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Advice on how to get through the holidays without having to rack up more debt

One survey found that 69% of people overspent on the holidays in the past and another found that 31% of people still have not paid off last year’s holiday debt.

MEMPHIS, Tenn. — ABC24 is all about saving you money and with the Christmas holiday just two and a half weeks away, we know these gifts can get expensive but no worries, we have got you covered.

We spoke with a debt specialist about how you can still buy gifts, but without breaking the bank.

This time of year can get a little tricky and we do not want you going into 2023 with holiday debt. 

A recent survey from TD Bank found that 69% of people say they overspent on the holidays in the past and a study on NerdWallet found that 31% of people still have not paid off last year’s holiday debt.

“Just our normal…food, gas, electricity, everything across the board…we need to be a little more conscious right now and make sure that we can actually afford to give those gifts,” Yrefy Managing Partner Mary Jo Terry explained.

Terry recommended putting together a budget and a list of items next to each person’s name.

“If we walk into our favorite store and we just start shopping, our cart gets really full really fast. If we walk into our favorite store and we have a list and we maybe get one thing additional off the list, you have more of a tendency to stick with whatever budget you put together,” Terry said.

And before you shop, Terry suggested looking online and on phone apps for coupons. You can also search for cashback offers on shopping apps.

“Also, if you have a specific gift, look for sales, look for promotions. If you know that there’s going to be last-minute sales, toys were highly discounted this year,” Terry said.

Another thrifty idea is to re-gift.

“Some of the more crafty things that you have to think about, is we all receive gift cards we don’t use…so we shove them in that junk drawer, we shove them in our desks…there’s nothing wrong with regifting those,” Terry said.

Lastly, consider creating a sentimental gift.

“Think about giving cookies, something crafty, something from the heart, something that will take your time and not cost your pocketbook anything,” Terry explained.

And after all of that, Terry said to go back to your budget and actually write down what you have spent so that you know what you have left for those last few gifts and communicate with your loved ones if you are not able to gift everyone something.

It is better to go into the new year worry-free than to stress about paying holiday fees from 2022 in 2023.

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