CBS News MoneyWatch correspondent Kelly O'Grady breaks down new data on the economy and how it impacts consumers searching for holiday deals.

New Jersey

Recent economic data indicates that inflation for companies producing consumer goods remained mild in September, offering some relief to shoppers. However, consumer confidence is near a record low, and retail sales have slightly declined, raising concerns about spending trends as the holiday season approaches.

To help consumers manage their holiday expenses, financial experts recommend setting a budget, using credit cards responsibly, seeking out discounts, and utilizing budgeting apps. Shoppers are also advised to monitor return policies, set price alerts, and use payment reminders for 'buy now, pay later' options to avoid unnecessary fees.

Tips to stretch your dollar this holiday season

In this morning's money watch we're looking at new data on how the economy is doing this holiday season because it's very busy and what it means for you as you start shopping for your kids money watch correspondent Kelly o'grady is here to break it all down so Kelly, what did we learn from the new data. So look what we're learning is limited right a lot of this data was delayed by the government shutdown but we're going to take what we can get so what it's telling us is inflation for the companies that make the goods that you and I buy right that's really important because that often trickles down to what you and I pay of course, it's actually pretty mild in September so that was some good news that's good on the flip side though the consumer is showing some cracks confidence is near a record low in November, it's and we're seeing it kind of trickle into some spending retail sales in September pulled back a little bit look we have a strong summer, maybe people are just gearing up for the holiday season. But if we don't see that rebound over these next few months that's going to be a little bit concerning OK so speaking of spending as folks go out there and try to buy these gifts, how do you maximize your money. Well number one is budget right. I'm not a major right though yes, right set that but credit cards can be helpful and I will emphasize this triple if you can pay it off in full right the store cards they can offer a price match if you find something cheaper somewhere else that's really important extended warranties loyalties cash back when you get to the credit card, you know register and they say you know open the credit card, yeah, only if you can pay it in full because that also comes with high interest fees late payments all of that so that's one thing another thing is you know by now pay later set those dates in your calendar when you need to pay them to don't get hit with a late payment, OK right so now I'm off my soapbox look for your discount codes, you're free shipping I often use a chat bots to aggregate that for a particular store does it really quickly right also look at your return policy because you know not everyone's going to love what you get that there might be a restocking fee, you're not aware of set your price alerts on site Google shopping so then you know, hey this just went on sale to really good time to buy up on it now exactly and then finally I'm using this this holiday season, a budgeting app so as you go just log it so this weekend, you don't end up oh my God bye bye bye bye and then I don't remember how much about all right Kelly, a great thank you so much we appreciate you.

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Breakdown