Across America, people are getting ready to shop. Black Friday brings so many sales that Americans are expected to spend more than 1 trillion dollars for gifts this holiday season.
But is spending all that money the best thing to do?
This year, the average consumer across the country is expected to spend more than 1,000 dollars on gifts. But spending all this money in one day might not be the best plan unless you’re prepared.
“Really kind of look at the holiday season and say ‘okay what are we going to spend our money on?'” said Brian Laraway of Bury Financial.
Laraway is a financial expert. He recommends making a budget. Not just for the big shopping day, but also for the rest of the holiday season’s hidden expenses like transportation, decorations and food for parties. Things like this can add up.
“So you really have to budget those things out and ideally, if you can utilize cash whenever you can, that’s going to keep you on track,” he said.
Lawaray says bringing cash puts a hard stop to any excess spending. Leave the cards at home. Once the cash is gone, it’s gone.
“You get that major deal but if it stays on your credit card for a few months, suddenly it’s not such a good deal,” he said.
Here in the valley, shoppers we spoke with say they’re trying to keep their spending within their budget.
The East Wood Mall is preparing for a massive day of shopping. On a typical day, the mall will host around 40,000 shoppers. That number triples on Black Friday.
If you’ve already finished your holiday shopping, that’s okay. Laraway says it’s a good idea to start saving for next year. Start putting money away now for 2019.