Here’s how to avoid the financial pitfalls of the holiday shopping season – Essence

The holiday season is a time to buy costlier items at bargain prices, but even the biggest discounts can land you in debt in the event you’re not careful.

According to CNBC report in 2011, shoppers spent almost $1,000 on purchases for family and friends, and 29% of shoppers who used bank cards to make purchases – greater than 35 million people – they’re still paying off those purchases. Michael Hershfield, founder and CEO Accumulate savingsan organization that helps you create savings plans with retailers, reasonably than using them.

Choose your payment method correctly.

“Many offerings akin to retail bank cards and BNPL encourage overspending, which negatively impacts consumer bank card debt. That’s why it is so vital for consumers to make purchases correctly and use payment methods with a low risk of debt.

Make a shopping list and stick to it.

“Write down specific items you plan to buy and stick to the list to avoid impulse purchases. This will ultimately help you stick to your budget and avoid overspending.”

Limit your credit use.

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

Research and compare prices.

“Take some time to shop around and compare prices to make sure you’re getting the best deal on your purchases. Starting your shopping online before heading to the store can be a smart approach. This will give you more confidence when making purchasing decisions.”

Prioritize your purchases.

“Consider holding off on any purchases that is perhaps too tight in your budget until Cyber ​​Monday. This way, you’ll be able to make the most of potential discounts and make a more informed decision.

Start saving now.

“Consider starting to save money now and only spend what you can save. This will help create a financial cushion for the items you plan to purchase.”

Limit screen time.

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