Between Tik Tok Shop and Amazon Prime, the holidays can be
harsh on your wallet. While online retailers and social media algorithms play
to your senses this season, consumers can take back their spending authority
through mindful money moves and management.
According to Brad Klontz, a psychologist, certified
financial planner and behavioral finance expert, people have an innate impulse
to overspend. With the rise of social media trends and the pressure to measure
up, our gift-giving behaviors are following suite.
"The short-term gratification of giving gifts to loved ones
can obscure the long-term focus that's needed to be good with money," Klontz
said.
In a "consumerist culture," many are clawing their way to a
sense of financial security during an expensive time. Financial stress derives
from things out of our control, like rising prices or taxes, but it can be
empowering to shift the focus to practical money habits like budgeting
intentionally and creating realistic financial plans.
Overspending happens naturally this time of year beyond just
gifts, but to accommodate the festivities of hosting and attending work or
civic group gatherings. As you reach for the "add to cart" button next time you
shop, consider these questions:
·
Is this an impulse purchase or do I know this
item will be practical and useful to me or another person?
·
Have I compared the price across platforms? Or is
there an upcoming sale that I should wait for?
·
How much do I know about this product? Is it worthwhile
for the price I'm spending or should I consider a cheaper alternative that
accomplishes the same objective?
·
What are my long-term financial goals? Will this
purchase make or break those?
As we enter the holiday season, taking a few steps now
to manage your spending can lead to a stress-free start to the new year. While
you're checking off your shopping list be sure to stick to a budget that works
for you.
For more information about personal loans, savings and
checking options, visit telhio.org.
The content in this article is true and accurate as of 12/1/2025.
