Hersh Shefrin : How to not go berserk with holiday spending : Time Money
Hersh Shefrin, Mario L. Belotti Professor of Finance, was quoted in a Time Money article about overspending during the holiday season.
An excerpt from the article:
The typical American household spends around 1% of pretax income on holiday shopping, according to Hersh Shefrin, a professor and behavioral economist at Santa Clara University. Low-income families are slightly more than that, at 1.5%, and high-income families slightly less, at 0.5%.
Stick to those guidelines to make sure your purchases are not spinning out of control. Shefrin suggests starting early to avoid overspending and the stress of last-minute shopping.
“Then throw in something small and meaningful for yourself which you earn at the end of the holiday season, but only if you stick to your budget,” he said.
Find the full article here»
Learn more about Professor Hersh Shefrin»