INDIANAPOLIS, Ind.- Black Friday is right around the corner!
It’s one of the biggest shopping days of the year.
Shoppers can score a lot of deals on “Black Friday,” but they can also get themselves in a lot of trouble.
Ffinancial expert Pete The Planner says the key to not over-spending during the holidays is budgeting in advance.
He also suggests only spending cash when shopping for holiday gifts, and following the motto “when it’s gone, it’s gone.”
Another idea to stay on budget is to use what Pete calls the “envelope system.”
That's where you make an envelope for every person on your holiday shopping list and inside the envelope place the amount of cash you want to spend on that individual.
“It’s cathartic because you can be like this person’s $20, this person’s $50, but if you do it that way you can keep track of your receipts, gift receipts, and that envelope for the holidays makes a lot of sense,” he said.
Another good strategy to avoid over-spending during the holidays is to avoid self-gifting.
The National Retail Federation estimates the average American will spend more than $900 this holiday season.