Managing Holiday Expenses
It’s supposed to be the most wonderful time of the year; but for many, the holidays can be an expensive time. From gifts to decorations to wrapping paper to special events, it’s easy to overspend and possibly even go into debt paying for all the extras.
In 2019, Forbes reported on a Gallop poll showing Americans spend an average of nearly $1,000 on holiday gifts alone during the holiday season. And 37% of those respondents expect to exceed that amount while shopping for presents.
Online shopping has sky-rocketed, particularly in 2020 with the COVID-19 pandemic. According to Fortunly, a survey of around 1,000 respondents found that 60% of U.S. consumers prefer to shop for their gifts online. Purchasing from a home computer, phone or tablet, is both convenient and an easy way to compare the best deals.
However, Fortunly also found that 60% of consumers wait to buy their gifts until the week before Christmas – a time when most goods are at their most expensive.
Tips for Managing Holiday Expenses
The holidays can be a stressful time for many, starting with all the extra expenses that come with the season. It doesn’t have to feel that way, though. Follow the tips below from The Balance to reduce stress around holiday spending so you can finally enjoy the most wonderful time of the year!