The Holidays can be pricey! I am sure that is not news to anyone reading this. But just how much do we spend around the Holidays, and what do they spend it on?
Let’s take a look at some numbers.
According to Forbes.com, Holiday sales were expected to exceed $1 trillion in 2016. The average spending on Holiday gifts will be $660 for 2017 according to NerdWallet.com. Of that average, Baby Boomers are spending the most at an estimated $802.
It is easy to see why so many people feel anxious when it comes to their finances around the Holidays, especially when 56% of those who shopped during the Holiday season in 2016 incurred credit card debt. In fact, according to an Experian national survey 56% of people said they spend too much for the Holidays, 55% feel stressed because of them, and 43% say the extra expense makes the holidays hard.
However, there is some good that can come from all the spending going on during this time of year. The average total cash donation to charitable causes is $244.
If you are feeling tight on money there are some things you can do to help yourself feel a little jollier this time of year:
- Create a budget and stick to it. Determine what an appropriate amount you can afford to spend during the holidays is and try not to go over it.
- Make a plan for your spending. The easiest way to help out your cash flow is to plan for what and who you are buying.
- Once you’ve determined your plan, do it over a period of time as opposed to spending your money all in a span of a few weeks, so start early.
Happy Holidays to all!
- Clay Wood