TAKE THE POLL: CLICK HERE
A report published in Nov. by WalletHub explored how the holiday season, though full of joy, can also bring huge amounts of stress, most of which comes from spending.
Americans are expected to spend 2.5% to 3.5% more in 2024 than 2023 on their Christmas and other holiday shopping, reaching a potential $980 billion, WalletHub reported. As credit card debt rises throughout the country, we’re worried about when this bubble could burst. “A holiday spending spree can easily add to your financial burden, especially if you carry the balance on your credit card into the new year,” according to the study. (POLL: Do You Prefer Real Christmas Trees Over Artificial Ones?)
“To determine the cities with the biggest holiday budgets, WalletHub compared 558 cities across five key metrics: 1) Income, 2) Age, 3) Debt-to-Income Ratio, 4) Monthly Income-to-Monthly Expenses Ratio and 5) Savings-to-Monthly Expenses Ratio,” the study continued.
Highest & Lowest Budgets
Newton, MA had the highest holiday budget per WalletHub’s analysis, at $4,206. This was closely followed by Sunnyvale, Palo Alto, Mountain View, and Milpitas, CA, which ranged between $3,659 and $3,845. “The fact that Newton ranks high isn’t too surprising given that it has the third-highest median annual household income in the nation, at over $185,000,” wrote WalletHub. (TAKE A POLL: Do You Enjoy Drinking Eggnog?)
The first 20 cities in the ranking were able to spend more than $3,055. This changed in Cary, NC, where residents should only budget $2,996. Strangely, Yorba Linda, CA was the last city on the list with a budget of more than $2,000, as Richardson, TX, was calculated at just $1,980.
Lauderhill, FL (#558), Hawthorne, CA, Bloomington IN, East Orange, NJ and Canton, OH, all ranked lowest on the list, with budgets between $217 and $535. (MORE NEWS: Mom Attacked For Epic Christmas Savings & Support)
How Do You Feel?
Take action by using your voice today. Did you know that lawmakers, business leaders, and even public servants use polling data to inform their policies and practices? These might seem like simple questions, but answering them can have far-reaching impacts on the world around you.
Don’t let your voice be lost in the ether of the Internet! Take control and take back your power today by signing up to take a poll — take all of them if you like!