The holiday shopping season is about to get underway, marking a time when many Americans use credit cards and incur debt to purchase gifts, food and travel.
While the holidays can be costly, Bankrate credit card expert Ana Staples says there are ways to minimize the strain on wallets.
One of her first suggestions is to start shopping early. She said procrastination can lead to higher costs from taxes, shipping and reduced availability.
“This way, a good deal can actually dictate your spending instead of the shipping times and things like trying to get what you want on time,” she said.
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For those who will rely on credit cards, Staples suggests considering a new account with a 0% introductory APR to reduce interest charges.
“At least you don’t have to worry about accruing interest on those purchases for a while,” she said.
Another important step is setting a budget and preparing for extra costs.
“Write down everybody you want to buy gifts for and create a personal budget for each person, then stick to it,” she said.
Staples also emphasized that gift-giving is not mandatory and that there are more affordable ways to show appreciation.
“You can create something yourself,” she said. “You can bake goods for your loved ones. Any kind of gesture of appreciation can go a long way as long as you remember your loved ones.”
