COLUMBUS, Ohio — If you have probably already started adding gifts to your cart, you may want to take a moment before clicking buy. A lot of us are feeling the financial squeeze as prices remain high.
Experian survey shows 56% of consumer feel stressed and even more say they spend too much this time of year. Inflation is affecting 68% of those surveyed shopping this year.
Marlon Platt, Vice President and Community Manager at JPMorgan Chase in Columbus, offers valuable advice on how to navigate holiday spending without breaking the bank.
Platt told Consumer 10 that the best time to start saving is immediately.
"You can literally start saving on small items today," Platt said. “I tell people your phone is a big way for money to be going out the door. So canceling any kind of subscriptions that you do not need, any mobile food ordering apps. Once I deleted those apps, I found a lot more money in my checking and in my savings account.”
For those ready looking to set it and forget it, Platt suggests setting up automatic transfers from checking to savings accounts with each paycheck.
Some instant tips include:
- Packing lunch instead of buying
- Making coffee at home rather than purchasing expensive drinks
- Combining savings with exercise by parking further away to avoid parking fees
He recommends bringing the family together to create a comprehensive budget, write down incomes, expenses, and assign a purpose to every dollar.
“Then from there figuring out what things are wants versus needs,” Platt said.
For best practices to make sure scams don't ruin your shopping experience, JPMorgan has more information on how to protect your purchases here.