ORLANDO, Fla. – Veteran financial planner Chance Robinson told News 6 consumers should start shopping for the holiday season now to avoid overspending and credit card crunch.
Robinson, CEO of Orlando-based Strongpoint Financial, said consumers should set an affordable limit and stick to it.
“The biggest thing is to start early,” Robinson told News 6. “You’ve got to protect what you can’t afford to lose and figure out what does it cost to be you.”
Robinson said overall inflation for everything from gasoline to clothing is expected to hit the 20% range, so spending should probably be modest at best.
“Don’t wait for the big price ticket to come,” Robinson said. “That way you can start plugging things away and storing gifts now.”
Cristina Fernandez, analyst for the Telsey Advisory Group told Reuters “consumers are looking for value and spending on buying the things they need.”
Capitol One’s buying advice from November 2022 fits the advice Robinson presented moving into the 2023 season:
- Creating a budget early in the season could help you be more intentional about your holiday shopping.
- Organizing your budget under major categories like gifts and travel could make it easier to keep up with planned purchases and their costs.
- Shopping smarter may help. You could comparison shop with an easy online search or limit your shopping to major events designed to maximize savings, like Black Friday and Cyber Monday.
- Adding other tools and strategies — everything from using apps that track your spending to using a credit card that gives you cash back on every purchase — may help too.
If you have an investment or consumer issue, just email makeendsmeet@wkmg.com or text the words “make ends meet” along with your email and issue to 407-676-7428.
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