In 2019, the average cost of Christmas is $668, up from $633 in 2018. 20% of consumers anticipate taking on debt due to Christmas shopping, with the average amount of debt being $720.1 It’s easy to go overboard for Christmas. Giving extravagant gifts to your family members seems like a great idea ... until you’re facing a huge credit card bill. 2 Most of us really don’t think about the consequences of spending a considerable amount of money on our family or friends. We only think about the utter joy it will bring to them, especially our children. The beautiful image of seeing the kids opening up a carefully wrapped present from their wish lists on Christmas morning is frozen in our minds; even before the credit cards are maxed out. Yes, folks, all your intentions were good and appreciated but now the reality of paying off the presents in 2020.
I know it is difficult but it can be done, yes the dreaded budget. Sit down as a family and determine where costs can be cut. Maybe not getting that extra latte or brown bagging lunch to work or school. Try cooking more at home and going out for dinner only for those special occasions. Put the credit card away and don’t touch it! Take those extra dollars that have been saved and start paying over those credit card minimums. Making these small changes can bring down your balances a lot quicker and cost you less in finance charges. YOU CAN DO IT!
Brown, M. (2019, December 5). Cost of Christmas in 2019: How Much Will Be Spent?
Retrieved January 1, 2020, from https://lendedu.com/blog/cost-of-christmas/.
Help! I Overspent On Christmas! (n.d.). Retrieved January 1, 2020, from