Money tips: how to keep a holiday budget

End-of-year discretionary spending can quickly spiral out of control. Here’s a look at common mistakes and tricks to stick to a budget.


$1,226
Amount consumers spend on end-of-the-year shopping. Holiday budget fix: In your budget planner, include everything — not just gifts; include party essentials, wrapping paper, and cards.

$289
Amount U.S. consumers spend over the Thanksgiving weekend, which includes Black Friday and Cyber Monday. Holiday budget fix: Skip the holiday hysteria: Create your list ahead of time and watch pricing and sales for the best deals.

$300
Amount spent on holiday presents for one child. Holiday budget fix: Guilt can quickly set in when it’s time to shop for kids. Set some expectations with kids first (for example, something you want, something you need, something creative) to help manage expectations and your budget.

23
Percentage of consumers who take four to six months to pay off their credit card after holiday spending. Holiday budget fix: Skip the credit cards and use a prepaid debit card with a preset amount.

2
Number of days experts say to wait before making an online purchase. Holiday budget fix: Two days gives you a chance to think through online spending, comparing it to your list and your budget, rather than acting on impulse.

11
Percentage of consumers who’ve dipped into their retirement savings to purchase holiday gifts. Holiday budget fix: Instead, consider ways to save — without impacting your future. Secondhand stores, DIY options, and even skipping gifts (talk about it first) can help trim overspending opportunities.

$50
Average cost of ingredients for a traditional Thanksgiving meal. Holiday budget fix: Host a potluck holiday party to keep budgets under control.

1,200
Dollar amount you would have by the end of the year if you set aside $100 for holiday spending each month. Holiday budget fix: Figure out your budget on January 1 and save the appropriate amount each month.

58
Percentage of consumers who don’t stick to their holiday spending. Holiday budget fix: Buy throughout the year as you see items on sale, and schedule monthly or weekly budget check-ins to keep spending in check.


State Farm® (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates) is not responsible for, and does not endorse or approve, either implicitly or explicitly, any third party products or the content of any third party sites referenced in this material. State Farm has no discretion to alter, update, or control the content on the third party sites. Any references to such sites are provided for informational purposes only and are not a solicitation to buy or sell any of the products which may be referenced on such third party sites. State Farm does not warrant the merchantability, fitness, or quality of the third party products referenced in this material.


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