Personal FinanceBeth Gwinn / Getty ImagesIan CooperThis post may contain links from our sponsors and affiliates, and Flywheel Publishing may receivecompensation for actions taken through them.Holiday spending typically puts a substantial strain on American wallets, leaving many with high levels of debt well past the season, according to finance expert Dave Ramsey.In fact, “The average over the last several years has been that people pay their credit card debt from Christmas into May,” Ramsey told Fox Business. “So, it takes them about half the year to come back, and because they don’t plan for Christmas… it sneaks up on them like they move it or something.”fizkes / Shutterstock.comKey Points About This ArticleAccording to a new survey from Talker Research, the average American will spend more than $2,000 this holiday season.
In addition, about 65% of those surveyed said they were stressed about the money they would spend. About 73% said the financial stress also cuts back on their enjoyment of the holidays.
“The earlier you save, the less financial stress you’ll experience. Set up a separate savings account for holiday expenses and contribute to it throughout the year.”
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The finance coach also says it takes the average American about half the year to come back, “and because they don’t plan for Christmas… it sneaks up on them like they move it or something,” he added, as also quoted by Fox Business.Also, according to a new survey from Talker Research, the average American will spend more than $2,000 this holiday season. Of the 2,000 people surveyed, 64% said they would be traveling over the holidays, spending about $846 on average. Spending on gifts, according to this group, averaged about $559 with people spending about $117 on average on their kids. Spending on parties, food, drinks, and holiday clothes adds on another $658.In addition, about 65% of those surveyed said they were stressed about the money they would spend. About 73% said the financial stress cuts back on their enjoyment of the holidays, too. Plus, about 20% said they would not financially recover from holiday spending until May 2025. Another 17% said they will likely go into debt because of their spending, and 10% planned to spend less this year than last year.If you fall into the camp of stressing out with spending, there are solutions.How to Financially Prepare for the HolidaysFor one, according to Casey Brueske, financial counselor and Community Education Development Specialist at PenAir Credit Union, as quoted by Newsweek.com, “The earlier you save, the less financial stress you’ll experience. Set up a separate savings account just for holiday expenses and contribute to it throughout the year. By starting early, even small amounts can accumulate and take the pressure off when the season arrives.”Two, according to Dave Ramsey, make a list of people to shop for and note exactly
Mar. Gen 7th, 2025
