(CBS)- Sticking to a budget during the holiday shopping season can be tough.
“we try to set a budget every year. and my wife goes over it every year.”i used to not have a budget and would buy stuff for everyone but that ended up being way too costly. I’m like, i need to narrow this down!”
An estimated 48 million Americans are still paying off debt from last holiday season.
“no matter what, going into debt for the holiday is a terrible idea”
CBS news business analyst Jill Schlesinger says the first step is creating a holiday budget by reviewing your bills from last holiday season and then make a list for this year of everyone you need to include.
“it could be your friends, it could be your family it could be your service providers put everyone down. then the hard part is assigning a dollar amount to those people.”which can be difficult”
“i definitely overspent last year. cause i bought my mom like a vacation thing. like a plane ticket to Florida or whatever like that, so definitely overspent but it was well worth it cause it’s my mom. I’ll give her the world. ”
Experts also advise against opening store credit cards to get a discount… because you could be paying far more down the line.
“that actual application can negatively impact your credit score and that could mean that you pay higher interest rate in the future.”
And staying out of debt could be the best gift you can give yourself.