Connect with us

CBS News

7 clever ways to avoid overspending this holiday season

Avatar

Published

on


High angle view of a laptop computer and gifts on turquoise background, online shopping
There are simple ways to curb your overspending this holiday season.

the_burtons/Getty Images


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.



Read the original article

Leave your vote

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.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

GIPHY App Key not set. Please check settings

CBS News

JPMorgan Chase denies Trump’s claim that CEO Jamie Dimon has endorsed him

Avatar

Published

on


JPMorgan Chase CEO Jamie Dimon has not endorsed Donald Trump, the financial giant said Friday after the former president claimed in a social media post that the executive, America’s most prominent banking industry leader, was supporting him.

“Jamie Dimon has not endorsed anyone. He has not endorsed a candidate,” Joe Evangelisti, a spokesperson for the New York-based bank told CBS News in a statement.

The denial came after the Republican presidential nominee posted a screenshot on his Truth Social account falsely stating, “New: Jamie Dimon, the CEO of JPMorgan Chase, has endorsed Trump for president.” 

Trump told NBC News he didn’t know about the post, which was still visible on his account as of 5:10 p.m. Eastern Time.

The Trump campaign did not immediately respond to a request for comment.


What to know about the false claims Trump is pushing about FEMA funds

04:10

Seemingly coming from a verified account on X earlier in the day, the post swiftly drew attention from various pro-Trump accounts before Trump weighed in.

Before Trump won the Republican nomination for president, Dimon had expressed support for former South Carolina Governor Nikki Haley during the party’s primaries.

Friday’s Truth Social post is not the first in which Trump incorrectly suggested winning support by a high-profile person. The former president in August posted AI-generated images claiming that Taylor Swift was backing him. The superstar endorsed his opponent, Kamala Harris a few weeks later. 



Read the original article

Leave your vote

Continue Reading

CBS News

CDC launches new way to measure trends of COVID, flu and more for 2024

Avatar

Published

on


The Centers for Disease Control and Prevention has launched a new way for Americans to look up how high or low levels of viruses like COVID-19 and flu are in their local area for 2024.

This year’s new “community snapshot” is the CDC’s latest attempt to repackage its data in one place for Americans deciding when to take extra precautions recommended in its guidelines, like masking or testing, going into the fall and winter.

It centers around a sweeping new weekly metric called “acute respiratory illness.” The metric’s debut fulfills a goal laid out by agency officials months ago, aiming to measure the risk of COVID-19 alongside other germs that spread through the air on a single scale from “minimal” to “very high.”

“The biggest thing we’re trying to do here is not just to have a dashboard. It’s not just putting a bunch of information in front of people and kind of expecting them to navigate all of that,” the CDC’s Captain Matthew Ritchey told CBS News.

Ritchey, who co-leads the team that coordinates data fed into the snapshots, said the CDC gathers experts from across the agency every Thursday to walk through the week’s data coming from hospitals and emergency rooms, wastewater sampling and testing laboratories.

“All those groups come together, talking through their different data systems and their expertise to say, ‘this is what’s catching my eye.’ And then that’s what we want to tee up for the public,” he said.

Ritchey cited early signs of respiratory syncytial virus, or RSV, starting to increase this season as expected in Florida, which is called out at the top of this week’s report.

Behind the CDC’s new “respiratory illness” metric

Based on emergency room data, the “acute respiratory illness” metric, grades overall infections in each state or county from “minimal” to “very high.”

That is defined broadly to capture infections from COVID-19 and influenza, as well as a range of other diseases that spread through the air like whooping cough or pneumonia.

A previous definition the agency had relied on called “influenza-like illness” had been too narrow, Ritchey said, with requirements like fever which excluded many patients.

A separate set of standalone levels is still being calculated each week for COVID-19, influenza and RSV. 

The formula behind those levels is based on historical peaks and valleys in emergency room trends, which were analyzed from each state.

“We’ve looked over the last couple of years and understand the low points of the year, based on our lab testing, and at that point we say, that’s the baseline or ‘minimal’ category,” said Ritchey.

How to see what COVID variants are dominant

Not all of the CDC’s data made the cutoff to be included on the first layer of the agency’s new snapshot. 

For example, while the front page for the general public does mention current SARS-CoV-2 variants like XEC, details about its prevalence remain on a separate webpage deeper into the CDC’s website.

“That whole jumble of lots of acronyms or letters and things like that just don’t overly resonate with them,” he said. 

For flu, the CDC is still publishing more detailed weekly updates designed for experts, through the agency’s “FluView” reports

Those include a weekly breakdown of the “type” – influenza A or B – and “subtype” – like H3N2 or H1N1 – that is being reported to the agency from testing laboratories.

Health authorities closely watch trends in flu subtyping as well, since they can help explain changes in the severity of the virus as well as vaccine effectiveness

Future changes to come 

The snapshot remains a work in progress as the CDC gathers feedback from the public as well as local health departments.

“We have a continuum of users, from the public health practitioner to my parents, providing feedback on how they’re using it. More often, the feedback we get is, ‘hey, I use this to help inform how I work, or talk with my elderly parents,'” he said.

One big change coming later this season is the resumption of nationwide hospitalization data, after a pandemic-era requirement for hospitals to report the figures to the federal government lapsed. 

A new rule by the Centers for Medicare and Medicaid Services to start collecting the data again for COVID-19, influenza and RSV is due to take effect in November.

“As that data starts to come in again and gets to a robust enough level, the plan is that it would be incorporated on the site as well,” he said.

Another long term goal is to add information specific to other respiratory illness culprits beyond COVID-19, influenza and RSV.

“We want to be able to talk about maybe some of the other things that are not the big three as well, like mycoplasma and some of those other things too, that we know peak during certain parts of the season,” he said. 



Read the original article

Leave your vote

Continue Reading

CBS News

Obama campaigning for Harris, Musk will join Trump

Avatar

Published

on


Obama campaigning for Harris, Musk will join Trump – CBS News


Watch CBS News



Former President Barack Obama will spend October campaigning for Vice President Kamala Harris as entrepreneur Elon Musk joins former President Donald Trump in his campaign. NOTUS political reporter Evan McMorris-Santoro and Axios national politics reporter Sophia Cai join CBS News with more.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

Copyright © 2024 Breaking MN

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.