Alternatives to holiday gifts and how to budget this season

Published: Dec. 1, 2022 at 5:43 AM PST
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RENO, Nev. (KOLO) - Christmas is only 24 days away and that holiday shopping is going to be more expensive. Recent inflation shopping habits survey shares that over 50 percent of consumers plan to spend less.

With high prices putting a strain on budgets all year long, it’s recommended to think of meaningful gifts to give. What do your family and friends actually need?

Think of alternative gift ideas like experiences or a gift that lasts. You could contribute to a child or grandchild’s future education plan or set up a checking or savings account.

Freedom Retirement Services says to stay debt free. Tackle your smallest balance first or pay off your highest interest rate debt.

Matt Rowley with Freedom Retirement Services shared holiday spending is just one part of your financial plan and budgeting is key,

“Set aside whatever you want to spend on Christmas figure it out ahead of time, divide that by 12 and figure out how to fit that in your budget every month I would start now start right away, and that first contribution may count toward this year’s Christmas, but starting in January start saving for next year’s Christmas”, Rowley said.

It’s recommended if you have debt from Christmas pay it off as soon as you can. Freedom Retirement Services shared that with some interest rates being so high, you don’t want holiday spending to put you at financial risk.

For more budgeting tips, click here.