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7 clever ways to avoid overspending this holiday season
The holiday season is a time of joy, celebration, and unfortunately, for many, overspending. After all, it’s easy to get caught up in the spirit of giving and end up with a hefty credit card bill come January.
According to the 2023 Deloitte holiday survey, consumers plan to spend an average of $1,652 on retail shopping this season, which surpasses pre-pandemic holiday spending figures for the first time. And, if you add in any other expenses — like the costs of a little holiday travel or the expenses of hosting a dinner party — it can be a recipe for expensive debt.
But while most people are stuck shelling out at least some extra money during the holiday season, these types of extra costs don’t have to break the bank. With a bit of planning and some clever strategies, you can enjoy the festivities without overspending.
Find out more about how your holiday budget could benefit from today’s top savings rates here.
7 clever ways to avoid overspending this holiday season
If you want to avoid the overspending trap this holiday season, the following strategies may be able to help.
Create a realistic budget
Before you start any holiday shopping, it’s important to take the time to create a detailed budget for your holiday expenses. Include gifts, decorations, travel and any other potential costs. Having a clear spending plan will help you stay on track and avoid impulsive purchases, which, in turn, saves you from the pitfalls of overspending.
Put spare money into a CD
Another simple but effective way to prevent overspending this holiday season is to allocate any spare money (i.e. the money that isn’t earmarked for holiday spending) into a certificate of deposit (CD). CDs are low-risk, interest-bearing deposits with fixed terms.
By putting your extra funds into a CD, you limit immediate access to the money, discouraging impulsive spending. Plus, you’ll earn interest on your savings over time — and it’s a great time to do that since CD rates are as high as 5.25% or more right now.
Explore how the right CD could help you avoid overspending this year.
Let your money grow in the right account
You can also consider opening a high-yield savings account to stash away your holiday savings. These accounts offer higher interest rates than traditional savings accounts, allowing your money to grow over time. For example, right now, it’s easy to find a high-yield savings account offering rates as high as 5% or more — but regular savings accounts only offer an average of 0.46% on your money.
And, not only will you earn interest on your money, but having a designated savings account for the holidays makes it easier to track your progress and helps deter you from dipping into the funds for non-essential expenses.
Make a list (and check it twice)
Santa isn’t the only one who benefits from a list during the holidays. Before hitting the stores or going online, create a list of the gifts you need to buy. This will help you stay focused and avoid the temptation of spending money on unnecessary items.
Take advantage of discounts and cash-back offers
It can also help to keep an eye out for sales, discounts and cash-back offers both in-store and online. Many retailers offer special promotions during the holiday season, and taking advantage of these can lead to significant savings. You may also benefit from using cash-back apps or credit cards that offer rewards to maximize your savings.
Consider DIY gifts
Another option is to get creative and consider making some of your gifts. Handmade gifts not only add a personal touch but can also be more affordable than store-bought items — which helps you to avoid overspending. Whether it’s a homemade candle, a knitted scarf or a batch of delicious cookies, DIY gifts can be both thoughtful and budget-friendly.
Secret Santa or gift exchanges
If you have a large family or group of friends, suggest doing a Secret Santa or gift exchange rather than buying a gift for every person. This way, each person only has to buy one gift, reducing the overall financial burden for everyone involved.
The bottom line
With a combination of careful planning, budgeting and smart financial decisions, you can enjoy a festive holiday season without overspending. And, by incorporating these strategies into your holiday approach, you’ll not only safeguard your finances but also set the stage for a financially responsible new year.
CBS News
Kamala Harris will speak with “60 Minutes” tomorrow. Here’s what to know for the interview.
Voters will get the chance to hear from Vice President Kamala Harris on Monday as she presents her case for why she should be president in a “60 Minutes” election special.
For decades, “60 Minutes” has featured both Republican and Democratic nominees for presidents, but this year, former President Donald Trump backed out after previously indicating he would be on the show. Correspondent Scott Pelley, who’d been set to interview Trump, will instead travel to Arizona’s Maricopa County, home to more than 60% of Arizona’s voters and a critical battleground in a key swing state.
One thing is certain about the election; with the U.S. deeply involved in both the wars in Ukraine and the Middle East, whoever wins on Nov. 5 will become a wartime president.
What Harris will discuss
Israel’s war started one year ago after Hamas launched a surprise terror attack and correspondent Bill Whitaker will discuss the ongoing war with Harris.
Harris will also discuss the economy, immigration, her record as vice president and the differences between herself and Trump.
Democratic vice presidential candidate Gov. Tim Walz will also appear.
Whitaker joined the Democratic ticket on the campaign trail this week to gain insight into their platform’s priorities and values, and what the candidates believe voters should know.
Why Trump pulled out of the “60 Minutes” interview
Leading up to the candidate hour, Trump, through campaign spokespeople, was the first candidate to accept the “60 Minutes” request to be interviewed for the special, according to CBS News. It had been agreed that both candidates would receive equal time during the broadcast.
Trump last sat down with 60 Minutes in 2020. He walked out during the interview with Lesley Stahl. Trump referenced the incident on Tuesday night at a Milwaukee press conference when asked about his decision not to participate in the Oct. 7 “60 Minutes” election special.
“Well, right now, I went to – they came to me and would like me to do an interview, but first I want to get an apology, because the last time I did an interview with them, if you remember, they challenged me on the computer,” Trump said. “They said the ‘laptop from hell’ was from Russia, and I said it wasn’t from Russia. It was from Hunter, and I never got an apology, so I’m sort of waiting. I’d love to do ’60 Minutes.’ I do everything.”
The Republican nominee for president emphasized that he felt he was owed an apology from “60 Minutes.”
“Let’s see if they do it. I wouldn’t mind doing 60,” Trump continued. “I’ve done ’60 Minutes’ a lot.”
In a statement on Tuesday, Trump campaign communications director Steven Cheung said that Trump’s team had not agreed to an interview.
“Fake News,” Cheung said in a post on X. “60 Minutes begged for an interview, even after they were caught lying about Hunter Biden’s laptop back in 2020. There were initial discussions, but nothing was ever scheduled or locked in. They also insisted on doing live fact checking, which is unprecedented.”
Previous Trump, Harris appearances on 60 Minutes
Trump previously sat down with “60 Minutes'” Mike Wallace in 1985, Pelley in 2015 and Lesley Stahl twice in 2016, first in July of that year and then again in November of 2016. He also spoke with Stahl again in 2018 and 2020.
Harris previously sat down with Whitaker last year. She also was interviewed by Norah O’Donnell, “CBS Evening News” anchor and “60 Minutes” contributing correspondent, in 2020.
How to watch the “60 Minutes” election special
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Kamala Harris discusses U.S. relationship with Israel
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Nature: Aspens in Utah – CBS News
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