Expert advice for holiday shopping on a budget

(InvestigateTV) — Consumers plan to spend an average of $831 dollars on gifts this holiday season, totaling more than $184 billion nationwide, according to a NerdWallet report.

Kim Palmer, a personal finance expert with NerdWallet, said consumers are still a little worried about prices and are looking for ways to celebrate the holidays without breaking their budget.

“They’re talking with their family and friends ahead of time about spending less,” Palmer explained. “Maybe regifting things, giving fewer gifts, because everyone is looking for ways to make it work despite the higher prices.”

Palmer advised people to save throughout the year for the holidays, allowing them to pay for gifts in cash and avoid credit card debt.

Those who do use credit cards should be careful about how much they charge, she noted, and make a plan to pay it off.

Palmer said it’s empowering to start the new year strong without a lot of holiday debt.

“Because there’s so much price fluctuation, it’s a really good idea to track prices and buy them,” Palmer suggested. Even if we’re not close to the holidays, if you can purchase them, set them aside and not forget that you bought them for the holidays, that’s a great way to plan out your spending.”

Palmer also said to consider giving experiences, meeting up for dinner or planning a movie night together.

Around 36% of those surveyed said they’d rather have an experience with their loved ones instead of exchanging gifts during the holiday season.

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