Quantcast

Overspending is a major problem for holiday shoppers - Live5News.com | Charleston, SC | News, Weather, Sports

Overspending is a major problem for holiday shoppers

WEST ASHLEY, SC (WCSC) -
According to a survey by Harris Poll, nearly 40% of shoppers feel pressured to spend more than they can afford, especially parents. 

Adam Smith said, "You always want to make sure your kids are happy but at the same time you have to understand that you don't want to over extend yourself."

Some parents are limiting Christmas and the gifts they buy their kids during the holiday season.  

Sandie Burbage said, "We get the kids and say okay you can pick out five things and then we go and ask Santa."

"My wife and I talk about what we do in terms of spending for the family and go over that budget together," said Adam Smith.  

Well, they have the right idea according to Mark Lattanzio with SunTrust Bank.  He says it's all about the budget. The bank just started the new website holidaymeans.com to help shoppers.  On the site, there's a downloadable budget so shoppers can track their spending and ideas on how to save money on things like Christmas cards and Christmas decorations that can be pretty costly..

Lattanzio said, "There a lot of materials, videos and blogs to give people alternative ideas for making holiday memories instead of exceeding their finances."

Lattanzio indicates that it's never good to leave your wallet wide open because in January, you will pay a huge price.

He added, "People suffer from stress, credit concerns and trying to recover from overspending during the holidays and putting off other important things that are much more significant to the family's well being.  

In the end, instead of breaking the bank to buy gifts, some parents are taking Mark's advice and using the season to teach their kids life long lessons.

"There's got to be a balance between giving them so much versus teaching them to give to others," said Sandie Burbage.  

Copyright 2013 WCSC.  All rights reserved.  

Powered by Frankly