The Green Sheet Online Edition

December 27, 2021 • Issue 21:12:02

Readers Speak: Spend without going overboard

Hussein Ahmed, CEO and founder of financial platform Oxygen, emailed us recently about research that indicates financial stability is top of mind for shoppers this year. Sixty-three percent of American consumers responding to Oxygen's survey indicated they do not plan to spend more money this holiday season, Ahmed stated, adding that this is likely because consumers are focusing on having more funds in the new year.

He noted that 58 percent of survey respondents said they have made personal finance resolutions for 2022 such as saving more money for activities like traveling, going out and shopping (53 percent); not living paycheck to paycheck (58 percent); and having more than $10,000 in their savings account (37 percent).

He also offered the following tips to help people who celebrate the year-end holidays begin the new year on track to further their financial goals:

• Track what you spend. Use a financial tool that provides a holistic view of what you’ve spent on your holiday purchases, and set a budget for how much you want to spend in total.
• Avoid overspending. Be cautious about tools such as buy now, pay later (BNPL) which is another form of credit. These tools can lead to overspending.
• Set a realistic financial resolution and stick to it. Use automatic savings tools available through your bank and set a regular cadence of money deposited into your savings.
• Get a debit or credit card that allows you to receive perks for purchases. Sign up for a debit card that offers a loyalty program so you aren’t dealing with interest.
• Keep it as easy as possible; find a financial tool that does the work for you. Do your research, and find a tool that suits all your needs from budgeting to saving.

We wish to thank Hussein Ahmed for this timely advice.

Financial stability and you

Is financial stability the top goal for you in 2022? Why or why not? And what about your merchant customers? Is financial stability top of mind for them right now?

Let us know at greensheet@greensheet.com.

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