KSHB 41 reporter Abby Dodge covers consumer issues, personal budgeting and everyday spending. Share your story idea with Abby.
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The holidays are a pricey time of year for many.
Americans spent $184 billion on presents last year, according to NerdWallet.
This year, a recent survey found consumers plan to spend an average of $925 on gifts.
Financial planner Stephanie Olson said there are a few tips shoppers can follow to stay on budget:
- Set aside money each month for gifts or purchase them throughout the year;
- Think of shopping secondhand;
- Make homemade gifts or treats.
“If you find yourself at the end of the year with all of the holidays coming up and it is a tough financial burden, you should be planning from Jan. 1 or from the holiday from the previous year," Olson said.
Olson said it is also helpful to make a list of the people you are buying for, similar to Santa, and then allocate a certain amount to each person.
If the total is outside your budget, it’s time to make some changes.
“If you don’t take on the little stress that it is to plan every single month, you are going to be hit with a lot of stress come the end of the year or come years in the future," Olson said.
Hannah Greer is the manager and jack of all trades at the Junque Drawer in Olathe, Kansas.
The store’s holiday house has been open since September.
Greer said she’s noticed people buying items earlier in the year.
“Shopping early is something that’s important, and we’ve been seeing a lot more of that here also,” Greer said.
The Junque Drawer also offers free gift wrapping and ornament personalization.
“Trying to help people keep that budget is important for us,” she said. “But I mean, Christmas is a time you want to spend on fun stuff.”
NertWallet’s survey predicts Americans will spend more than $200 billion throughout the holidays this year.
