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Action Steps for a Holiday Spending Plan

This holiday season, many mall-bound Americans will probably shop, not realizing just how much they’re spending until it’s too late.  Over $600 billion was spent during the winter holidays last year,1 and the average American spent $766 alone for online Thanksgiving items (not including travel!).
By MSA Staff

This holiday season, many mall-bound Americans will probably shop, not realizing just how much they’re spending until it’s too late.  Over $600 billion was spent during the winter holidays last year,¹ and the average American spent $766 alone for online Thanksgiving items (not including travel!).  That’s a 21% increase from the previous year!²  Don’t let the holiday cheer fizzle away when you get the bills; rather, go into gift-giving season armed with a holiday spending plan.

Even if you have a regular spending plan, setting one specifically for winter celebrations can give you an extra layer of protection against emptying your wallet.  As you start to create your holiday spending plan, consider the following action steps:

  1. Look at last year’s holiday spending for an idea of how much you might spend this year.  Did your income drop since the last holiday season?  If so, that should be reflected in the amount you choose to budget.
  2. Check out the full length article in the Knowledge Center to learn about more tips on making a holiday spending plan!

Want personalized help with holiday spending?  Your Money Coach can talk with you one-on-one, help you set definitive dollar amounts, and make sure you’re taking everything into account.  Start planning for the holidays by calling 888-724-2326.

¹Grannis, Kathy.  “The Long and Short of American’s Consumer Holidays.”  nrf.com.  NRF, 1 May 2014.  Web.  20 Oct. 2014.

²“2013 Holiday Season U.S. Desktop E-Commerce Spending Reaches Record $46.5 Billion, Up 10 Percent vs. Year Ago.”   comscore.com.  Reston, VA: comScore, 7 Jan. 2014.  Web.  20 Oct. 2014.

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