Millennial Money: 5 steps to creating financial boundaries during the holidays
The holidays are a time when travel, gift buying and family outings are abundant
Marketing ads, family functions and holiday gift-giving culture can make it feel impossible not to spend, or for some, overspend. According to a 2023 survey from NerdWallet, around half of Americans (52%) incurred credit card debt when shopping for gifts during the holidays last year, and almost a third (31%) of them still haven’t paid it off.
While giving can be noble, consider setting boundaries when it comes to lending and spending money during the holidays.
STEP 1: SET 2024 MONEY GOALS
It can be difficult to rein in your spending during the holidays if you don’t have a reason. Begin the process of mapping out your financial goals for 2024 to help avoid shortsightedness while spending. For instance, if you want to make larger payments on your student loan or save for a down payment on a new car next year, overspending during the holidays could set you back.
