With holiday shopping in full swing, financial experts say planning ahead is key to keeping your budget intact.
"It's more than just having a budget," said Tina Mistry, CEO and senior financial advisor at Portfolio Advisors. "Start by making a list of who you're shopping for and what you plan to get them. When we're challenged with thinking off the top of our head in a store - 'gosh, what should I get for this person?' - that's when overspending can happen because we're just trying to make quick, pressed decisions."
Instead of splurging on trendy, high-demand items, Mistry suggests rethinking traditional gifts.
One option: contribute to a savings account for a child's future education.
Families can set up college or non-college savings accounts that relatives can add to over time.
Another budget-friendly idea is savings bonds, which start at $25 and accrue interest annually.
"They come in $25-$50 increments," Mistry said. "There are interest rates assigned to those bonds, so they'll be earning a certain amount of interest over a year."
For next year, Mistry recommends starting early.
"If you start saving $25 a week in January and do that all the way through November, you'd have a little more than $1,000 saved," she said.
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