track.
After putting this plan into action, shoppers may discover they spend less than expected, leaving extra money for other priorities. Most importantly, McCrary said, sticking to a budget can help avoid holiday debt.
鈥淎nd that鈥檚 something to be jolly about,鈥 she said.