Avoid overspending this holiday season with these steps for a more financially savvy future.

• Experts advised that to prevent overspending during the holidays, individuals should plan ahead and establish a budget for spending.
• If you overspent during this season, there are steps you can take now to manage your finances better.

While opening presents during the holidays is enjoyable, many people will find opening their credit card statements to be the opposite.

Consumers were anticipating the high costs that would come months before the holidays.

A survey by NerdWallet found that more than half of 2024 holiday shoppers, or 55%, experienced stress due to the costs associated with the season, which was conducted online in September by The Harris Poll.

Despite the expenses, 32% of consumers believe it is crucial to purchase holiday gifts and experiences to demonstrate their love for family and friends, according to a survey.

"According to Carrie Rattle, a financial therapist in New York, the holidays are heavily promoted for weeks leading up to the actual days, creating a sense of intense excitement and allowing us to disregard our spending plan, experience immediate satisfaction, and worry about the consequences later."

The number of millennial 401(k) millionaires has increased by 400%. Biden has ended some student loan forgiveness plans. The "great resignation" has become the "great stay."

Those aftershocks are likely being felt right around now.

This year, 10% of holiday shoppers were considering using their emergency savings for gifts, while 9% prioritized their gift purchases over debt payments or other bills, according to NerdWallet. The survey polled 2,000 adults aged 18 and older.

To prevent overspending during the holidays, it is recommended to plan ahead and establish a budget, according to experts. By taking proactive measures now, you can avoid a similar situation from happening again.

Plan ahead and 'bookend your shopping time'

It's best to start thinking about big purchases, such as for the holidays, "when you are calm and rational," Rattle said. That will likely be far in advance of when those events take place.

"Before you're overwhelmed by emotional spending, determine your budget," advised Rattle.

You can take your time deciding what gifts you want to get people and to research the costs.

Saving for the holidays is a wise idea, advised Kristen Euretig, a certified financial planner and founder of Brooklyn Plans.

Euretig suggested setting aside a monthly amount to a dedicated savings account for holiday expenses.

Euretig advised starting early to take advantage of different sales that occur throughout the year.

To avoid exceeding your budget, it is recommended by Rattle to create a list of desired gifts well in advance and spread out your purchases over time.

"Before and after shopping, have an obligation to bookend your time."

Controlling your purchasing time also means controlling your browsing, as Rattle pointed out.

She mentioned that she would like to know which of the gifts she bought were actually utilized by the recipients.

Rattle stated that reflecting on the situation can help you accurately determine what is truly important to the recipient.