The Ohio Department of Commerce is offering shopping tips since consumer spending is expected to reach a new high.
It’s projected that, on average, spending will reach $902 per person for the holidays, including food, gifts, and decorations.
Deputy Superintendent, for the Division of Financial Institutions, Rob Rutkowski (rut-cow-skee) says a top tip is to create a gift list and then set a budget.
“That helps you be immune to some of the media influence desire to get you to spend, because remember you can spend time not money. You don’t have to buy everyone gifts. If you stick to basically just kids that will keep you ahead of the game.”
Rutkowski notes that using a credit card to purchase items may not be the best move.
“You want to keep your purchases off of that revolving line of credit. If you’re going to use credit cards pay them off at the end of the month.”
Teaching children about sticking to a dollar threshold can also be beneficial.
“And making sure they understand the value of money and the importance of budgeting will help them be successful adults. It might just be about holiday shopping, but the net effect is a lifelong lesson.”
Other tips include searching for sales and offers but be sure to keep receipts and be aware of return limitations.
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