Tips for budgeting during the holiday shopping season

Tips for budgeting during the holidays

MEMPHIS, Tenn. (WMC) - So, you’ve checked your list and you’ve checked it twice, but have you checked your budget? Holiday shopping is in full swing, but beware not to break the bank trying to get the latest gifts.

Hal Otey of Hal Otey Financial in Memphis says it is best for shoppers to avoid buyer’s remorse once the new year comes.

“People need to think about what they’re willing to live with when January 1st rolls around,” he said.

Otey encourages people to plan ahead by making a spending limit and a list of people that they want to give gifts.

“Try not to go over that. I’m not promoting people going to casinos, but I know some people that’ll go what they call ‘South’, and they go down to Tunica. If they don’t pre-decide what they’re willing to lose before they go, and if they get down there and they start thinking ‘Oh I can win it back’, and they just keep putting money on the table, they get themselves in trouble and shopping can be a little bit like that.”

Otey advises shoppers to do their research, shop around and make sure advertised deals are really bargains.

In the future, he suggests setting money aside specifically for Christmas shopping.

“I have clients that have money deducted from their paychecks that go into a Christmas fund,” he said. “Some companies out there do that for them. But for those that don’t, if you set aside a savings account that you earmark for Christmas and holidays and things like that, you’re much better off.”

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