Financial advisors give tips on how to budget during the holiday shopping season


BISMARCK, N.D. (KFYR) – The holiday shopping season is in full force. Many visited stores on Black Friday and are buying online on Cyber Monday, checking things off their list. However, there are still more sales and shopping days ahead. So, how can we manage our money while also making sure we get the perfect gift?

David Wald, financial advisor and managing partner with Lux Wealth Advisors, said the most important thing is to have a holiday shopping plan. He advises listing out everybody that you are going to buy a gift for and then putting in a dollar range you’re willing to spend.

Wald said by tallying those up, you can see if you are staying within your discretionary spending budget. He said if you are not, then you’ll likely turn to credit cards. He said what feels really good in December is going to feel really bad when you get that credit card bill in January.

“I think the biggest thing that I want everyone to know is what we do in December sets the tone for 2024. It will set your financial tone for how much credit card debt you start out in 2024 with. Are you sticking to your budget? Are you sticking to your spending plan? Are you sticking to your savings plan?” said Wald.

Wald said he thinks we will have a strong spending holiday season, but he does think the individual household will spend less because inflation has meant things like food, rent and energy have taken a bigger bite out of people’s discretionary funds.


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