With Black Friday quickly approaching, Bank of America's head of product for consumer, business, and wealth management banking and lending, Mary Hines Droesch, sits down with Wealth! Host Brad Smith to discuss some of the best ways for consumers to navigate holiday shopping.

"[The] most important is you need to set a budget. The hardest part is sticking to it," Hines Droesch says, adding, "You want to avoid impulse purchases and spending more than you expected."

She outlines the 50-30-20 rule, where 50% of income goes to needs, 30% goes to wants, and 20% to savings. Hines Droesch notes that holiday gifts fall into the "wants" category.

Watcht the video above for more about consumer behavior this holiday shopping season.

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This post was written by Naomi Buchanan.