SIOUX FALLS, S.D. (KELO) – Thanksgiving is quickly approaching and before we know it Christmas will be here. When it comes to budgeting your money, the holidays can be a stressful time.
Santa Claus has arrived at the Empire Mall and with him the holiday shoppers.
“This is kind of the start today, yeah, we’re doing a few things in person, ordering a few things online,” shopper Vanessa Stensrud said.
“I feel like I start like in November. My kids aren’t getting too much because we’re going on a trip for Christmas just because I feel like you accumulate so much stuff,” shopper Desirae Gray said. “But I end up tending to buy them clothes.”
According to NerdWallet’s 2024 Holiday Spending Reports, Americans plan to spend about $17 billion more on gifts and about $46 billion more on flights and hotels this year compared to last. The survey found 83% of holiday shoppers will spend about $925 on average to buy gifts for friends and loved ones.
Lindsey Swenson with Joy Wealth Management says it’s important to have a plan and stick to it when tackling your holiday gifts lists.
“So it’s looking at what your budget is, who is on your list and then how much can you spend for each person on your list,” Swenson, a wealth management advisor, said. “Looking at what it is that you want to give them so you can watch for sales for Black Friday or Small Business Saturday, things like that. And also looking at ways where if it’s a big group you can do a secret Santa or looking at giving more gifts of your time instead of just monetarily.”
And remember that you don’t have to break the bank to have a good holiday season.
“The beauty in giving a gift at the holidays is not to throw off your budget and be in debt for the next, you know, next year,” Swenson said. “That’s not the goal and that’s not what the people receiving the gifts would want you to do either. So know what you can do, look for the ways to make it work within the budget that you have and don’t burden yourself down with that stress to take all of the joy out of the holidays.”
“Less about the gifts and more about just taking time away from everything else and spending time together,” Stensrud said.
Swenson says it’s also a good idea to keep track of what you spend on gifts this year so that throughout 2025 you can save up each month or paycheck to be better prepared for the next holiday season.
