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How could we not be?
Retailers are screaming from the top of their marketing lungs, Buy, buy, buy!
Tis the season for shopping til dropping.
And folks arent holding back this year.
But retirees might be particularly at risk for falling prey to holiday money traps.
What are some common holidaymoney traps retirees need to be on the lookout for?
Overpaying for Holiday Travel
Travel prices surge during the holidays when demand peaks.
Retirees can easily be lured into overpaying for their holiday trips.
Its best to plan ahead and book travel months in advance to secure lower rates, Awram said.
To avoid this money trap, Awram recommended setting aclear gift budgetand sticking to it.
You should also get creative.
Think low-cost and free ways you might bring joy to your loved ones.
This is not only potentially embarrassing for them, its also a money trap.
Retirees today are shopping for their grandchildren and trying to figure out what is cool or current.
Stop!, Collins said.
You will never be on trend.
Be mindful about where you shop, ensuring they have agood return policy.
Your heart is in the right place, but you just made the wrong decision, Collins said.
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