If you’ve been to the store lately you know holiday shopping is already in full force! The crowds are big and people are spending more than ever. According to a Bank of America prediction consumers are expected to spend on average a whopping $2,100 this holiday season. That’s up 7 percent since 2023.
This comes as the average person in America also already has $7,236 in credit card debt. So how do you make sure you don’t overspend and go into more debt? We asked Ja’Net Adams from Debt Sucks University for some advice. She paid off $50,000 worth of debt in two years.
“It's okay to not overspend on people," Adams said. "I tell people all the time and a lot of people don't like this: adults don't need gifts. So if adults don't need gifts, the only thing you have to worry about is children. And Children tend to be okay with playing with a box. So it's okay if you go to the Dollar Tree and get gifts. Because really the true gift for anyone in your family or friends is your presence this holiday season."
Adams adds that there's nothing to be embarrassed about when not buying gifts. For two years she did not give gifts for adults. She says people understood when she shared with them her financial goals.
"We tend to feel guilty about well I didn't get the same gift that someone else got me, but you have to tell them ahead of time. Maybe this week or over Thanksgiving dinner" she said. "(Tell them) that I am not spending a lot of money this year or maybe next year because I'm on a financial journey to become debt-free or to be able to invest more in my retirement so I can retire on time. If you tell people what you're doing, a lot of times they are fine with it. But you have to let them know”