BLACKSBURG, Va. (WFXR) — The countdown to Christmas is almost over! While kids may be taking a closer look at the presents, it’s time to take a closer look at your wallets. According to the National Retail Federation, the average American planned to spend over eight hundred dollars last year for gifts, food, and decorations. That number is expected to go even higher this year.
After speaking with an expert on spending trends around the holiday, WFXR caught up with shoppers both in Blacksburg and Christiansburg to ask about their holiday shopping this year.
The answers we got were mixed, ranging from shoppers who didn’t budget.
“I mean I realize when I am getting a little out of control with the shopping for presents, but it’s not the forefront of my mind,” said Amand Height, a Blacksburg resident. “You know, you see some nice things when you’re doing some last-minute shopping and you’re just like ‘Well maybe I can get one more thing for each kid.”
To shoppers who did budget but went a little over…
“Yeah, I definitely didn’t save enough, I need to save more,” said Matt Beasley, another Blacksburg resident.
And shoppers who stuck to their list.
“We – my husband and I – we figure on a budget and that’s what we save up for each year,” said Jennifer Lily, a Christiansburg resident. “Every year we do it or else there would be no Christmas for us.”
Dean of the Business College at the University of Lynchburg, Nancy Hubbard says overspending is something many fall prey to during the holiday season. It can often lead to an increase in the urge to spend even more for New Year celebrations.
“Spending is a lot like dieting. Once you’ve broken your diet, you should just say what the heck, I will just eat more. The same is with your spending. Just because you blow out your bank for Christmas don’t just say what the heck it’s the New Year’s in a couple of days,” said Hubbard.
She says one way to cut back is to make a list and stick with it or even buy for pickup to refrain from picking up unnecessary things from the shelf. Shoppers told WFXR that it’s all about timing for them, finding the deals to save some cash by shopping right before or after the holidays.
“More sales, they have more deals. A lot of things are on clearance at a lot of places. So you may go over a little bit, but you just have to stick to your budget plan,” said Fred Robinson, a Christiansburg resident.
“Last year, I did the same thing, and I definitely got more for a buck,” shared Lilly.
Hubbard says with the new year coming around it might be a chance to look back on spending and set a goal or resolution strictly for Christmas spending next year. If you’re looking to cut costs, Hubbard says creating a bank account might be a good idea, designating money to the account much like a car payment where the money is out of sight and out of mind.
