Holiday shopping season is picking up across West Tennessee, but a new national survey suggests many families plan to keep a tighter grip on their wallets this year.
A survey conducted by the Harris Poll for the personal finance site NerdWallet found Americans expect to spend an average of $879 on the holidays. That figure is down 21% from last year, WBBJ reported.
Kate Ashford, NerdWallet's lead wealth writer, said impulse buys are one of the easiest ways to wreck a holiday budget. "It is so easy to let impulse purchases sink your budget or really lose track of where things are," she said.
Ashford's advice starts with the calendar. She said shoppers still have a few paychecks left before the holidays, and those checks can be planned out now. That means listing essential bills first, then deciding how much of what is left over should go toward gifts. She also reminded people not to lose sight of bigger goals, such as getting the full employer match on a retirement plan before the year ends.
She suggested building a simple spreadsheet of expenses and planned holiday purchases so spending can be adjusted along the way instead of discovered in January.
Coupons and sales rank among shoppers' top ways to save, according to the survey. But the same deals can backfire: a bargain that seems too good to pass up was also the number one trigger for overspending.
Ashford also urged caution with buy now, pay later plans. The individual payments may look small at the register, she said, but they can stack up later.
NerdWallet also found more consumers plan to save this year by skipping holiday travel and celebrating closer to home.
For Jackson-area shoppers, the takeaway is simple: set a number, write it down and check it often before the holiday rush gets going.
Sources: WBBJ; NerdWallet; the Harris Poll survey