Can Your Budget Survive the Holidays? Tips From Top Money Experts

Families with children are planning to spend over $2,300 on average during the holiday season this year, according to PwC’s Holiday Outlook 2025. For those who prefer spending much less than that, there are several ways to budget and survive the holidays without debt.

Explore More: Here’s How To Fix Your Budgeting Problems, According to Kumiko Love

Check Out: 6 Things You Must Do When Your Savings Reach $50,000

Last year, CNBC reported that 36% of Americans took on over $1,100 of debt during the holiday season. For those who want to go into the new year without credit card bills hanging over their heads, here are some of the top budgeting and money tips from four top money experts.

Suze Orman: “Right-Size Gifts”

Last holiday season, Suze Orman posted some of her tips for managing spending. She warns against using a credit card to purchase holiday gifts and cautions against buy-now, pay-later offers. She said that while some of these offers seem convenient at the time, they make it so difficult to pay off when reality hits and the bills come in January.

For people on a strict budget or focusing on paying down credit card debt, Orman encourages them to think outside the box when it comes to gifts. For example, she says that people can gift their time or give handmade gifts.

Try This: 3 Best Ways To Prioritize Your Savings Goals

Dave Ramsey: “Use Cash Only”

Dave Ramsey teaches his followers to save for Christmas throughout the year. He especially encourages people to use cash only during the holidays. What he means by that is that people should only use money that they actually have. People who shop with cash, Ramsey said, are much less likely to overspend on a credit card.

Mark Cuban: “Live Below Your Means”

Mark Cuban is well known for his frugal ways. Nasdaq reports that he’s worth $5.7 billion; however, he said that even after becoming a millionaire, he still maintained a budget. Cuban has also given advice to people to live under their means, buy in bulk and gift consumables. So, for those who want to keep their budget intact for the holidays, follow Cuban’s advice only to purchase gifts that you can afford.

Warren Buffett: “Focus on Long-Term Value”

Warren Buffett is famously a creature of habit. According to Nasdaq, he has lived in the same home in the same city for more than 60 years, despite having a net worth of $141 billion. He purchases long-lasting clothes and doesn’t worry about having the latest luxury items.

He encourages others to do the same and is strongly against credit card debt. He’s frequently advised people only to purchase what they can afford in all aspects of life, not just during the holidays. As for his own holiday gifting traditions, Buffett’s family members said he used to give each of them $10,000 cash for the holidays.

However, in an effort to encourage them not to spend it immediately and to focus on long-term growth, Fortune reports that he began giving them shares in various companies that he has purchased.

More From GoBankingRates

Here's How Much You Need To Retire With a $100K Lifestyle 3 Investing Myths That Could Be Costing You Thousands in 2025 Two Money Tools Smart People Swear By for Financial Emergencies How to Get Guaranteed Growth On Your Money -- Without Risking Your Principal

This article originally appeared on GOBankingRates.com: Can Your Budget Survive the Holidays? Tips From Top Money Experts

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.