While the excitement of the holidays and gift-giving season can be a magical time for children, adults face a plethora of additional expenses during the last two months of the year. Whether its gifts, food, decorations, the perfect outfit for that holiday party, or airfare to visit family – there’s no denying the holidays can put a dent in the wallet.
According to a 2016 Mid-Year Consumer Survey, conducted by the Ohio Credit Union League, 22 percent of respondents spend more than $1,000 on holiday expenses, 35 percent between $500 and $1,000, and 28 percent between $300 and $500. During last year’s holiday season, the average American spent $734 on gifts, $120 on food, $78 on decorations, and $85 on flowers and cards, according to AOL Mass Media.
Traveling can be another major expense throughout November and December. AAA reports that due to low gas prices, 41.9 million people took a road trip last Thanksgiving, and another 36.1 million journeyed by plane. In Ohio, 21 percent of survey respondents said they plan to trek more than 100 miles this holiday season.
With so many additional expenses in a month, it’s surprising how few people set money aside throughout the year for year-end holiday expenses. With no additional income during the holidays, cutting costs may be necessary to stay financially afloat during November and December.
Tips to cut costs for the holidays:
To learn more about how a credit union can help you save for the holidays, visit www.aSmarterChoice.org or visit us at 700 Stumbo Rd. in Ontario.
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