What The Average American Will Spend This Christmas
Ho Ho Ho! It is the most wonderful time of the year. Most of us are stressed out about the finances. To help ease your stress, here's a rundown of what the average American will spend this Christmas. Find out how close you are to the average here.
Christmas comes every year. Every year, I say "How much is Christmas going to cost us?" Happy to say, I am around the average.
According to Momseveryday.com. "The National Retail Federation predicts a 4.1 percent increase in sales this year, with the average American set to spend an estimated $786.00 dollars." Here's how it all breaks down according to the experts:
* $459.87 on gifts for family
* $80.00 on gifts for friends
* $26.03 on colleagues
* $30.43 on the other people in their lives
Here's a few tips to stay calm and keep the finances under control in December according to Momseveryday.com:
1. Spending on gifts shouldn’t exceed more than 1.5 percent of your annual income. Use this rule as a guide to determine how much you should set aside to spend on gifts for your friends and family — and stick to it. I love the classic "Christmas Clubs" at banks for this.
2. Separate accounts. One for Christmas and one for everyday bills and expenses.
3. Only buy what you can truly afford. To prevent overspending, never leave home without a list of what you intend to buy. Easy to say than to execute.
4. Sale Prices.Sale Sale Sale. I never pay full price.
Hopefully, you are not too stressed during this wonderful time of the year. I'll see you around the Stateline shopping for gifts on Christmas Eve.
I love the pressure.