How to keep New Year's financial resolutions amidst holiday fren - FOX34 Lubbock

How to keep New Year's financial resolutions amidst holiday frenzy

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LUBBOCK, Texas -

With it being the busiest holiday shopping season in six years, it can be difficult to keep a budget in the middle of this spending spree. 

Financial Planner Jeff Nicholas said the most common problem during this time of year is people spending over their limit and not worrying about it until after the holiday season.

In fact, almost 3 in 10 shoppers are still paying off holiday debt from last year.

"It's easy to get behind the eight ball on this deal, so when you start to think about the planning, I would say don't get overwhelmed. The thing that distracts people the most is fear and paralysis analysis," Nicholas said.

Less than 10 percent of resolution-makers achieve their goals.

Yet, Nicholas said there is at least one resolution people can maintain: A better spending plan or budget.

"Try saving or setting realistic goals and expectations. I mean, I'm not going to wake up tomorrow and run a marathon if I hadn't been training for that marathon. So part of those resolutions is setting realistic expectations or goals when it comes to saving," Nicholas said.

With holiday sales rising five percent to about $850 billion, there was no shortage of spending this year, and Lubbock shopper Devin Jordan said self control is the key. 

"It's hard because you think you've got enough taken out and then you spend all of it, and then you have to get more. So I usually take out a certain amount and when I spend it, that's it," Jordan said.

This is why Jordan said he lists out everything he is shopping for before he goes to a store. 

"It kind of gives you the mindset of sticking to a certain plan, you know, and if you have a plan for the new year, it kind of keeps you on the right track," Jordan said.

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