DeFi Daily News
Saturday, May 17, 2025
Advertisement
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • Altcoins
    • DeFi-IRA
  • DeFi
    • NFT
    • Metaverse
    • Web 3
  • Finance
    • Business Finance
    • Personal Finance
  • Markets
    • Crypto Market
    • Stock Market
    • Analysis
  • Other News
    • World & US
    • Politics
    • Entertainment
    • Tech
    • Sports
    • Health
  • Videos
No Result
View All Result
DeFi Daily News
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • Altcoins
    • DeFi-IRA
  • DeFi
    • NFT
    • Metaverse
    • Web 3
  • Finance
    • Business Finance
    • Personal Finance
  • Markets
    • Crypto Market
    • Stock Market
    • Analysis
  • Other News
    • World & US
    • Politics
    • Entertainment
    • Tech
    • Sports
    • Health
  • Videos
No Result
View All Result
DeFi Daily News
No Result
View All Result
Home Markets Stock Market

rewrite this title You’re ‘wired’ to overspend during the holidays, expert says — here’s what to do about it

Greg Iacurci by Greg Iacurci
November 29, 2024
in Stock Market
0 0
0
rewrite this title You’re ‘wired’ to overspend during the holidays, expert says — here’s what to do about it
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Telegram
Listen to this article


rewrite this content using a minimum of 1000 words and keep HTML tags

Betsie Van Der Meer | Digitalvision | Getty Images

The holiday season is a time to give thanks, reflect on the past year, and spend time with family and friends. However, if you’re not careful, it can also be a time you overspend on holiday purchases.

About 83% of Americans plan to buy gifts for friends and family this holiday season, according to a NerdWallet poll.

Americans expect to spend an average of $1,014 on Christmas or other holiday gifts in 2024 — “substantially more” than the $923 reported last year, according to a Gallup poll published Oct. 25.

Roughly 10% of consumers expect to draw from their emergency fund to buy gifts, and 9% will prioritize gifts over household bills such as utilities and debt payments, according to the NerdWallet survey, published Oct 8.

Almost half of shoppers will fund this year’s spending with loans or credit cards, according to a recent survey by professional services firm EY. Meanwhile, 28% of people are still paying off credit card debt from the 2023 holiday season, NerdWallet found.

People have an innate impulse to overspend, experts said. They are “wired” to be consumers, said Brad Klontz, a psychologist, certified financial planner and behavioral finance expert.

“For 99% of our time on Earth, thinking about the long-term future hasn’t served us very well,” said Klontz, who is a member of CNBC’s Financial Advisor Council and the CNBC Global Financial Wellness Advisory Board. “Meeting our immediate needs was what it was all about.”

More from Personal Finance:What not to buy on Black Friday or Cyber MondayHow to maximize tax breaks for charitable giving56% of Americans say parents never discussed money with them

The short-term gratification of giving gifts to loved ones can eclipse the long-term focus that’s needed to be good with money, Klontz said. That’s where many people fall short, he said.

“We can overspend because our long-term goals are much more abstract, and it actually requires us to do extra levels of cognitive processing to delay instant gratification,” he said.

Additionally, consumers may feel the social pressure to spend more than they might like because they don’t want to appear “cheap,” said Andrea Woroch, a consumer finance expert.

Many companies also promote deals — on Black Friday and Cyber Monday, for example — that can create a “buying frenzy,” she said.

How to avoid overspending during the holidays

Cavan Images | Cavan | Getty Images

There are various ways for consumers to keep their holiday tabs within a reasonable range, experts said.

Here are some of their tips.

Develop a spending plan now around how much to allocate to the holiday season, Klontz said. It’s not too late, even over Black Friday weekend. Consumers can use a gift list tracking app such as Santa’s Bag to track purchases and actual spend, Woroch said.Think beyond gifts, Woroch said. There are many other potential seasonal expenses, including groceries to feed out-of-town guests or for holiday feasts, holiday party attire, family photos, greeting cards and postage, seasonal outings, dinners with friends, fundraising events at your kids’ school and donation drives. You may need to cut back on certain costs or spend less on gifts to accommodate these, she said.

