The holiday shopping season is in full swing. Money can be tight for some during this pandemic, and that’s why it’s more important than ever to monitor your spending.
Financial lawyer Leslie Tayne helps people manage their money. She says the key right now is to go through the holidays as normally as possible without racking up a lot of debt. The best way to do this is on a budget. “If you go to a store without a list and clear a limited budget, you’ll end up overspending because you’ll be drawn to displays, you’ll be drawn to personal shopping, and you could potentially overspend just by not doing pay attention to your list, ”said Tayne.
Holidays are always stressful, and with stress come emotions. Emotional spending can lead to overspending. One tip that Tayne offers for controlling your spending is to use cash so that you can physically see how much money you want to spend.
People often look to credit cards so they can spend now and worry about later. It’s not always the best option, but Tayne says if you have to resort to credit, be sure to check out the rewards. “Is this zero percent funding, are you getting bonus points, would you continue to use this card?” If you are not going to continue using the card and the bonus points will not be useful and there may be an annual fee, then it is simply not worth the effort to withdraw it.