BOARDMAN, Ohio (WKBN)- Black Friday is just two weeks away, for some that’s the kickoff to the holiday shopping season.
But a lot of stores are already stocked with holiday decor, gifts, and treats.
First, we want to give you a look at the numbers.
Consumer spending this holiday season is expected to hit a record high of $902 per person. That includes gifts, food, and other seasonal items, based on a National Retail Federation Consumer Survey. That’s about a $25 increase from last year’s expected consumer spend, and it’s a $16 increase from the previous record of $886 in 2019.
Now, here are a few tips the Ohio Department of Commerce offers to try and stick within budget. Look at your financial situation and set a realistic spending limit. Set aside money for surprises, things like last-minute gifts, or anything else unexpected that could pop up.
Plan for inflation and research and compare prices before making a purchase. Consider alternative ways to gift. Things like homemade presents, offering a service, or organizing a gift exchange. Save your receipts so you can track what you’ve spent so far or make a return if needed.
“It’s very important to take budgeting seriously because when you’re out there shopping, they are trying to get you to spend your money so if you stick to your budget, that helps you be immune to some of the media-influenced desire to get you to spend.,” said Rob Rutkowski of the Ohio Division of Financial Institutions.
A lot of people say the holidays are all about the kids. The Ohio Department of Commerce said this is a valuable time to teach children financial lessons.
Have children make two wish lists, one with all their wants, and one with their most desired items. The Department of Commerce says this can help them understand the difference between what we want and what we can afford. Along with that, teach them the value of a gift, and that we don’t need the nicest items to keep up with peers.
Encourage skill-based gifts. Even if children grow out of the arts and crafts stage, they can offer services. And, be honest with your children about what your family can afford.
“Starting early with children and making sure they understand the value of money and the importance of budgeting will help them to be successful adults. so, it might just be about holiday shopping, but the net effect is a lifelong lesson,” Rutkowski said.
Another piece of advice the Department of Commerce offers is to remind children the holidays aren’t all about material gifts.
