Avoid shopping hangover by careful planning

We usually associate being hungover with New Years celebrations, but according to NerdWallet, it’s a big problem when it comes to holiday spending.

Americans are expected to spend $660 on average this Christmas season, but many are still “hung over” from last year’s shopping, having failed to pay off 2016 holiday debt.

Millennials are the worst; 24 percent of them still holding credit card debt incurred during last year’s shopping season. Sixteen percent of Gen-Xers haven’t and only 8 percent of boomers haven’t paid off last year’s debt.

While more boomers took on debt than other generations, 63 percent, compared to 58 percent for Gen-Xers and 40 percent of millennials, the older generation was more successful at paying it off.

It’s not fool-proof, but setting a good shopping budget, and sticking to it is a good start if you haven’t completed your shopping yet.

Once you’ve figured out how much you can comfortably afford to spend, divide it by the number of people you plan to buy gifts for to get an estimate of how much you can spend on each one.

Does everyone on the list really need to be there? Prioritize with your immediate family and close friends, and add from there. Don’t let your emotions get the best of you.

Keep an eye on sales — Thanksgiving, Black Friday and Cyber Monday — but don’t get overly caught up in the pursuit of that ideal gift.

Pay in cash. There’s a reason merchants are willing to pay fees to accept credit cards. It’s way too easy to overspend when you don’t see the actual greenbacks going out.

When you do end up with a balance on your credit card, pay it back as quickly as possible — immediately is best.

Shop by yourself. Don’t let your friend’s impulsiveness with your money ruin your well-laid Christmas shopping plans.

Remember, it is better to give than to receive. This is the season for giving, not for buying things for yourself — things someone else might have been planning to gift to you.

If your item doesn’t appear under the tree, pick it up on an after-Christmas sale.

If you do shop online, remember to shop around rather than default to the easiest online retailer.

How many toys can a kid play with at once?

That’s right, one.

We like a formula: Something they want, something they need, something to wear, something to read.

We can’t think of a better way to spend this Small Business Saturday, Nov. 25, than by carefully shopping to fill that list for our young family members and friends.