Kimberly Palmer: Holiday survival tips from 5 financial pros

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Inflation is eating away at our purchase power, so once you throw in the holiday season, it’s a very stressful time.” Financial educators like Decker are often busy during the holiday shopping season, sharing tips with their audiences about how to avoid debt and save money while still being festive. “One of the ways we can use our limited resources to maximize our happiness is to pay now, rather than get socked with a credit card bill in February, which undermines our financial and emotional well-being.” GIVE MORE CREATIVE GIFTS Jerry Graham, Atlanta-based co-founder of the website KindaFrugal.com, mentioned to his brother that he’d prefer a handmade gift this year. In fact, the 2022 Holiday Shopping Report from NerdWallet found that almost one-third of last year’s holiday shoppers who used a credit card to buy gifts are still paying off their credit card balances. Given the current economic climate and rising interest rates, McClary says, “It’s probably a better idea than ever to avoid relying on loans and lines of credit to get through the holiday season, and to be as resourceful as possible about how you spend the money you have.” START SAVING IN JANUARY Graham applies a similar plan-ahead approach as Decker, but with savings.