Holiday budgeting improves financial health

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Posted on November 22, 2020

By Scott Prater | Mountaineer staff
FORT CARSON, Colo. — Celebrating and basking in the giving nature of the holidays can illicit some of the fondest memories. But those moments sometimes come at an exorbitant price.
Months later, many Families are still reeling from the expenditures they made during the holidays, and regrets often replace fond memories as families strive to pay off the debt they incurred during those few short weeks.
“Especially this year, as the pandemic has kept Families apart, it’s difficult to not be with loved ones,” said Dallas Shrawder, financial readiness adviser, Fort Carson Army Community Service (ACS). “A lot of people feel guilty and they think they can make up for it by buying a bunch of gifts.”
According to Experian, a national credit reporting agency, overall consumer debt has grown 19% since 2009 and reached a record high of $14.1 trillion in 2019. Credit card debt alone has reached a record high of $829 billion.
Shrawder said the holidays don’t have to necessarily break our bank accounts. With a bit of prior planning, as well as some budgeting and saving tactics, Soldiers and Families can enjoy the holidays without incurring a bunch of new debt or …

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