How to make sure you don’t overspend on holiday shopping

WICHITA, Kan. (KWCH) – It’s the most wonderful time of the year — but not for your wallet.

November and December are two of the most expensive months of the year for Americans. Holiday spending can add up quickly, and it comes in addition to your bills. And you could see an increase in energy bills because it’ll be darker earlier and you’ll heat your house more.

And we haven’t even touched on the costs for gifts and travel.

The best way to avoid overspending during the holidays is to plan ahead. It helps you avoid things like same-day rush shipping and last-second gift purchases that are usually more expensive.

The National Retail Federation predicts holiday spending will be up again this year, setting a new record if projections hold up. Statistics show more than 50 percent of people are rolling over on their credit balances, bringing even more debt into the new year.

Ashley Manning of Meritrust Credit Union discussed the biggest mistakes for holiday spending.

“A few things to avoid during the holiday season is that impulse buying,” Manning said. “This is a great time to reflect and have that self-awareness. Where are those extra spending habits coming in that you could swap out for a Christmas gift or decorations? Things you’d normally spend money on. Even thinking about that Door Dash, should I spend this $20-$30 here, or do I get a gift with that instead and mark someone off my list?”

Some good news for holiday spending: gas prices are down compared to this time last year. In Kansas, gas prices are below the national average, sitting at $2.71 per gallon.

Copyright 2024 KWCH. All rights reserved. To report a correction or typo, please email news@kwch.com