(Photo By Flickr User 401(K) 2012)
Chances are you have done most of your holiday shopping by now.
While it is fun to give gifts to family and friends, when it is all said and done, many find themselves in the red.
The National Retail Federation & WEEK-TV said Americans are spending more money on gifts this year than last year.
As presents pile up, some families may feel like the money is quickly gone.
“This is just the time of year where I think overspending becomes more prevalent If they don’t have it, then they put added stress on themselves as we move into a new year,” said Financial Advisor with Alexander Financial Services, Eric Obalil.
Obalil said he has seen the impact overspending has on people.
“Well, it was 10 dollars here, or 5 dollars here, or 15 dollars there. I don’t think people realize how quickly that adds up,” stated Obalil.
If you find yourself in the red after the holidays, do not be afraid to seek help. When making your budget, Obalil said do not spend more than you have already saved.
“Find some type of account that you can put in a few dollars every month and you classify it as your Christmas club account. Then you don’t have to put it on your credit card. You don’t have to add to that debt. I think people would find themselves feeling a lot less stressed,” said Obalil.
