Amada Baldovinos 
WESLACO- In 2022 Americans spent approximately $960 billion in holiday shopping. According to Guatam Hazarika, Economics Professor at UTRGV, the increase in spending was due to ongoing inflation in the U.S. which led sales to rise by 7.6%.
S M Sarwar, a Computer Science graduate student said last year made him realize he had to start putting limits on his spending due to consumer goods increasing constantly and added what has helped him save money this new year.
“I check some apps like Walmart, Amazon, eBay, or others to compare prices […] I even stopped going to restaurants to try the food, stop outing with friends”, said Sarwar.
Experts advise people to save at least 20 percent of their paycheck. Creating a savings account where you can deposit money every time you get paid can help you cut back on excessive spending.
“50 dollars taken out of your account and put into a savings account and just don’t touch it […] If you get a pay increase don’t forget to pay yourself and put that money into your savings account, so increase it by 25 dollars, 10 dollars”, said Liz Shamlian, Independent Agent at Official Financial Services.
A common mistake people make when attempting to save money is getting consolidation loans, which can lower interest rates. Shamlian said that might not always be the best choice and advised people what to do instead.
“Some of these consolidation loans can get you into further debt, so I always say, especially if you do not understand financing that well, to go to an expert and have them advise you,” said Shamlian.
Some of the popular apps for budgeting are Mint, Good budget, and Honey due. You can also go to your local bank if you are interested in opening a savings account.
