Jonesboro, AR – (Contributed) – With the holiday shopping season here, Arvest Bank is offering tips to help shoppers maximize their budgets. 

According to a recent NerdWallet survey, holiday shoppers plan to spend an average of $1,107 for presents this season, and 74% said they plan to use credit cards for at least part of their gift shopping. At the same time, the survey shows that 31% of shoppers who used credit cards last year still haven’t paid off their balances. 

“It can be difficult to stick to budgets this time of year, which is why we tend to see a spike in credit card debt after the holidays,” said Terri Coleman, sales coordinator with Arvest Bank – North Arkansas. “Following a detailed budget and a plan to manage spending can help you avoid starting the new year with lingering debt and maintain your long-term financial health.”

Coleman offers some tips to help shoppers this holiday season.

Create a Budget Per Person:

Create a gift budget that includes individual spending limits for each person. For instance, you could allocate a larger amount for a shared gift for your parents, while budgeting for smaller, separate presents for friends or siblings. 

Start Shopping Now for Deals:

Nearly 3 in 10 holiday shoppers say they’ll shop earlier than usual to avoid potential product shortages caused by tariffs, according to the NerdWallet survey. Retailers start early, offering special deals, early access to sales and free shipping. Saving money on shipping costs can save you more than you realize once all the shopping is done. 

Compare Prices:

Another benefit to starting your shopping early is that you have time to compare prices before you make a purchase. Google offers price tracking alerts, as do many online retailers. If you find an item cheaper somewhere else but prefer one retailer over another, don’t be afraid to ask for a price match. Websites like blackfriday.com offer a guide to price matching. 

Take a Break to Stick to Your List:

It can be tempting to buy extra gifts or even treat yourself when seeking out deals. Stick to your list. If you feel tempted to add something else to your cart, take a break from shopping. Impulse buying can quickly add up to extra dollars that you didn’t budget for. By stepping away from the items or putting your phone or laptop away, you have more time to think about your purchase.

Watch Out for Scams and Fraud:

In 2024, consumers reported losing $434 million through online shopping and negative reviews. Monitor your accounts regularly and only use secure websites when shopping online. It’s best to stick with reputable online retailers, but be sure to double-check the website URL before making a purchase. Fraudsters are good at creating websites that appear legitimate.

Many financial institutions offer fraud protection programs to add an extra layer of protection to your account. Consider using a digital wallet for purchases to add security and simplify shopping. This practice helps keep both your credit and debit card information secure by encrypting data.

Keep an Eye on Your Credit Card Spending:

While using a credit card for shopping can offer enhanced fraud protection and perks, such as rewards, it’s important to keep a close eye on your spending budget. Consider using a separate credit card outside your normal card and set an alert to notify you when you hit a certain balance. Create your budget so that you can immediately pay off your balance to avoid falling behind and paying interest. 

It’s Never Too Early to Plan for Next Year:

Consider setting up a recurring, automatic transfer from your checking account or paycheck into a savings account to help prepare for next year. By setting aside money early for your expected budget next year, you’ll be more likely to enjoy gift-giving with less stress.