Tips to not break the bank this holiday season

47 ABC – With the holiday season in full swing, the pressure of buying the perfect gifts could put a dent in your wallet.

Consumers are expected to spend an average of $1,000 over the holidays. To avoid breaking the bank this season, here are some helpful tips.

We’re told the most common mistake people make is not planning in advance, which leads to overspending. Before stepping into any store or going online, make a list of the people you plan to buy gifts for and the total amount you are able to spend.

Keep in mind that your budget includes more than just presents such as expenses including travel, parties, and food.

In order to stick to a budget, withdrawing cash could be a smarter option instead of using a credit or debit card. CPA Thomas Hudson from Twilley Rommel & Stephens says, “It can be easier to take cash and say ‘this is the amount I’m going to spend on gifts this year’ and only buy things with that cash because it’s a lot easier to say to yourself, ‘well I don’t have the cash for it, so I can’t afford’ versus a credit card where you’re like I’ll just swipe it and we’ll take care of that problem later.”

Another tip, buying gifts for so many different family members can add up quickly, so try suggesting a while elephant gift exchange, which could be easier on your wallet.

You should also take advantage of deals. We’re told a good time to see some discounts is the week before Christmas.

Also if you have a credit card, research the card’s rewards and maximize them during your shopping.

Categories: Local News, Maryland, Money