First Mid Bank & Trust Offers Tips To Navigate Holiday Spending With Confidence  

ST. LOUIS - With the holiday season in full swing, it’s easy for spending to snowball. First Mid Bank & Trust (First Mid) is sharing tips to help people make smart financial choices to keep spending under control and avoid post-holiday debt.

“Holiday spending tends to creep up every year, and while prices rise with inflation, paychecks don’t always keep pace,” said Stas Wolak, Chief Retail Banking Officer at First Mid. “When wages don’t rise at the same rate as costs, it’s easy for families to find themselves over budget trying to match last year’s traditions.”

Wolak advises setting and sticking to a budget. Reflect on previous holiday traditions and prioritize the things that are most important to you and your family, whether that be gifts, meals, trips, or activities around town. It's important to make sure that your budget starts with and reflects those priority items.

“Between gift-giving, traveling, preparing large meals, and hosting or attending parties and gatherings, holiday expenses can add up fast,” said Wolak. “But with a thoughtful budget, prioritization, and a bit of creativity, families can still celebrate and enjoy the festivities without unnecessary financial stress.”

Wolak notes that starting your holiday planning early can also make a big difference. Waiting until the last minute often comes with a higher price tag, whether it’s gifts, travel, or supplies. Savvy shoppers can take advantage of major sales throughout the year, such as Black Friday, Cyber Monday, and other holiday promotions, such as Labor Day and Memorial Day. Booking travel early is another smart move, since flight costs tend to increase the longer you wait.

“Last-minute shopping leads to overspending out of convenience,” said Wolak. “You forget a gift on the way to a holiday party and end up paying for a pricey present, gift bag, tissue paper, and card all at once. Similarly, on average, travelers who wait until the last minute can end up spending nearly 25% more on their trip than if they had planned one to three months in advance. The sooner you start planning, the more control you have.”

First Mid offers some additional practical tips and strategies to help all families and holiday shoppers enjoy the season.

• Focus on needs, not just wants. Choose functional and practical gifts such as clothing, water bottles, bedding, and other household items.
• Rethink gift exchanges. Large families or friend groups can save significantly by moving to a gift exchange instead of buying individual gifts for everyone.
• Share costs. Go in together as a group on bigger gifts, like a joint present for parents or grandparents.
• Remember, gifts aren’t everything. The best memories don’t always come with a price tag. Plan free or low-cost activities like baking, volunteering, caroling, or family movie nights.

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