Local financial pro offers tips for sticking to a holiday budget

MILWAUKEE (CBS 58) -- Holiday shoppers are projected to spend an average of $1,778 this season, according to a recent survey, marking an 8% increase from 2023. Tony Drake, a financial professional from Drake & Associates, joined us on Thursday, Dec. 12 to discuss ways to stay on budget while holiday shopping.

Drake mentioned the importance of avoiding credit card debt, noting that total credit card debt in the U.S. is $1.14 trillion. He suggested creating a detailed shopping list, setting a budget for each person and checking for price matching to avoid overspending. Essentially, make a list and check it twice!

He also recommended planning for next year’s holiday season by saving incrementally, and for shoppers who go over-budget, it may be a good time to utilize debt repayment strategies, such as the snowball or debt avalanche methods.