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With U.S. household debt nearing $18 trillion as the holiday shopping season begins, a Catholic financial expert is providing guidance on managing Christmas expenses. Anthony Minopoli, executive vice president and chief investment officer for the Knights of Columbus, shared his insights with OSV News.
Minopoli noted that many experience "Christmas shopping remorse" in January when credit card bills arrive. According to Gallup, Americans plan to spend over $1,000 on average for Christmas gifts this year. Some homeowners are even spending up to $5,000 for professional installation of exterior Christmas lights.
Minopoli emphasized advice from his Italian immigrant father: “Nobody cares” about conspicuous consumption. He encouraged focusing on personal needs rather than trying to impress others with holiday purchases.
Budgeting is crucial, according to Minopoli, whether saving for education or vacations. He advised tempering emotions with wisdom when gift-giving and being cautious about expensive electronics that children may desire.
To prepare financially for Christmas expenses, Minopoli suggested saving throughout the year by setting aside money weekly. This can help avoid reliance on credit cards and reduce potential debt.
For those facing high credit card balances after holiday spending, Minopoli recommended gradual repayment strategies without despairing over large debts. He stressed the importance of maintaining financial discipline while still allowing small indulgences during the holidays.
Additionally, Minopoli highlighted the joy of sharing with those in need through initiatives like parish church giving trees. Involving children in such activities can foster awareness and empathy for others' needs.
Gina Christian reported this story for OSV News and can be followed on X @GinaJesseReina.
