SPOKANE, Wash. — Halloween decorations and costumes are giving way to Christmas decorations and gifts on store shelves, and financial experts say now is the time to review last year’s holiday spending before the season’s costs build up.
Holiday shoppers in Spokane are starting to plan for Santa’s visit and for decorating for Christmas and New Year’s. Financial experts say the best time to start is now, by looking closely at what they spent last year.
Buffy Nustad, Community Engagement Manager at STCU, says tracking spending is the first step. “Tracking your spending will help you to realize what you truly spent,” she said. If you have not already done so, set a realistic budget and stick with it.
A budget should account for every cost, not just gifts and decorations. Nustad said, “There are so many expenses that can be easy to forget. Santa pictures, potlucks, gift exchanges, travel. All of those things really add up and have to be incorporated into your budget.”
Families can also cut costs by looking beyond deals such as Black Friday and Small Business Saturday. Low-cost or free activities can create lasting memories. Nustad said the Spokane region offers many options. “There’s sledding, there’s homemade hot chocolate, looking at holiday lights. There’s different community events.”
Holiday spending also creates opportunities for fraud. Nustad warned that scams often increase during the holidays. “There can be fraud trends that hit around the holidays, and so being aware of what is on your account and on your credit card is extra critical at that time.”
The goal, experts say, is to keep the holidays happy and stress-free and to start the new year with a healthier bank account. Nustad recommended using the season to prepare for next year. “January 1st, mapping out what you would like that next year to look like in setting aside funds every month is really the best way to prepare.”
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