Everything is costing more these days, including all the things in the cart during holiday shopping times. Bankrate.com partnered with the Bureau of Labor Statistics consumer price index (CPI) to investigate the cost of common holiday tchotchkes and how they compare from year to year.
Approximately 65% of those items are more expensive since last year. In 2022, prices were only up for 12% of the same holiday shopping knick-knacks.
Bankrate called upon financial planning experts and economic analysts to discuss cost-saving strategies to help cope with holiday shopping inflation–among them was our Nathan Astle, CFT, Beyond Finance client therapist.
“The difficulty is, these holiday events are really meaningful for people, and as important as it is to save money and to live within our means, it’s really important we have these connecting moments. You can have connecting moments without breaking the bank.”
The objective of marketing during the holidays is pull on the heartstrings. The more consumers are wooed into stores, the more likely they are to stay a while and maybe spend a little more. However, Nate helps Beyond Finance clients understand the possibility of sticking to a budget, during the holidays or any other time, as he shared once with CNBC.
People often think if I don’t keep a budget, or I’m not good at following the budget, there’s something wrong with me. Shame is the enemy of change, since these negative feelings can discourage people from budgeting altogether.
If you’re interested in the practical tips found in the Bankrate article, we encourage you to bookmark it and save it for future reading, even after holiday shopping. And, if debt has been difficult to manage during the holidays, Beyond Finance is happy to discuss how to help you move beyond debt.