CLEVELAND — The holiday season can be expensive and even more so this year because of inflation.
Higher prices are forcing many families to cut back.
A new survey by CardRates.com found 82% of people already have or are planning to make a holiday budget.
Good Morning Cleveland anchor Mike Brookbank spoke with consumer finance expert Erica Sandberg about how to create a budget that works for you.
"First, begin with how much you want to spend," said Sandberg. "Then, using that figure, what goes underneath it? What is it that you want to build into that?"
Nearly half of people surveyed said they plan to spend between $250 and $500 this holiday season, with half of that amount going towards purchasing gifts.
To get the most bang for your buck, Sandberg suggests taking advantage of sales.
"Seventy-five percent of people said they're going to be shopping during Black Friday deals," said Sandberg.
The survey also found that 33% of people start their holiday shopping in November, while 25% of consumers begin shopping for gifts in December.
