Updated: November 27, 2020 06:19 PM
Created: November 27, 2020 02:16 PM
ALBUQUERQUE, N.M.- The holidays have arrived, and many people will be looking to take advantage of sales.
"The holidays are a huge source of consumer expenditures, and on average, each American spends about $1,000 during the holiday season, and that’s a lot of money," said Dr. Reilly White, associate professor of finance at UNM.
This year, may be different due to the pandemic.
White says making a budget is key to not overspending.
"Knowing what you’re going to buy for whom ahead of time. This helps you avoid things like impulse buying which adds to your bottom line," he said.
White recommends that people also set a limit for how much they can spend. He adds that they should track their purchases to make sure they are sticking to their plan.
People who may not be able to spend as much as they usually can should be honest about their situation, rather than taking on debt, White says.
"Be forthright. And be direct. But also be ready to say no to expenses that family members might count on, limitations on certain things that might involve kids even though you want to make all their dreams come true," he said.
For people who are on the receiving end of that conversation, White said it's important to be understanding.
"I think everyone needs during the holiday season is empathy, for each other as well as sympathy for those who are going through the worst times," he said.
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