Avoiding overspending during the holidays

YUMA, Ariz. (KYMA) - Christmas marks the season of giving, but it can also be the season of overspending and racking up debt.

During Christmas time we all have a heart to make our friends and family happy through giving gifts, but with that it can become very tempting to over spend as a result.

Rod Griffin, Experian's Senior Director of Consumer Education and Advocacy says, “you know the big concern is that you are not taking in too much debt during the holiday season, you know there are reports that a far too large number of consumers are paying off their debt from last year, this year.”

One of the number one things that creates financial trouble is impulse buying, or buying without a plan.

There are steps you can take to avoid making these mistakes.

Make a spending plan, set aside money to spend during the holidays, or even use tools to help you with your shopping like AI.

If you need to manage your spending its recommended to talk to your loved ones before the holidays about how much you can afford to spend.

“We are hearing from people that inflation is a big concern, things are more expensive, and so they are trying to figure out how to manage that gift giving and gift buying with the increase in cost, and that’s a huge challenge for people right now," says Griffin.

We spoke to locals who say they spend a good amount during the holidays.

“I think about how much I want to spend each year for Christmas and inevitably, we do spend lots," says Ron Askin, local.

“You don’t overspend ever, yeah," adds Faith askin, local.

Some locals say they start saving ahead of time to be better prepared.

Lin Daily elaborates by saying, “we save X amount every month, and then when the holidays come up, it’s not a big surprise, so we get ready for it.”

If you do overspend, remember its not the end of the world, sit down look at your budget, find out how you can start saving, and of course make a plan.