Financial preparation keys for upcoming holiday shopping season

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MILWAUKEE (CBS 58) -- With inflation affecting everyday expenses, financial experts are emphasizing the importance of preparing for the holiday shopping season well in advance. Monday, Oct. 16, financial expert
Tony Drake of Drake & Associates joined us to offer insight into managing holiday expenses during an uptick in inflation.
According to Drake, a third of holiday shoppers acknowledge that inflation is impacting their shopping plans, and one in three are willing to accumulate credit card debt for holiday purchases. Despite financial burdens, 40% of shoppers anticipate feeling financially strained this season.
To mitigate financial stress, Drake advises having a detailed spending plan and avoiding the temptation to dip into savings. Monitoring item prices and setting aside holiday spending in a separate account are also recommended.
More details can be found by visiting Drake & Associates online.