Setting—and sticking to—a holiday budget could help you avoid finical hardship down the road.
YORK, Pa. — Between gifts, travel and entertainment, American consumers are expected to spend $1,530 this holiday season,“People are going to be spending money this holiday season,” said Ryan Hitchcock, a financial planner and partner at“Holidays are expensive,” said Hitchcock. “We’ve had extreme inflation over the last two years, so it’s going to be even more expensive, so you don’t want to overspend on the holidays and have that be the catalyst to wreck your financial future.
When planning that budget, Hitchcock says not to guess. He suggests instead to look back on what you spent last year. While things like turkey and gifts for the kids are easy to account for, don’t forget about the variables, and plan for emergencies. “On gifts you have the cards, and the tape and wrapping paper that goes along with it,” explained Hitchcock. “Another thing I’d say to do is plan for some emergencies. In the holidays especially, you know, you’re gonna forget some gift or forget something to bring to dinner, so just plan for that.
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