December 6, 2024
BU Today recently published an article by Jay Zagorsky, Clinical Associate Professor of Markets, Public Policy, and Law, discussing ways to control spending as the holiday season approaches.
Americans are expected to spend over $1,000 on gifts this holiday season, with many payment options available, but Zagorsky recommends sticking to using cash. He argues that cash helps control spending by setting budget limits, reducing impulse buys, and avoiding credit card interest. Although online shopping can be tricky, consumers can still use cash by purchasing gift cards. Additionally, paying with cash supports those without electronic payment options, like the elderly and low-income individuals.
“The holidays are supposed to be fun, but they’re not so enjoyable if you are stressing about money. How do you stick to a budget and ensure you don’t have huge bills to pay after the holidays are over? The answer is simple: use cash,” Zagorsky adds.
Ultimately, using cash reduces financial stress during the holidays and leads to a more mindful shopping experience.
