More than half of survey respondents (54%) feel financial strain into the New Year*

In anticipation of the holidays, Landmark Credit Union commissioned a survey to learn more about top holiday stressors, how Wisconsinites spend during the season and how shopping behaviors may lead to debt.

It's no surprise that the holiday season can be expensive. Gifts, decorations, travel and parties add up quickly sometimes making it challenging to navigate the festivities debt free. In a recent survey of 400 Wisconsin residents, respondents primarily aligned with one of four shopping types:*

• Bargain hunters prioritize deals, discounts and sales – 40%

• Early Bird shoppers finish shopping more than a month in advance of the holiday – 27%

• Last-minute shoppers buy gifts just days in advance the holiday – 16%

• Year-round gatherers purchase gifts all year round – 16%

Although most survey respondents (40%) identified as a bargain hunter, more than half (54%) experience financial strain post-holiday, and a significant number of those surveyed (45%) indicated the debt was carried into the new year. The majority (66%) take one to six months to pay off the debt. This suggests that there is more to holiday financial savviness than prioritizing deals and discounts, underscoring the importance of budgeting.

"For a lot of people, gift-giving during the holiday season is a chance to show appreciation which can sometimes lead to overspending," said Brian Melter, chief experience officer at Landmark Credit Union. "Everyone spends money differently, especially this time of year. Spending with a plan in mind and figuring out what works for you as you shop for the holidays can help to alleviate financial stress that could otherwise spill into the new year."

Holiday Shopping Tips:

• Consider a budget – Setting a realistic budget may help shoppers avoid debt carryover into the new year.

• Set spending limits – Determine spending limits when gift giving to better manage holiday budgets. For example, the majority (33%) of survey respondents will spend $51 to $100 per person on a gift, followed closely by 29% who will spend $25 to $50.

• Determine the right way to pay – According to the survey, cash was the preferred way to pay (61%), followed by debit (56%), then credit card (49%). However, for those who pay off credit cards every month, it is an opportunity to simultaneously earn rewards, allowing an opportunity to self-gift too.

Beyond the financial stress that comes with holiday shopping, there also is more fraud and identity theft reported this time of year. An overwhelming 69% of survey respondents indicated a concern around this. As online shopping increases, including a heightened desire to find bargains, there is an opportunity for scammers to target people with fake deals and other schemes.

Does the concern for fraud stop shoppers from going online to buy gifts? According to the survey absolutely not as 60% will shop with clicks (online) versus heading to the bricks (stores). Here are a few tips to help protect online shoppers:

• Don't buy too quickly – This time of year, shoppers are more rushed, distracted and can be more vulnerable to fraud. Take time to research the retailer and products before clicking on links/purchasing. If a deal sounds too good to be true, it probably is.

• Consider using credit cards – In addition to the added layer of protection a credit card brings, there are management tools that allow the card holder to set spending limits and receive alerts on transactions and denied purchases.

• Be cautious – Shoppers should be cautious about providing information that could be used as answers for the identify verification questions. If an online shopper is concerned information was provided mistakenly, the shopper should freeze the corresponding account.

With the window between Thanksgiving and Christmas almost a week shorter than it has been in past years, one thing is for sure: the holiday shopping season is well underway. In fact, an overwhelming 75% of survey respondents started shopping before Thanksgiving. For out-of-the-ordinary gift-giving ideas from Landmark Credit Union, visit https://www.landmarkcu.com/gift-guide.