Finance expert provides money-saving tips for holiday shopping season

With inflation at 40-year high, shoppers have to be more strategic
Posted at 4:59 PM, Dec 06, 2022
and last updated 2022-12-06 16:59:35-05

WEST PALM BEACH, Fla. — With inflation at a 40-year high, a finance expert is providing some tips to help consumers save money this holiday season.

"I'm looking around, looking for cool stuff," Kyra Levine, who lives in Jupiter, said. "I'm definitely looking for when it says 'sale' and, I don't know, something that I can afford."

'Tis the season for holiday shopping.

"I am probably 90% done," Walter Charles, of West Palm Beach, said.

"It stresses everyone out because it is a huge inflation and it hasn't been adjusted for a while now at this point," Michael Tomassini, of West Palm Beach, said. "I think it's, at this point, since nothing is really going to completely change, we just have to adjust our lifestyle to it.

While it may be the most wonderful time of the year, it can also be the most financially stressful time of the year with inflation at a 40-year high.

"There's so much outside of the individual's control when it comes to these changes in the economy, so we're kind of riding the wave when it comes to things like this," Nathan Grant, senior finance industry analyst for Money Tips, said. "You might have a credit card that earns cash back on groceries or gas. Use that card for those purchases. … Really think about, 'Oh, I should review my card agreement and see what benefits I have.'"

Grant told WPTV his best piece of advice when it comes to saving money this time of year is to get creative.

He suggests going through streaming and other subscriptions to cut out anything that isn't being regularly used.

Go Through Streaming and Other Subscriptions

Shopping for an expensive gift? Check other retailer prices instead of jumping on the first deal seen.

Check Out Other Retailers

Also, don't be afraid to "do it yourself." Try giving homemade gifts or a thoughtful card to loved ones this year.

Don't Be Afraid to Do It Yourself

"Just look at what things in your tool belt could help you save or help you cut back to hopefully navigate around this turmoil that is coming due to rising costs from inflation," Grant said.