As the holiday shopping season kicks off earlier than ever, it’s crucial for consumers to approach their spending with caution. With nearly 30% of Americans still carrying credit card debt from last year's holiday purchases, it's essential to create a plan to avoid falling into the same trap this year. Start by setting a realistic budget based on your income and expenses, and consider using earmarked savings accounts to keep holiday funds separate. Make a detailed shopping list with spending limits for each recipient to help stay on track. Group gifting can also alleviate financial pressure, allowing friends and family to share the cost of gifts. While the allure of early sales can lead to impulse buying, it's wise to wait for Black Friday and Cyber Monday for potentially better deals. Additionally, understanding payment options and tracking prices can help ensure you stay within budget. Finally, consider starting a savings plan for next year's holiday expenses to maintain financial health.
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