It’s supposed to be a jolly time of year but many Americans are caught up in the hassle of seasonal shopping
According to a SunTrust survey, that financial strain can kill the holiday vibe.
“Nearly half of Americans feel pressure to spend more money than they can afford,” Brian Ford of SunTrust says.
Setting a holiday budget is great, the majority of shoppers did last year, but more than 77% ended up blowing past it.
Overspending can impact financial goals beyond new years.
“About 1 in 4 people impact their savings goals long term,” Ford says.
Don’t forget to include hidden costs in your holiday budget such as entertaining or travel.
And curb gift spending by making a shopping plan to find the best deals.
“Start the week before Black Friday and extending about a week after is really good zone for shopping,” Lindsey Turrentine says.
Use discount apps and browser add-ons for extra savings but avoid procrastinating.
“When you come to the mall last minute, the prices go up and you have to spend more money,”
If you consistently end the holidays with a financial hangover make a goal to plan ahead for next year.
“Set New Years resolution, look I’m going to set up this account automatically fund it and then 12 months go by and the holidays roll around and you’ve got cash to spend on all those wonderful gifts for friends and family,” Ford says.
Allowing you to spread holiday cheer, instead of taking on holiday stress.
(Liz McLaughlin, NBC News)