CLEVELAND — The Ohio Department of Commerce has created an online Holiday Budgeting Guide to help you keep track of your spending.
Kenyetta Bagby, the Commerce Department's consumer affairs manager, told Good Morning Cleveland anchor Mike Brookbank the guide offers tips and tricks for managing holiday finances. It also includes a holiday budget template you can print out to record additional purchases.
"Gifts, travel, what you're spending for food, decorations, entertainment, a lot of people don't take that into consideration," Bagby said.
Those costs can add up quickly. Consumers are expected to spend an average of $890 per person on holiday items, according to the National Retail Federation.
"We usually tell people to set aside a 10 to 15% buffer so if they are encroaching that budget, they're still not going over, there's still a little room there, especially for unexpected gifts," Bagby said.
Bagby also suggests getting your kids or grandkids involved in the budgeting process.
"This is a time when you can really talk to them and explain to them your financial situation, their financial situation, because they're not bringing any money to the table," Bagby said.
The holiday budgeting guide is free and includes information about financial assistance programs for families in need.