Set gift expectations with family and friends now, Woroch said. This may mean focusing on kids only or setting up a “Secret Santa” exchange so you’re only responsible for one gift rather than many, she said. Instead of a physical gift, perhaps find an activity to do together instead. Or, set a gift budget, suggesting a lower amount this year, Woroch said.Tap into free rewards to offset gift costs, Woroch said. For example, she recommends signing up for free retail loyalty programs to earn money back to use toward other gift purchases; shopping through cash-back portals such as CouponCabin.com or Rakuten for online purchases; and downloading a browser extension such as Fetch to earn rewards or free gift cards.Take time to reflect on your long-term goals that “really matter to you,” Klontz said. This can help rein in the impulse to make short-term purchases.

and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website http://defi-daily.com and label it “DeFi Daily News” for more trending news articles like this



Source link

Tags: ExpertHeresholidaysOverspendrewritetitleWiredYoure
ShareTweetShare
Previous Post

rewrite this title XRP Price Prediction: Why the Price Could Hit $2 Soon

Next Post

rewrite this title Crypto Power Moves: Mergers, Partnerships, and Sustainable Innovation of This Week

Next Post
rewrite this title Crypto Power Moves: Mergers, Partnerships, and Sustainable Innovation of This Week

rewrite this title Crypto Power Moves: Mergers, Partnerships, and Sustainable Innovation of This Week

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

No Result
View All Result
  • Trending
  • Comments
  • Latest
rewrite this title with good SEO Best Crypto Presales Tapping Into the Stablecoin Boom

rewrite this title with good SEO Best Crypto Presales Tapping Into the Stablecoin Boom

April 6, 2025
Setting Up OpBNB RPC Nodes: Step-by-Step Guide to Creating an opBNB Node for Free Using Moralis Web3 API

Setting Up OpBNB RPC Nodes: Step-by-Step Guide to Creating an opBNB Node for Free Using Moralis Web3 API

June 27, 2024
rewrite this title Gate Dubai Secures Full VARA VASP Licence for Crypto Exchange Services

rewrite this title Gate Dubai Secures Full VARA VASP Licence for Crypto Exchange Services

April 29, 2025
Moralis Web3: Enterprise-Grade Crypto PnL API for Tracking Wallet Profit & Loss

Moralis Web3: Enterprise-Grade Crypto PnL API for Tracking Wallet Profit & Loss

July 24, 2024
rewrite this title and make it good for SEO ZKsync Launches Ingite Program with M in DeFi Incentives – NFTgators

rewrite this title and make it good for SEO ZKsync Launches Ingite Program with $60M in DeFi Incentives – NFTgators

January 7, 2025
rewrite this title with good SEO What Bitcoin Indicators Predict For Q3 2025?

rewrite this title with good SEO What Bitcoin Indicators Predict For Q3 2025?

April 18, 2025
rewrite this title Pep slams Prem scheduling: 9 years fighting this

rewrite this title Pep slams Prem scheduling: 9 years fighting this

May 17, 2025
rewrite this title Ripple News: Why XRP Is Winning Institutional Trust?

rewrite this title Ripple News: Why XRP Is Winning Institutional Trust?

May 17, 2025
rewrite this title How Crypto Fight Night Became the Industry’s Premier Networking Event – Decrypt

rewrite this title How Crypto Fight Night Became the Industry’s Premier Networking Event – Decrypt

May 17, 2025
rewrite this title REI's 'Strong' but Lightweight Trekking Poles Are a Rare 30% Off During the Brand's Anniversary Sale

rewrite this title REI's 'Strong' but Lightweight Trekking Poles Are a Rare 30% Off During the Brand's Anniversary Sale

May 17, 2025
rewrite this title The first phone with an external lens is so niche that I had to try it for myself

rewrite this title The first phone with an external lens is so niche that I had to try it for myself

May 17, 2025
rewrite this title Long-term care costs can be a ‘huge problem,’ experts say. Here’s why

rewrite this title Long-term care costs can be a ‘huge problem,’ experts say. Here’s why

May 17, 2025
DeFi Daily

Stay updated with DeFi Daily, your trusted source for the latest news, insights, and analysis in finance and cryptocurrency. Explore breaking news, expert analysis, market data, and educational resources to navigate the world of decentralized finance.

  • About Us
  • Blogs
  • DeFi-IRA | Learn More.
  • Advertise with Us
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2024 Defi Daily.
Defi Daily is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • Altcoins
    • DeFi-IRA
  • DeFi
    • NFT
    • Metaverse
    • Web 3
  • Finance
    • Business Finance
    • Personal Finance
  • Markets
    • Crypto Market
    • Stock Market
    • Analysis
  • Other News
    • World & US
    • Politics
    • Entertainment
    • Tech
    • Sports
    • Health
  • Videos

Copyright © 2024 Defi Daily.
Defi Daily is not responsible for the content of external sites.