‘Your Wallet’: Lincoln experts suggest early holiday shopping

LINCOLN, Neb. (KLKN)- With rising inflation and the cost of every day items, the earlier you prepare your finances for the upcoming holiday season, the better. You can start by creating a budget and find out what you are spending on each month.

“You need to know where your money is going,” financial professional at Stonebridge Insurance and Wealth Management, Tim Kulhanek said. “Look at your bank statement, find out how much is going out the door, drill down and look at the details, and see how much is going on things that you could cut.”

According to a recent survey conducted by Bankrate, two out of five survey respondents said inflation will change the way they shop for the holidays this year.

“I am looking for those things that are truly important to me, and making sure that I am getting those things when I see them and at a price that I am comfortable with,” Regional Director at Von Maur, Denae Dieatrick said.

Dieatrick works in retail and has really seen the rise in prices. 84% of holiday shoppers questioned in the Bankrate survey said they would try to save money this year, 40% are saying they would buy fewer items, and 41% would be looking for coupons.

Kulhanek says the last thing you want to do is go into big amounts of credit card debt.

“With interest rates between 20% and 30% on credit cards, it’s going to be hard to get out of that hole if you start digging it,” Kulhanek said.

Dieatrick says Von Maur has dozens of great gift ideas that are under $100. Legos and Barbie are going to be really popular this year.

“Legos for kids is a great option,” Dieatrick said. “Some of our kits start as low as $10 to $15 and go all the way up to $60 or $100.”

If you are still not comfortable with where your finances are at, try thinking about experiences rather than gifts.

“Spending time with the people you love and care about is a lot more important to them than getting some fancy thing that you might get enjoyment or a little boost of dopamine for 3 to 6 months and all of a sudden you are just back to normal life,” Kulhanek said.

Editor’s note: This report is part of a weekly series Channel 8 is airing called “Your Wallet.”  We’ll be looking into topics that deal with your money. The reports air every Monday.