Here’s How Much the Average Person Spends on Holiday Shopping and How You Can Stay on Budget
Deck the halls but don’t break the bank.
By: Amanda Mushro
Yes, it’s the most wonderful time of the year but, for many, it can quickly become the most expensive. With the holiday shopping season in full swing, you may be making your list and checking your wallet twice, but how much can you afford to spend? According to the National Retail Federation, consumers say they will spend an average of $1,047.83 this year, which is up four percent from last year.
So, before you start adding all of those gifts for friends and family to your cart, here’s a few ways to keep your shopping expenses in check so you won’t find yourself in debt during the New Year.
- Before you officially begin shopping, set a holiday budget that includes taxes, shipping and last-minute gifts so you don’t go over your allotted amount.
- Start shopping early. This way you can take advantage of great sales and not have to pay extra for last-minute shipping prices.
- If you are shopping in person, leave your credit card at home and only shop with cash. When you spend all of your cash, it’s time to head home.
- If you are shopping online, use a card that will take money directly from your checking account rather than adding to your credit card balance.
- Only use one credit card; using too many can make it easy to overspend or miss a payment.
- Don’t be tempted into buying a store credit card. You don’t want another stream of debt.
- Use apps and websites that will compare deals and save you money.
- Finally: Remember, spending less money on gifts does not make them any less meaningful. The same goes for homemade gifts. If you give yourself enough time, a DIY present could be more appreciated. So, consider this before buying all of those big-ticket items.
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