Jamie L. Clark, a certified financial planner from Seattle, emphasizes that it's never too late to set limits on holiday spending, as the holidays draw near.
Chuck Howard, an associate professor at the University of Virginia, explains that setting a strict, lower budget—even if unrealistic—can lead to reduced spending.
Research indicates that even weak compliance with an unrealistic budget can result in lower overall spending compared to not having a budget.
Dr. Howard suggests setting a budget significantly lower than your usual spending, as demonstrated with a dining example, helps keep spending in check.
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