Oh, the holidays – we all know they are joyful, jolly and very expensive. The opportunities to overspend are endless. From gifts to parties to travel to decorations, little indulgences (and hidden costs!) appear around every cheery corner.
In fact, a nationwide SunTrust holiday survey found that 56% of Americans have felt pressure to overspend during the holidays. But amid wrapping picture-perfect presents to making an appearance at every festive gathering, how do people really want to spend their holiday season?
Brian Nelson Ford, financial well-being executive at SunTrust, joined us to talk about ways to reduce the pressure to overspend during the holidays.
“Rather than spending money on presents, pocket the cash and instead spend quality time with family and friends. These experiences will allow you and your loved ones to create priceless memories that can last a lifetime,” said Ford. “Set clear expectations with your friends and family about how you will be spending the holidays. Communicate well in advance about what you can spend on gifts and how you want to spend your time.”
“Instead of spending money on gifts your family may not need, consider giving it to a cause you all care about. You also don’t have to donate money to give back – put the money you would’ve spent on gifts in savings and spend time volunteering as a family. On average, Americans plan to donate $241 to charity and volunteer for 15 hours this holiday season, according to SunTrust’s survey,” said Ford.
Visit: www.onUp.com for more information