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[1]. 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[2].
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[3]. 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[4].
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[5].
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
