On Your Side: Create a holiday budget

Published: Nov. 21, 2022 at 5:45 PM CST|Updated: Nov. 21, 2022 at 6:09 PM CST
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SPRINGFIELD, Mo. (KY3) - The official kickoff to the holiday hustle and bustle is just a few days away.

Before you dive deep into the deals, agree to a budget.

Financial planner Shawn Gallagher says if you have not already, start a group text with family and brainstorm. Be honest about what you can afford. No gifts or ‘one gift only’ might be more common than you think.

“The best thing to do, especially if you have a large group of people, just pick one person. Everyone gets one gift, especially adults. Then focus on the kids,” he said.

Agree on a price tag. Maybe $25 to $50 per gift. Gallagher says if you really can’t afford Christmas, just say so. He says do not take out a quick loan.

“The interest can be compounded to hundreds in a short amount of time. Try to avoid at all costs going in there,” said Gallagher.

Consumer experts say despite inflation, retailers are still offering good deals. This is still the best time of the year to shop.

“We are seeing inflation affecting everything, but we are still seeing deep discounts so it’s counter acting that,” said Samantha Gordon with Consumer Reports. “The prices might not be what they have been in years past, but the discounts are still pretty big.”

One of the biggest mistakes shoppers make: One for you, one for me. When you’re out and about this holiday season stick to your budget and don’t splurge.

Keep receipts for rewards. Points can really add up.

Here’s an app to help you keep track of your holiday budget.

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