During the 2024 holiday season, Americans spent nearly a trillion dollars according to the National Retail Federation. Each year, spending in the United States increases by 4.8%. Some people even have to max out their credit card or take out a loan to pay for gifts, food, travel, ect. According to CNBC, most people feel like they have no choice but to overspend during the holidays. 

Klontz, a member of the CNBC Financial Advisory Council, said, “We can overspend because our long-term goals are much more abstract, and it actually requires us to do extra levels of cognitive processing to delay instant gratification.”

Forbes suggests setting a specific budget for each person you want to give gifts to in attempts to be as efficient as possible. Having a plan in advance will allow you to check for sales on certain items and find the best version. It will also make an already stressful time of year a little lighter. Planning ahead can assure nothing purchased gets wasted as well.  

Such consumerism can be detrimental to our planet. According to the Kansas Reflector, “the average household produces up to 25% more waste between Thanksgiving and New Year’s Day.”

Giving homemade gifts is recommended by Better Money Habits. Not only will DIY gifts help save money, they are very personalizable. For example you could gift baked goods, pottery, or tree ornaments. Using things you already have at home to make something is also a lot better for the environment.  

While the holiday season has passed, it’s always a good idea to keep these tips in mind for events such as birthdays and Easter.