Managing your holiday spending

Local News

According to a consumer report, this year American's will be spending an average of $1000 per person through the holiday season

SAN ANGELO, Texas — During the holiday season, many people find themselves over spending. One local financial consultant says there are ways to prevent doing this.

“You’ve gone through, you’ve celebrated, you’ve provided gifts to the ones you love. The next thing you know, you’ve got that bill. Now all of a sudden, you may find yourself behind and having spent more than you wanted,” said Financial Consultant, Scott Fanatico.

According to a consumer report, this year American’s will be spending an average of $1000 per person through the holiday season.

Fanatico said the best thing to do this season is have a plan.

“It’s a time of year we want to celebrate. People think, ‘I want to have a budget.’ I prefer a way of looking at it saying you’re not gonna have a budget, bur rather a spending plan. The idea feels more celebratory rather than restricting yourself to a budget,” explained Fanatico.

Fanatico also said that the first thing to do is put together a list of those that you care most about.

“Then from there I might talk about alternative ways that aren’t dollars spent that can have an impact on the person you care about,” continued Fanatico.

Taking part in gift exchanges (such as Secret Santa) can cut back on spending costs.

Fanatico also recommended being very careful when using a credit card to purchase gifts this season.

“The idea of a credit card can be a strong tool or a cause for harm. If you’re disciplined and can pay off your card, that’s fantastic, especially with those that provide cash back or rewards. That’s another way you can gift, such as flying points. If you don’t have the discipline, it can lead to a problem,” said Fanatico.

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