The holidays are fast approaching, and with Black Friday and Cyber Monday just around the corner, consumers are expected to spend an average of $1,069 on holiday shopping in 2024. This comes as credit card debt has hit a record $1.17 trillion in Q3, according to the New York Federal Reserve.

Peters Tax Preparation & Consulting Founder David Peters joins Wealth! Host Brad Smith to offer tips on how consumers can avoid adding to their debt this holiday season.

Peters explains that it’s important to pay attention to how much things cost as well as creating a budget that’s easy to stick to. He recommends using a spreadsheet to track purchases and paying with cash whenever possible.

When “we see that cash going out of our wallets,” Peters explains, “that helps us stay within budget stays because we see that money disappearing.”

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This post was written by Cindy Mizaku.