The holiday season is a joyful time of year, but it can also be a time of additional financial strain for many consumers. Americans plan to spend an average of $ 998 on Christmas gifts, food, decorations, and other expenses this year, according to a new survey carried out by the National Retail Federation (NRF).

With Supply chain problems and inventory bottlenecks loom Driving up prices for consumer goods and even groceries, celebrating the holidays can be even more expensive than expected. The good news is that major retailers are taking steps to curb inventory shortages and increase product availability, said Matthew Shay, President and CEO of NRF.

“Retailers are working hard with ports, workers, freight forwarders and transport companies and government officials to address supply chain challenges and ensure consumers have access to the gifts they give and, just as importantly, want to receive,” said Shay.

Still, it is important that you handle your Christmas shopping budget carefully so that the start of the new year is not weighed down Vacation debt.

Read on for tips on vacation spending, including debt consolidation after the vacation season ends. Visit Credible to Compare prices on a variety of financial products, including debt consolidation loans, without compromising your creditworthiness.

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3 Christmas shopping tips to keep spending in check

It is possible, buy the perfect gift for everyone on your Christmas list without emptying your wallet. These tips will help you keep your vacation expenses under control so you can enjoy this special time of the year without any additional financial stress:

1. Create a gift budget
2. Keep track of your expenses
3. Use credit card rewards

Read more about each purchasing strategy in the following sections.

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1. Create a gift budget

It’s easy to lose sight of your expenses during the holidays. That’s why it’s so important draw up a budget before you start shopping, according to Lindsey Bell, chief markets and money strategist at Ally Bank.

“The best way to curb impulse buying and last-minute spending is to create a gift list in advance and set a budget for each person,” said Bell. “Since no plan is perfect, put some cash in a buffer fund for the perfect gift that is just outside your budget.”

A Christmas shopping strategy can help you take responsibility and reduce responsibility financial stress, She added.

However, gifts aren’t the only vacation expense. You should also consider other common vacation-related costs, said Joe Buhrmann, senior financial planning consultant at eMoney Advisor.

“Don’t forget to include things like decorations, ingredients for food and baking, or postage for postal parcels in your vacation budget,” said Buhrmann. “When you travel, don’t forget gasoline, hotels, and plane tickets to visit family.”

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2. Keep track of your expenses

Creating a budget is only helpful if you can keep track of your progress. There are plenty of free budgeting apps that will automatically connect to your bank accounts Track your expenses. Some of these apps even offer push notifications, so you can get an automatic notification when you’re close to your spending limit.

“Tracking expenses is now as easy as clicking your mouse or opening an app,” said Bell.

Budgeting apps aren’t for everyone, however. If the technology is too overwhelming for you, consider taking a lump sum in cash to keep you from spending too much.

“If you use plastic, you can easily overpay,” said Buhrmann. “Paying cash can force you to be a little more creative with your shopping and find more meaningful and personal gifts.”

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3. Take advantage of credit card rewards

Rewards credit cards help you collect cashback for everyday purchases and even airline miles that you can redeem for vacation travel. If you plan to stay here this holiday season, you may be able to sell your reward points to buy gifts for loved ones.

“See if you have any credit card reward points from hotel stays,” said Buhrmann. “Are there airline points that you will never use or that you will never collect enough to get a free flight? Many of them can be redeemed for merchandise or gift cards to help with vacation expenses.”

Visit Credible to Compare reward cards So you can afford the vacation expenses this year. It’s free to browse offers to find the right credit card for you.

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How to Consolidate Debt After Excessive Vacation Spending

Even the most frugal of consumers can easily overspend in the Christmas spirit. But writing vacation expenses on a credit card can be an expensive financing option if you don’t pay your debts in time.

Credit card rates are near all-time highs, noisy the Federal Reserve, and hit 17.13% for all interest-bearing accounts in the third quarter of 2021. That means your unpaid credit card balances over the holidays can be more expensive than ever.

If you ran into credit card debt this holiday season, you might want to consider buying it at a lower interest rate with a. to be paid off Debt Consolidation Loans. This is a personal loan that you pay off in fixed monthly installments over a set period of months.

In contrast to credit card rates, personal loan rates are close to record lows. The average interest rate on a two-year personal loan was 9.39% in the third quarter of 2021. the Fed reports.

If you are considering using a personal loan to consolidate vacation debt, it is important to compare offers from multiple lenders to ensure you are getting the lowest interest rate for your situation. You can Find your estimated price on Credible and use a Personal loan calculator to see your savings potential.

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