FORT WAYNE, Ind. (WANE) – Holiday expenses can increase quickly throughout the last few months of the year and there are many ways to be prepared for the holiday season. Spending for some people might look different this year.
According to a study done by TopCashBack.com, 50% of Americans do not have a budget in place leading up to the holiday season. For most everyone, budgets for the holidays depend on what the year has looked like for each individual person. It is dependent on employment, job security and what finances look like going into 2021. According to the same study, 61% of people believe the holidays are sneaking up on them.
Holiday debt is an issue many run into year after year impacting people’s ability to save, plan and invest in the future. The most important thing to remember is to have a budget and know exactly what you’re going to spend and do research ahead of time to keep from overspending and in the budget you have planned for the holidays. Studies show many holiday shoppers use credit cards for spending, and there are ways to get rewarded when using them.
Greg Reynolds with Reynolds Wealth Management says, “some cards and some programs offer not just cash back and rewards, but they offer incentives. Pay attention to those rewards and offers by your card and the companies that you use and make sure you’re trying to maximize those when possible.”