Spending out of control? How to get it under control in 2025

WEST PALM BEACH, Fla. – As the season of gift-giving comes to an end, for many the season of having to pay for those gifts is about to begin.

According to a SpendingPulse report from Mastercard, holiday spending is up nearly 4% compared to last year.

Additionally, a recent study from WalletHub found that nearly half of Americans still carry debt from last year’s holiday shopping season.

“It’s one of those things they don’t pay attention to until the bill comes,” WalletHub’s Chip Lupo told WPTV. “Let’s face it: everyone overspends to some extent, and a lot of that is due to impulse purchases. That’s the main culprit.”

Many money experts say consumers should focus on paying off their credit card debt in 2025.

“The start would be an audit,” said NerdWallet’s Elizabeth Ayoola. “This can be nerve-wracking for some people. It can also cause feelings of shame if you’ve overspent, but it’s important to remember to manage it rather than let it get out of control.”

WPTV

She said getting spending under control meant paying more than the minimum amount, using balance transfers to zero-rate cards and sticking to a budget.

“The misconception that people have is well that as the Fed cuts interest rates, credit card rates and interest rates will also go down, and that is not the case,” Ayoola said.

Ayoola said another positive change you can make in 2025 is to commit to taking a portion of your paycheck and putting it into a savings account.