Here’s How To Avoid The Financial Trappings Of This Holiday Shopping Season


Black Friday Sale concept. Black Friday Sale text on black banner on a shopping cart with colorful shopping bags.

The holiday season is a time to snag some high-ticket items for a bargain prices, but even the biggest discounts can cause debt if not careful.

According to a CNBC report shoppers spent nearly $1,000 on their friends and family in 201, and 29% of shoppers who used their credit cards for their purchases — or more than 35 million people — are still paying off those purchases. Michael Hershfield, founder & CEO of Accrue Savings, a company that helps create savings plans with retailers instead of them using buy now pay later plans.

Choose your payment method wisely.

“Many offerings such as retail credit cards, and BNPL, encourage excessive spending, negatively impacting consumer credit card debt. This makes it crucial that consumers are thoughtful with their purchases and utilize payment methods with low debt risk.”

Make a shopping list and stick to it.

“Write down specific items you plan to purchase, and stick to the list to avoid impulsive buying. This will ultimately help you stick to your budget and avoid overspending.”

Limit your credit usage.

“Using a credit card is one of the easiest ways to spend money you don’t have. Instead, use a debit card or cash for your purchases to help keep better track of the money you’re spending.”

Research and compare prices.

“Take the time to do your research and compare prices to ensure you’re getting the best deals on your purchases. Starting with online shopping before heading in-store can be a savvy approach. This will help you feel more confident with your purchasing decisions.”

Prioritize your purchases.

“Consider holding off on purchases that might be cutting it too close to your budget until Cyber Monday. This way, you can take advantage of potential discounts and make a more informed decision.”

Start saving now.

“Consider starting to put money away now, and only spend what you are able to save. This will help create a financial cushion for items you plan to purchase.”

Limit your screen-time.

“Consider limiting your screen-time on Black Friday and Cyber Monday. This will ultimately help you resist the temptation of purchasing unnecessary items that can lead to overspending. It can also be beneficial for your mental health.”


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