Good morning! Thanks for tuning in to our financial wellness video today on our Holiday Spending tips! This time of year is the biggest time of year for consumer spending and we want to help make sure we share some of our best tips on how to prevent overspending. There are so many deals out there it’s hard to not want to take advantage of all of them.

Here are 5 tips we find useful when it comes time to shopping for the holidays:

Plan your gift recipients - What we mean by that is to make a list of who you really want to buy gifts for this year. If you are included, don’t by shy! Go ahead and add yourself too! Best practice is to add a dollar amount limit you want to spend on each person. If you want to buy mom a gift and spend $50 maximum, notate that. This will help guide you when you actually go shopping whether in-store or online.

Create an overall budget - How much do you want to spend overall on gifts? Sometimes doing your recipient list and budget simultaneously can help but definitely focus on creating a budget that you do not want to exceed. This will come in handy for being strategic on your shopping trips.

Shop around and explore deals - It’s so easy to get caught up with all of the amazing deals out right now, especially during and after Black Friday. There will be numerous doorbusters and one-day sales, so make sure to look around for the best offers out there and see if you can save some extra money. Also, keep in mind that some of the big-box retailers will offer price-matching so that can help you as well.

Consider payment methods - If you are planning to pay with a credit card, definitely consider using a cash-back card so you can earn rewards while tackling your Christmas shopping list. Just be mindful, using a credit card sometimes leads to overspending, so make sure to stay on track with your list and budget.

Lastly, fight the temptation! – With so much going on this time of year, it’s easy to forget we need to stay on track to our budget. Going into the store you may see things you have been wanting to get. Rewarding yourself is nice, but just make sure you try your best to maintain your spending within your limits you created. After all, the holidays will be over before you know it and then it will be time for your New Year’s Resolutions! This can help you remain financially stable and healthy and you will feel powerful by saying “no” when needed.

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