You are using an older browser version. Please use a supported version for the best MSN experience.

Money saving Monday: Creating a holiday gift budget

WWSB Tampa logo WWSB Tampa 11/18/2019 Jackie Kelly
To prevent aimless spending, people should have a plan of how what they are going to buy before leaving the house.© Provided by Gray Media Group, Inc. To prevent aimless spending, people should have a plan of how what they are going to buy before leaving the house.

SARASOTA, Fla. (WWSB) -Holiday shopping can cause a lot of stress. According to WalletHub, about 35 million Americans still have credit card debt from last holiday season and nearly one third of consumers will spend less money on the holidays this year.

So, what can you do to help budget your spending? Discover Bank recommends before people head out to the store, they plan out what items they will buy and how much they plan to spend. After a budget is decided on, they recommend taking out that amount of money in cash. This will make it easier to not overspend because once the cash is gone, it's time to stop shopping.

UP NEXT
UP NEXT

If people are looking to grow their holiday spending fund, try cutting back on habits like buying coffee or lunch out everyday. It’s averaged a person who buys a coffee everyday spends over $900 a year on that habit and a person who buys lunch out everyday spends about $1,500 a year. So that does add up!

Lastly, a way to save on holiday gift spending is to give someone a homemade gift. It’s not only a cheaper option, but it’s also thoughtful and unique.

Copyright 2019 WWSB. All rights reserved.
AdChoices
AdChoices
AdChoices

More From WWSB Tampa

image beaconimage beaconimage beacon