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7 clever ways to avoid overspending this holiday season

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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.

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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.



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Transcript: Sen. Mark Kelly on “Face the Nation with Margaret Brennan,” Oct. 6, 2024

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The following is a transcript of an interview with Sen. Mark Kelly, Democrat of Arizona, on “Face the Nation with Margaret Brennan” that aired on Oct. 6, 2024.


MARGARET BRENNAN: Joining us now is Arizona’s Democratic Senator, Mark Kelly. He’s in Detroit this morning on the campaign trail for the Harris campaign. Good morning to you, Senator.

SEN. MARK KELLY: Good morning, Margaret.

MARGARET BRENNAN: I want to talk to you about Arizona, but let’s start in Michigan, which is where you are right now. And it is going to be such a key state to a potential Harris or Trump victory. Vice President Harris is facing challenges among black men, working class people, as well as the Muslim and Arab populations skeptical of the White House support for Israel’s wars. What are you hearing on the ground there from voters?

SEN. KELLY: Well, my wife, Gabby Giffords, and I have been out here for a couple days. We’ve been campaigning across the country, Michigan, I’ve been in North Carolina, Georgia as well. I’ll be back to Arizona here soon. The vice president was out here speaking to Muslim organizations and the Arab community about what is at stake in this election and addressing the concerns that they have. What we’re hearing, issues about the economy, about gun violence, about, you know, supporting American families and the difference between Donald Trump and Kamala Harris. You know, Kamala Harris, who has a vision for the future of this country, Donald Trump, who just wants to drag us backwards.

MARGARET BRENNAN: Today in Dearborn, Michigan, there’s a funeral service for an American man who was killed in Lebanon by an Israeli airstrike. It just underscores how that community you’re talking about out in Michigan feel some of what’s happening in a personal way to their community. Given how close this race is, do you think this war and the expectation it could escalate could cost Democrats both a seat in the Senate and potentially the presidency?

SEN. KELLY: Margaret, nobody wants to see escalation and it’s tragic when any innocent person, whether it’s an American or Palestinian, lose their life in a conflict. Tomorrow’s one year since October 7th, when Israel was violently attacked. Israel has a right to defend itself, not only from Hamas, but from Hezbollah and from the Iranians. But, you know, I and my wife, you know, we feel for the community here who’s been affected by this. And that’s why the vice president was out here earlier, a few days ago, meeting with that community. 

MARGARET BRENNAN: But it’s a live issue.

SEN. KELLY: Yeah, sure. I mean, there is an ongoing conflict in the Middle East. Israel is, you know, fighting a war now on, I think it’s fair to say, two fronts and then being attacked by the Iranians as well. And, they- they need to defend themselves, and we need to support our Israeli ally. At the same time, when women and children lose their life, innocent people in a conflict, it is- it is tragic.

MARGARET BRENNAN: You do sit on the Senate Intelligence Committee and so I know you know how intense the efforts are by foreign actors to try to manipulate voters going into November. Just this Friday, Matthew Olsen, the lead on election threats at the Department of Justice, told CBS the Russians are, quote, highlighting immigration as a wedge issue. That is such a key issue in Arizona. Are you seeing targeted information operations really focusing in on Arizonans right now?

SEN. KELLY: Not only in Arizona, in other battleground states. It’s the Russians, the Chinese, the Iranians, and it’s significant. And we need to do a better job getting the message out to the American people that there is a huge amount of misinformation. If you’re looking at stuff on Twitter, on TikTok, on Facebook, on Instagram, and it’s political in nature, and you may- might think that that person responding to that political article or who made that meme up is an American. It could be- it could look like a U.S. service member. There is a very reasonable chance I would put it in the 20 to 30% range, that the content you are seeing, the comments you are seeing, are coming from one of those three countries: Russia, Iran, China. We had a hearing recently, with the FBI director, the DNI, and the head of the National Security Agency. And we talked about this. And we talked about getting the word out. And it’s up to us, so thank you for asking me the question, because it’s up to us, the people who serve in Congress and the White House to get the information out there, that there is a tremendous amount of misinformation in this election, and it’s not going to stop on November 5th.

MARGARET BRENNAN: Understood. And we will do our best to help parse that for viewers. But on the topic of the border, President Biden did announce just this past week new regulations to keep in place that partial asylum ban that he rolled out back in June. That’s what’s credited with helping to bring down some of the border crossing numbers in recent weeks. It was supposed to be a temporary policy, dependent on how many people were crossing at a time. Do you think this is the right long term policy, or is this just a gimmick to bring down numbers ahead of the election?

SEN. KELLY: Well, the right long term policy is to do this through legislation. And we were a day or two away from doing that, passing strong border security legislation supported by the vice president, negotiated by the vice president, and the president and his Department of Homeland Security, with Democrats and Republicans– 

MARGARET BRENNAN: But this is not legislation. 

SEN. KELLY: –This is bipartisan. This isn’t. But the legislation was killed by Donald Trump. We were really close to getting it passed. That’s the correct way to do this. When you can’t do that, Margaret, when a former president interrupts the legislative process the way he did, which is the most hypocritical thing I’ve ever seen in my three and a half years in the Senate. After that happened, the only other option is executive actions. And this has gone from what was chaos and a crisis at our southern border to somewhat manageable. And if you’re the border- Border Patrol, you know, this is this- you need this. I mean, otherwise it is unsafe for Border Patrol agents, for CBP officers, for migrants, for communities in southern Arizona. So it’s unfortunate that this was the- these were the steps that had to be taken. 

MARGARET BRENNAN: Okay.

SEN. KELLY: But that’s because the former president didn’t allow us to do this through legislation. 

MARGARET BRENNAN: Senator, we have to leave it right there. Face the Nation will be right back.



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10/6: Sunday Morning – CBS News

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10/6: Sunday Morning – CBS News


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Hosted by Jane Pauley. In our cover story, Robert Costa talks with election officials about threats to your right to vote. Plus: Tracy Smith talks with pop music icon Sabrina Carpenter; Ben Mankiewicz sits down with “Matlock” star Kathy Bates; Kelefa Sanneh interviews pop star and Louis Vuitton’s creative director of its men’s collection Pharrell Williams; Dr. Jon LaPook goes behind the scenes of Delia Ephron’s new Broadway play, “Left on Tenth”; Lee Cowan reports on a young autistic man’s creation of a six-movement symphony; and Seth Doane explores how the National Library of Israel and the Palestinian Museum are collecting artwork and other materials documenting the October 7th Hamas attack and its aftermath.

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Sen. Mark Kelly says Americans need to know about “huge amount of misinformation” on election

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Sen. Mark Kelly says Americans need to know about “huge amount of misinformation” on election – CBS News


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In the wake of the Department of Justice warning that Russians are using immigration as a wedge issue for American voters, Sen. Mark Kelly tells “Face the Nation” with Margaret Brennan that “we need to do a better job getting the message out there that there is a huge amount of misinformation” as Election Day approaches.

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