A behavioral finance expert warns that consumers are naturally inclined to focus on short-term gratification, leading to overspending during the holiday season. Financial planner Brad Klontz provides tips on how to manage holiday spending and maintain long-term financial goals.
Behavioral finance expert Brad Klontz warns that consumers tend to prioritize short-term gratification over long-term financial goals , especially during the holiday season. Americans are expected to spend an average of $1,014 on Christmas or other holiday gifts in 2024, a significant increase from $923 in 2023. Some consumers plan to dip into their emergency fund s or prioritize gifts over household bills.
Klontz suggests developing a spending plan to avoid overspending and maintain long-term financial health
Behavioral Finance Holiday Spending Financial Goals Emergency Fund Consumer Behavior
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