Given higher prices and economic uncertainty, consumers face a lot of pressure this year when it comes to Black Friday and holiday season shopping.
5. Talk to friends and family about scaling back
With so many people feeling the strain of rising prices, it’s a good year to talk with family and friends about setting limits. For Sarah Schweisthal, social media manager at the budgeting app You Need a Budget, that means creating a gift exchange with family members so each person purchases just one gift within an agreed-on spending cap. “We used to all buy gifts for each other, but there are a lot of adults in our family. It just took one of us to say, ‘Hey, this doesn’t feel sustainable,’” she says.
Schweisthal estimates that the gift exchange approach has saved her family hundreds of dollars — and this year especially, that’s more important than ever.
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