The holiday period is all about catching up with friends and family, giving and receiving gifts, and eating and drinking too much, but it can also be a problem for your pocketbook.
According to a Gallup survey, US households will spend an average of $922 on gifts alone. Add to that increased travel and socializing and you could be in serious financial trouble.
When the new year arrives, you may be worried about the state of your finances.
For the holidays, it's important to budget correctly. People are moving from beingpulse buyers to plan buyers because of high inflation and interest rates. He said that shouldn't change at the holiday.
Many people make lists of gifts without knowing what it will cost, according to a family finance expert.
She said that you need to have a budget of how much you can afford to spend, not how much you want to spend in cash.
If you have to use credit cards, our experts recommend using those with the best options.
The cost of gift-giving is high during the holiday season.
Andrew Doerman of Legal and General America told them not to go into debt. The holidays are more about the experience and memories than they are about the stuff.
A family Secret Santa could be an option.
Steve Chen is the founder of Call to Leap, a coaching platform for trading, investing and financial planning.
Black Friday deals aren't always the best place to find a bargain, with discounts often not what they seem.
January is a good time to gift if you don't want to stick to tradition. The experts said that it can be a good way to get more for your money.
Stores have excess inventory from items that didn't sell before Christmas so they're going to be marked down.
You can try to make savings elsewhere if you want to go all out.
If you make your own lunch or work from home more, you can save money for a couple of gifts or dinner with friends.
As Christmas air fares are 39% higher than last year, Doerman said to drive if possible.
If you have to fly, Chen suggests traveling light to save money.
It's possible to have friends over instead of going out for drinks or meals. Guests should bring a dish or bottle to share costs.
There is always more demand for workers during the holidays.
Retail is still the most popular sector when it comes to holiday jobs, according to a report from October.
If you don't have time to work, there are other ways to make more money.
Setting up a decorating business, gift consulting, and pet or house-sitting are some of the things that are in demand in December. Renting a car out on Turo is one way to make more money.
As brands try to stand out, they are increasing their marketing spend.
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