We haven't even started celebrating Halloween, but it's already time to think about holiday shopping. If you're not one of the 31% of shoppers who planned to get an early start by shopping this month's Amazon, Walmart and Target deals, it's time to plan out your holiday gift list. 

Prime Day is behind us, there are more holiday sales on the horizon. Most shoppers (41%) are waiting for November's Black Friday and Cyber Monday deals to get started, according to the latest CNET survey, especially for big-ticket items, like TVs and gaming systems. 

Most shoppers (72%) will also be making tradeoffs to afford this holiday season. If you haven't already, it's time to start preparing your wallet. That might mean making some changes to your spending and saving habits to afford the big days ahead -- like gifts and travel. Here are the trends you can expect with early holiday sales in full swing, and what experts think about Americans' holiday shopping strategy.

Key takeaways  Most shoppers (33%) plan to spend the same amount on holiday shopping this year (September 2024 to January 2025) as they did last year (September 2023 to January 2024), while 30% are planning to spend less.  Nearly 1 in 4 will spend less on nonessential purchases to afford the holidays, such as travel and dining.  46% will pay for holiday purchases using a debit card, while only 24% will lean on buy now, pay later plans or a credit card that they plan to pay off over multiple billing cycles. Tharon Green/CNET Most people are making financial sacrifices to afford the holidays 

Most US adults plan to make or have already made some sort of financial trade-off or sacrifice for the upcoming holidays. Here's a closer look. 

Some shoppers are planning to buy fewer gifts or shop for fewer people (30%). Bernadette Joy, personal finance coach and CNET Money Expert Review Board member, wasn't surprised to learn this. Joy said that since the pandemic, there's been less pressure on people to host large gatherings that require buying gifts for more than 30 people. Instead, many are choosing more intimate gatherings, which require fewer gifts.

"There is this trend of being more thoughtful about the people that you do want to invest in," said Joy. 

Making tradeoffs to afford gifts isn't fun, but I loved learning that shoppers are focused on not starting the new year with holiday debt. According to the survey, 1 in 4 people are also spending less on nonessential items, such as travel, entertainment and dining, to better afford the holidays. 

Joy understands that making tough decisions to afford gifts and events isn't ideal, but is better than leaning on financing. She encourages shoppers not to put holiday purchases on a credit card. Instead, use savings or cash. Even if you deplete your savings, that's better than racking up debt, she added. 

Many shoppers are starting early to snag savings

Saving money is always important during the holidays and 72% of shoppers plan to use at least one method to save more this holiday season. Most said their primary savings strategy will be taking advantage of preholiday sales. Russell Holly, CNET's commerce managing editor, said there's a growing trend to finish holiday shopping before Thanksgiving -- and retailers are getting on board. 

"Retailers are continuing to launch sales earlier and earlier because this is when people start shopping for gifts."
Russell Holly

Three in 10 shoppers plan to start holiday shopping early, and 41% plan to take advantage of early sales this month such as Amazon's Prime Day sale (Oct. 8-9), Best Buy, Walmart or Target this month.

Shopping early could help you avoid the stress of holiday spending if you already have cash set aside. 

"October shopping events are great for holiday staples like small kitchen appliances, batteries and gift wrap and even festive lighting," Holly said, "as well as end-of-season discounts on outdoor hardware and smart home tech."

Not everyone is turning to early sales to grab deals. CNET's survey found that the same amount of shoppers (41%) will wait until November to take advantage of Black Friday and Cyber Monday sales. The later sales can give you more time to put money away for your shopping list -- but it's also worth waiting if you're looking to buy a big-ticket tech item or home appliance.

"If you are looking for discounts on televisions, laptops, phones and home appliances, your best bet is to wait until Cyber Week," Holly said. 

Fewer shoppers are leaning on financing 

It's easy to crawl into debt when holiday gifts, events and travel costs add up. 64% of Americans plan to pay for all or some of their holiday purchases using some form of cash, with 46% opting to use a debit card, similar to last year's holiday survey response. Experts love that.

Gregg Murset, a certified financial planner and CEO of BusyKid recommends shopping with a debit card as a self-restraint tool. Without a line of credit tempting you to overspend, you're more likely to stay on budget. A credit card makes it too easy to "kick the consequences down the road," he said. 

Although most shoppers are opting to use cash or debit, many will still turn to credit cards and BNPL plans for all or some of their purchases. We found that 24% plan to finance their holiday purchases using these methods, while 31% plan to use a credit card to earn rewards and expect to pay it back on time.

Evan Zimmer, CNET's credit card editor, said it only makes sense to use a credit card for holiday shopping if you can afford to pay off the balance in full right away.

"You'd earn rewards which you could then put toward a trip or another gift, and you wouldn't have to worry about costly interest charges," he said. "Using a credit card for all of your planned and budgeted holiday spending could be a good way to earn a new card's welcome bonus, too."

If you're not sure if you can pay off the balance in full, Zimmer says to steer clear of credit cards. The interest and potential late fees that would accrue will quickly offset any value you'd earn from credit card rewards.

BNPL plans are another popular payment method during the holidays that may seem safer than credit cards. These financing plans often have hidden fees and can quickly land you in a debt cycle. Murset and Joy don't recommend using them, especially for holiday shopping. 

"I tell all my clients to avoid those at all costs. It's just another form of debt." 
Bernadette Joy

If you plan to use a BNPL plan, Joy says it's best to make the repayment plan a clear line item in your budget. She also discourages shoppers from bringing debt from credit cards or BNPL plans with them into the new year, if possible.

Staying out of debt is more important than getting the best deal

The holidays can add up quickly. Before you turn to financing, Murset recommends setting gift-buying expectations with your family and friends and considering ways to approach holiday shopping differently. That could include agreeing to a lower holiday budget for each recipient or giving creative, inexpensive gifts, like coupons for babysitting or dog walking.

Joy agrees. She suggests exploring low-cost gift ideas, including thrifting antique items with sentimental value, gifting family heirlooms or regifting an unopened item you received but have never used. You can also talk to your friends and family about hosting a White Elephant or Secret Santa so you're only buying a gift for one person instead of many.

When you're shopping for new gifts, set a clear budget so you're not tempted to overspend when sales and deals pop up. 

At the end of the day, remember it's not worth ruining your finances to purchase more gifts. "Don't buy it if you don't have money," said Murset. "I know that's so boring, but it's absolutely the right thing to do."