Ohio’s Holiday Budgeting Guide Helps Keep Spending in Check
ZANESVILLE, OH – The holidays are here, and so is a chance to budget smart. The Ohio Department of Commerce has rolled out a Holiday Budgeting Guide to help Ohioans spread cheer without overspending.
With holiday spending expected to hit a record $902 per person this year, the Division of Financial Institutions is offering Ohioans tips to celebrate responsibly. Their Holiday Budgeting Guide suggests setting a spending limit, saving early, taking advantage of sales, bundling shipping, and creating a specific gift list to avoid overspending.
“It’s very important to take budgeting seriously because when you’re out there shopping, they are trying to get you to spend your money. If you stick to your budget, that’ll help you be immune to some of the media influenced desire to get you to spend. Remember, you can spend tons of time, not money. You don’t have to buy everyone gifts. If you stick to basically just the kids, that’ll keep you ahead of the game,” DFI Deputy Superintendent Rob Rutkowski said.
With an expected $25 increase in holiday spending from last year, the guide is a timely reminder that a planning ahead goes a long way. Families can enjoy the holidays without stretching their wallets too thin.
“When you’re putting money on a revolving line of credit, or a credit card, you’re paying an interest rate that is very high. You want to keep your purchases all off of that revolving line of credit. If you’re going to use credit cards, pay them off at the end of the month if that’s possible. If you have to carry credit, you want to keep it at the lowest rate possible. Setting up a budget and preparing in advance is hugely important for holiday shopping,” Rutkowski said.
For a joyful and budget-friendly holiday season, feel free to check out the full Holiday Budgeting Guide on the Ohio Department of Commerce’s website.
