The holiday shopping season is in full swing. Money may be tight for some during this pandemic, and that’s why it’s more important than ever to watch your spending.
Financial Attorney Leslie Tayne helps people manage their money. She says the key right now is getting through the holiday as normally as possible without racking up a lot of debt. The best way to do that is with a budget. “If you go into a store without a list and whiteout a finite budget, you will end up overspending because you will be enticed by the displays, you’ll be enticed by self purchases, and you could potentially overspend simply by not paying attention to your list,” said Tayne.
The holidays always cause a lot of stress, and with stress comes emotions. Emotional spending can lead to overspending. One tip Tayne offers to control your spending is to use cash so you can physically see the amount of money you want to spend.
People often look to credit cards to be able to spend now and worry about it later. This isn’t always the best option, but Tayne says if you must resort to credit make sure you check the rewards. “Is it zero percent financing, are you getting bonus points, would you continue using that card? If you’re not going to continue using the card and the bonus points are not going to be useful and there’s maybe an annual fee then it simply isn’t worth it to take it out.”
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December 10, 2020 at 09:23PM
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