Struggling to afford holiday gifts? A Utah financial expert has some tips
Dec 2, 2024, 12:38 PM
Some are struggling to afford holiday shopping at all. (Canva)
(Canva)
SALT LAKE CITY — Cyber Monday has arrived. And shoppers are expected to spend record amounts of money on deals this year. But, a lot of people, some Utahns included, are struggling to afford holiday shopping at all.
Shane Stewart, a certified financial planner with DMBA, said for those struggling to put gifts under the tree planning ahead is key. Rather than blindly spend and hope for the best later.
“… I find people getting in trouble during the holidays. And really regretting it in January or February when the credit card statement comes. They really didn’t plan ahead,” Stewart said.
When it comes to credit cards, Stewart doesn’t recommend using them unless they can be paid off in full within a couple of months or so.
For people living paycheck to paycheck with little wiggle room in their spending power, Stewart suggested getting a side job or side hustle of some kind to have money set aside just for holiday spending.
He also suggested cutting whatever spending possible after the New Year. Just for a short time to make up for holiday shopping now.
Stewart also noted people don’t need to feel pressured to buy the high-priced, big box items.
“Good gift-givers find things that are meaningful to the family or friend. But many times don’t cost a lot,” Stewart said. “I think of the gifts I’ve received over the years, and I don’t think many of them had a high dollar value to them.”
Stewart agrees, it really is the thought that counts.
