Holiday spending plan could keep your budget on track this season

Have a plan to pay back charged purchases as soon as possible

InvestigateTV - The National Retail Federation predicted holiday shopping this year will approach $1 Trillion, up 6-8% over 2021. To make sure your holiday budget doesn’t balloon, the best strategy is to make a spending plan.

Cherry Dale, a financial coach with the Virginia Credit Union, shared several tips to rein in holiday spending:

  • Make a budget and stick to it
  • Try to avoid using credit cards and pay with cash
  • If you have to use a credit card, use one with rewards points
  • Make a plan to pay back any credit cards charges as quickly as possible

A recent study from our partners at NerdWallet reported that 31% of 2021 holiday shoppers have still not paid off their holiday shopping debt.

The study also estimates that holiday shoppers will spend an average of $823 in 2022.

NerdWallet had several tips to lower holiday spending:

Keep receipts handy: if you have purchased an item you see cheaper elsewhere, many retailers will offer price matching or offset price drops

Compare, compare, compare: There are many apps and browser extensions available to help find the lowest price on items

Talk to friends and family about scaling back: Discuss setting a price limit or doing a gift exchange instead of buying for everyone

Rachel DePompa

Rachel DePompa

Rachel DePompa is NBC12's On Your Side Investigator. Before joining WWBT in March of 2008 Rachel worked in Roanoke, Bristol and Harrisonburg.