Experts weigh in on budgeting your money around the holidays

Published: Nov. 4, 2022 at 4:13 PM CDT
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BIRMINGHAM, Ala. (WBRC) - Whether it’s a pair of hop-a-long boots or dolls that will talk and go for a walk, getting those gifts wrapped and under the tree happens after the swipe of a card.

Marshall Clay with The Welch Group recommends kicking the holiday shopping season off by creating a budget. Start with allocating funds for your fixed expenses such as rent or other bills, then set aside any money to want to put in saving. Then decide with the rest of your income what you want to spend on gifts.

“Establish that budget, use the credit card if you want to get rewards points but make sure that you can pay that credit card off month over month so you’re not paying that additional interest rate expenses,” said Clay.

While it can be hard, it is possible to save money during the holidays. Clay said to take advantage of holiday sales, but know that not every sale is a good deal. Clay anticipates big retailers like Walmart or Target will have more sales this year compared to last due to over inventory.

“Certainly you wanna look for those sales and I think that particularly as it pertains to retail, certain retailers whether it be Walmart or target I think you’re likely to see more sales this year than you saw last year.”

And don’t forget about the gift of experience that can be enjoyed long after the holiday season.

“It seems like everybody I talk to can remember a play that they went to, or a concert that they went to, or a church event that they went to,” explained Clay.

Make sure to communicate about your budget so everyone in the family is on the same page about how much money is being spent this holiday season.

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