7 ways to get your holiday shopping tab under control

To avoid the same predicament next year, start 2019 by setting up a separate savings account earmarked for holiday shopping and make automatic transfers into your gift fund, advised Alison Norris, a certified financial planner and strategy manager at SoFi.

“If you put $50 a month aside, by next year you’ll have a healthy balance to start using,” added Navy Federal’s Miller. Miller suggests stashing that cash in certificates of deposit, which offer higher-than-average returns compared with regular savings accounts.

Currently, a 12-month CD at an online bank could earn as much as 2.65 percent with no minimum deposit, according to Magnify Money.

More from Personal Finance:
Secret Santa: Half keep their spouse in the dark about holiday spending
Millennials, you can win the holidays without going broke
Here’s why you shouldn’t buy everything on your kids’ holiday wish lists

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