Tips to stay on budget this holiday season
Some people are already shopping for the holidays
RAPID CITY, S.D. (KEVN) - According to a new study by Southwest News Service, half of Americans are already shopping for the holidays online because they’re bored at home.
Now, if you’re shopping online and using your credit card, it’s important to remember to spend within your means.
“It’s not spending money, your borrowing money, and you’re paying it back at a pretty hefty interest rate. So putting it on that credit card is really easy, really simple to do, but the bill does come due. And if you’re not paying it off every month, it’s almost becoming harmful to you,” says a financial advisor for BMS Financial Advisors, Jarrett Apa.
"Think about the act of taking your wallet out and putting cash down on a table for a gooder of service. That money doesn’t come back in your wallet. Whereas if you use a credit card online, you can just put it out there, spend, and put that credit card back in your wallet,” says a financial advisor for BMS Financial Advisors, Nate Starkey.
Typically, many people create a budget for holiday shopping, and if you haven’t done so yet, it’s not too late.
“Always have a budget and make sure that’s included in that budget your paying yourself. Right, we have our bills. We have things we want to spend on. We also have to pay ourselves. We have to put that money either into your 401K plan or an IRA for your future spending needs in retirement,” says Apa.
And when your budget is finalized, it’s important you stay within that.
“We don’t know what’s coming next down the pipe. Right, this may have been a tough year for many people. We don’t know what’s the futures going to hold for economic indicators and things to that effect, but make sure you plan every year for the holidays and try not to go over that,” says Starkey.
Here are a few different resources:
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