The holiday season brings much added pressure for Americans planning around family time, food and shopping.
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A new survey by Bankrate claims nearly half of the country feels the burden to overspend during the holiday season.
Ramsey Solutions financial expert Chris Hogan tells FOX Business’ Maria Bartiromo starting off with a plan that is comprised of assigning a dollar amount to the people you are shopping for is the best way to avoid overspending during the holidays.
“I don’t want people to wake up in January and have a holiday hangover for the next 18 months trying to pay off credit card debt when they bought things they couldn’t get afford,” he said on Tuesday.
More than half, or 54 percent, of parents are feeling the pinch even more to reach into their wallets.
Hogan recommends finding creative solutions to gift giving to prevent a sinkhole of debt.
“If you can’t afford to buy a gift, then be creative,” Hogan said on “Mornings with Maria.” “Think of ways you can make a gift.”
Avoiding Holiday Overspending
- Make a list
- Set a budget
- Make this Christmas a cash Christmas
- Beware of store credit cards
- Think outside the box