ALBANY, Ga. (WALB) - WALB is launching a new segment, “Money Talk Monday,” to provide you, the viewers, with financial knowledge and tools to manage money and make informed decisions.

The segment debuts as the holiday shopping season creates financial challenges for many families. Tariffs and inflation are adding complexity to this year’s holiday spending, making budget planning essential before shopping.

“Tariffs are shaking up holiday spending in a very significant way. Essentially, it has eroded purchasing power from us as consumers,” said Kent Patrick with Bush Wealth Management.

According to a NerdWallet report, people across the country are expected to spend about $242 billion on gifts this holiday season. That breaks down to an average of $1,107 per person for presents, which is $182 more than last year’s average.

Holiday spending should be factored into overall budgets as part of regular expenses. Planning ahead can help shoppers avoid putting purchases on credit cards.

A NerdWallet survey found 31% of 2024 holiday shoppers who used credit cards still haven’t paid off the balances.

Patrick says the buy now, pay later industry presents a double-edged sword for consumers.

“It can be used to your advantage if you have the discipline to put something essentially on modern-day layaway is what it is, but now they call it buy now, pay later, but the other side of the sword, if you don’t have the discipline and you wake up and one or two months down the road and you got all of these different payments that you’re responsible for that’s when you can get yourself in a bind,” said Patrick.

Patrick recommends documenting buy now, pay later purchases on a separate Excel sheet or notepad to track exact amounts owed.

He says store credit cards and loyalty programs can be beneficial if used properly, but consumers should be careful not to fall victim to incentive programs that could hurt them financially.

“This time of year, it’s important for us to remember why are we celebrating this? It’s not about the toys or the gifts. It’s about the thankfulness and spending time with loved ones,” said Patrick.

He advises consumers to use store credit cards within limitations to avoid large credit card bills.

While cash remains the preferred payment method, financial experts offer alternatives for those who need to use credit:

• Look for credit cards with low interest rates and pay them off over time
• Set aside a budget with separate accounts, such as putting $100 monthly into a Christmas spending account throughout the year

Patrick recommends setting a budget and deciding where to pull money from for holiday gifts. He also suggests thinking ahead to next year. The key to successful holiday spending is discipline and self-control to avoid overspending.

FULL INTERVIEW:

Have a news tip or see an error that needs correction? Let us know. Please include the article’s headline in your message.

To stay up to date on all the latest news as it develops, follow WALB on Facebook and X (Twitter). For more South Georgia news, download the WALB News app from the Apple Store or Google Play.

Copyright 2025 WALB. All rights reserved.