Budgeting for the holiday season

Reporter: Andryanna Sheppard
Published: Updated:

Gift-giving this holiday season can be a real challenge. With inflation and high interest rates, budgets are tight. Everyone is trying to make ends meet every day. Planning ahead, budgeting for the holidays and shopping as early as possible can help save your wallet this season.

The holiday season is the time of year where we splurge. But splurging is not an option for many. NerdWallet’s Personal Finance Expert Kimberly Palmer recommends talking to your family and friends first about scaling back this year.

“It’s a really popular option because everyone is feeling the pinch of inflation,” Palmer said. “So if you can all get on the same page and decide to spend a little less than that can go a long way.”

Holiday budgets
Holiday shoppers. Credit: WINK News

Then, make a list and check it more than twice. Come up with an amount you want to shell out, then write down everyone you plan on buying a gift for and how much you’re spending per person.

“That’ll give you a better idea of how much you can spend overall, but also kind of a way to calculate if you need to prioritize your list because you have a lot of people you’d like to buy for,” added DealNews.com’s Consumer Analyst Julie Ramhold. “But you may not be able to buy something for everyone.”

Ramhold wants everyone to remember gift cards, no matter how big or small, are great gifts too. Don’t rule out meaningful, handmade gifts as well. Keep in mind, your other bills don’t stop during the holidays. Apps like The Christmas List, Christmas List App and Santa’s Bag can help you budget for the holidays and keep track of your expenses.

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