OCALA, FL (352today.com) – The holiday season saw a 3.1 percent increase in sales between November and Christmas Eve 2023, according to Mastercard SpendingPulse, with the National Retail Federation projecting total holiday spending to reach nearly $966 billion. However, recent data from Trading Economics shows a significant slowdown in personal spending, rising only 0.2 percent in May 2024.
As consumers face this economic landscape, financial experts recommend several strategies to maintain holiday budgets without sacrificing celebration. The first step is assigning specific dollar values to gift recipients, acknowledging that spending may vary between immediate family members and casual acquaintances.
Setting a firm overall budget is crucial, along with resistance to impulse purchases that can derail financial plans. Early shopping, beginning well before traditional shopping events like Black Friday, allows consumers to track prices and secure the best deals.
Price comparison has become increasingly important, with many retailers offering price-matching policies and apps available for quick barcode scanning across stores. Experts caution against assuming Black Friday and Cyber Monday offers the best deals, noting that some retailers artificially inflate prices before marking them down during these events.
Store rewards programs can provide additional savings, though shoppers are advised to create separate email accounts for retail communications to manage promotional content effectively. Most importantly, maintaining a running tally of all holiday expenditures helps ensure adherence to budget constraints.
“The holidays can be expensive, but with smart budgeting and dedication to savvy shopping, it’s possible to stay out of financial trouble,” says Better Money Habits.