Holiday budgeting tips to ensure financial success in the new ye

Holiday budgeting tips to ensure financial success in the new year

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LUBBOCK, Texas -

Friday is the biggest shopping day of the year, but the holiday season may lead to trouble without proper budgeting. 

Jeff Nicholas, President of Nicholas Financial said it's easy to overcome by creating a budget and knowing how much you're willing to spend. 

"Maybe breaking down, and say okay, I spent one hundred dollars on mom, fifty dollars on dad, whatever the case may be. Looking at what you spend the prior year, and on who, and then taking that with you when you're doing your shopping to be able to give you a framework," he said.

Staying within that budget often comes with difficulty. 

 "You know, I would say, when you make a budget, be sure to stick to it," Nicholas said. "Some people have a hard time sticking to that budget, but take the list with you. Take your budget with you, so when you're shopping it's not the impulse buy." 

  Nicholas also recommends starting holiday shopping early, spreading costs throughout the year, rather than waiting for Black Friday. 

"I think we've all done some Black Friday shopping. But, you know, mid-year, watching sales, amazon, you know, buying, price comparing and shopping, things of that nature," he said.

Another money-saving tip is to give out cash or gift cards as an alternative. 

"Sometimes gift cards, right, are a good idea so you're not just wasting money on gifts. Or cash. You know, one way to save money, for example, is you go buy a visa gift card they're going to charge you four ninety-five, or five dollars, to activate that visa gift card. Now, granted it's good anywhere, it can be refilled, whatever. Instead of spend fifty-five dollars to buy a visa gift card, why not just give them fifty dollars cash."

 Additionally, he said avoid charging high-ticket items that could accumulate credit card bills due in January. 

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