Financial preparation keys for upcoming holiday shopping season

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.