How to stretch your Christmas gift budget this year

The holiday buying season is quick approaching, regardless of the decades-high levels of inflation. This year, households might not be slowing down on their spending — instead, they could discover other ways to buy presents for their family members.

According to CNN Business, the National Retail Federation says it is projecting “sales for the combined November-December shopping months [to] grow between 6% and 8% this year in contrast with the 2021 holiday season, to between $942.6 billion and $960.4 billion.”

Rather than cutting corners on present purchases, NRF president and CEO Matthew Shay predicted “many households will supplement spending with savings and credit to provide a cushion,” CNN notes.

“Nothing can stop Americans’ love of celebrating the holidays — not even rising prices and economic uncertainty,” stated Kimberly Palmer, personal finance expert at NerdWallet. “That means many shoppers feel squeezed financially and are taking on more debt to handle the extra demands on their budget.” Nevertheless, Investopedia recommends budgeting tips to assist shoppers, in order that they do not permit “debt to become the Grinch” that steals their joy this season.

Along with paying off these bank card balances, it might even be useful to set a holiday spending limit, in addition to check around online for coupon codes to make use of, experts suggest.

NerdWallet found that “nearly 7 in 10 Americans plan to shop Black Friday/Cyber Monday sales this year.”