BUYING IN BULK or shopping at wholesale retailers can help with managing spending and ensuring a fulfilling holiday. (Credit: Freestocks/Unsplash)
by Janet Currie
The AFRO
It’s hard to believe the holiday season is upon us, bringing both excitement and extra financial responsibilities. For many Maryland families, managing celebrations alongside everyday budgets can feel a bit heavier this year. According to Bank of America internal data, in 2025 nearly a quarter of all households are estimated to live paycheck to paycheck, making unexpected or extra costs challenging. A clear holiday financial plan helps prioritize what matters most, reduces stress and keeps the season enjoyable instead of overwhelming. In the spirit of the season, I’ve pulled together a few tips for embracing the festivities, without breaking the budget.
Make a List and Check it Twice
Proactive planning is key to avoiding holiday overspending. To ensure you’re sticking to your seasonal expenses, create a detailed budget that includes a maximum spending limit. If you tend to impulse shop, consider allocating a small buffer to stay on track. Then, integrate your holiday gift budget into monthly finances. The 50/30/20 rule (50 percent needs, 30 percent wants, 20 percent savings) is a great framework, and you can adjust these percentages as needed to comfortably cover holiday spending.
Pro-tip: More than half of consumers (52 percent) are buying gifts earlier this year to ease financial strain and avoid shipping delays. Start shopping early to spread expenses and snag promotions before prices rise. Focus on big-ticket items early, saving smaller purchases for later. You can also use price trackers tools to ensure that you’re getting the best deals.
JANET CURRIER is the president of Bank of America Greater Maryland. On the heels of massive job loss, rising costs and stagnant wages, Currie shares tips for staying on budget and having fun.
Consider Swapping Out Name Brands for Thoughtful “Dupes”
You don’t need to splurge on luxury to give a thoughtful gift. More than half of shoppers (51 percent), especially younger generations, would consider gifting “dupes” this holiday season—budget-friendly alternatives to high-end items. Just do a little research before you buy, so you can spot the best “bang for your bucks” and keep your holiday budget intact, without sacrificing the fun of giving.
Shop Smart at Discount and Wholesale Retailers
Big-box and dollar stores continue to be a go-to for many consumers, with 87 percent planning to shop at discount retailers this holiday season. These stores can be a goldmine for affordable gifts, decor and everyday essentials. Plan one or two “bulk shopping trips” this season and pay with a rewards card that earns extra points at wholesale or discount locations. This way you’ll stock up for less while earning rewards on every purchase.
Make Every Swipe Work Harder for You
The holiday season is the perfect time to supercharge your rewards. Start by mapping out your biggest holiday expenses. Will most of your purchases be online, at wholesale stores or spent dining out? Once you know where your dollars will go, choose a rewards card that matches those categories, so every purchase helps you earn more.
If your card offers flexible categories, like the Bank of America Customized Cash Rewards credit card, you can tailor your earnings to your spending plans. For example, if you are a new cardholder, take advantage of your first-year double cash back offer and earn 6 percent cash back (3 percent for existing cardholders) in a category of choice, such as online shopping, to maximize every gift order and delivery.
Set Spending Boundaries With Loved Ones
Holiday stress can often come from mismatched expectations, so it helps to talk about spending limits early. This year, 38 percent of people say they’ll only buy gifts for immediate family and close friends, and 23 percent have agreed with family members to scale back on gifts altogether. Agreeing on a budget cap, limiting who you are gifting to, or even focusing on shared experiences over physical gifts can make the season more enjoyable. Being upfront with your loved ones not only protects your wallet but also keeps the focus back on connection, not consumption.
Pro Tip: Look for deals on experiences. Experiences make the best gifts and with a little research, you can find great discounts on concerts, amusement parks or big games
With some planning, creativity and thoughtful choices, Maryland families can enjoy the holiday season without overspending. By focusing on what matters most, like time with loved ones, meaningful gifts, and simple celebrations—it’s possible to make the season both enjoyable and financially manageable.
The opinions expressed in this commentary are those of the writer and not necessarily those of the AFRO.
This post appeared first on The AFRO.