Introduction

The holiday season is upon us, and with it comes the excitement of gift-giving, festive gatherings, and, of course, holiday shopping. At O1ne Mortgage, we understand the financial pressures that come with this time of year. That’s why we’ve put together this comprehensive guide to help you navigate holiday spending and budgeting effectively. Whether you’re planning to splurge or save, our tips and insights will ensure you make the most of your holiday season without breaking the bank.

Most, but Not All, Consumers Plan to Spend This Season

According to a recent survey conducted by Experian, a significant majority of consumers are gearing up for holiday shopping. However, not everyone is joining in on the spending spree. The survey revealed that 1 in 6 consumers do not intend to spend any money on holiday shopping this year. This trend is more pronounced among households with annual incomes of less than $50,000, where 21% of respondents are opting out of holiday spending.

Most Consumers Say They Plan to Budget for the Holidays

Budgeting for the holidays can be a daunting task. Despite the challenges, many consumers are making an effort to set a budget for their holiday expenses. The survey found that 38% of respondents do not have a holiday budget, but the majority plan to keep their spending at or under $500. Interestingly, nearly a quarter of respondents expect to spend between $500 and $1,000, while 18% anticipate spending more than $1,000.

Will That Be Cash, Credit or Buy Now, Pay Later?

When it comes to payment methods, consumers are opting for a mix of cash and credit cards. The survey indicated that 75% of respondents plan to use cash for at least some of their purchases, while 56% will rely on credit cards. Additionally, 15% of consumers are turning to buy now, pay later plans to finance their holiday shopping.

How Are Consumers Feeling About Holiday Shopping?

The holiday season evokes a range of emotions. While some consumers feel gratitude, festiveness, and cheer, others experience anxiety, stress, and panic. The survey highlighted that most respondents have mixed feelings about holiday shopping. One respondent mentioned, “I love holiday shopping, but I have a lot of anxiety about my credit card debt,” while another described the season as “stressful and fun at the same time.”

Tips for Managing Holiday Spending

At O1ne Mortgage, we believe in helping our clients achieve financial stability. Here are some tips to manage your holiday spending effectively:

• Create a Budget: Determine how much you can afford to spend and stick to it.
• Track Your Expenses: Keep a record of all your holiday purchases to avoid overspending.
• Use Cash When Possible: Paying with cash can help you stay within your budget.
• Avoid Impulse Buys: Make a list of gifts and stick to it to prevent unnecessary purchases.
• Consider Alternative Gifts: Handmade gifts or experiences can be more meaningful and cost-effective.

How O1ne Mortgage Can Help

At O1ne Mortgage, we understand that the holiday season can strain your finances. Our team of experts is here to help you manage your mortgage and financial needs. Whether you’re looking to refinance, consolidate debt, or explore new mortgage options, we have the solutions you need. Contact us today at 213-732-3074 to learn more about how we can assist you.