During this year's high season, the average American plans to spend about $ 998 on food, decorations, gifts and other holiday supplies, according to the National Retail Federation (NRF). Given the COVID-19 recession that has left many Americans unemployed and financially unstable, you should strive to minimize your expenses this year to avoid indebtedness. This is because most Americans, despite the economic challenges, intend to use this holiday to reward themselves for enduring the toughest of all time, which may cause an increase in spending.
Here are some tips to save money that will help you celebrate your winter vacation even during the pandemic.
Create a budget and stick to it
A recent study has shown that about 65% of Americans set a budget for vacation expenses, even though a whopping 77% of them exceed it in the long run term. So you should not only plan a budget for your winter vacation but also stick to it. Please note that as the COVID-1
Forego Some Things  During the holidays you are probably used to visiting many places, eating your favorite food and having big parties at home. Given the prevailing economic conditions, you may want to do things differently this year. You can consider giving up some of your holiday traditions and just spend money on what matters. For example, you do not have to travel miles to go on vacation or visit your loved ones. Instead, you can stay home and have a virtual party with them. This will still make your vacation memorable and help you save money during the current pandemic.
Of course, demand for holiday-related goods and services such as Thanksgiving turkey, Christmas tree, decorations and gifts is increasing during the holidays, according to US News and World Report. If the supply of such items does not increase, there is a good chance that prices will rise. The best way to save money on such things is to shop early enough before everyone starts buying.
Live Within Your Means
While 75% of Americans feel pressured to buy gifts for their loved ones, about 40% of them expect to go into debt during the holidays, which was published on Statista. Even worse, about 30% still pay debts from last year's vacation. This shows how difficult it is to keep pace with economic needs, especially due to the current COVID-19 recession. Even if there is pressure from all sides, try to live within your means to avoid long-term financial damage. For example, you do not have to buy your children expensive gifts if you can not afford them without making an effort for your finances. Most importantly, prevent yourself from taking out loans to spend on vacations.
To avoid financial ruin, use these money-saving tips during the pandemic. Also buy the right insurance coverage. Do you need help evaluating your insurance needs during the holidays? Visit Abbate Insurance for your insurance in New Haven and neighboring cities of Connecticut!