When Christmas rolls around, it’s easy to get lost in trying to find the best gift and forget about the cost of everything. It’s important to also remember that Christmas expenses extend beyond just gift buying. There’s the tree, decorations and plenty of other expenses if you’re hosting a get-together.
How Much Does the Average Person Spend for Christmas?
A Gallup study found that consumers anticipate spending $920 on holiday stuff this year. That’s an increase from $885 the previous year, and total holiday spending is expected to top $1 trillion.
The study broke down a range of spending.
- 37 percent are expected to spend at least $1,000 on gifts
- 21 percent expect to spend between $500 to $999
- 27 percent expect to spend around $100 to $499
- 3 percent anticipate spending less than $100.
What can you do to free up some more cash to spend on gifts? Here’s what to do to avoid an eye-popping electric bill during the holidays.
What is a Reasonable Amount of Money to Spend on Christmas?
Dave Ramsey did the math on what’s a reasonable amount of money to spend on Christmas, but didn’t come away with a clear conclusion. He did say that the average amount spent on gifts the previous year was $800, and the average household income is around $50,000. So you can use that as a baseline and increase it or decrease it proportionally based on how much you make. Not surprisingly, he suggests just buying gifts for children in the case of a budget crisis. Plus: Try these 17 easy ways to save money at Christmas.
Take a peek at these great frugal gifts everyone will love.
How Much to Spend on Christmas Gifts
Determining how much to spend on a Christmas gift can be tricky, especially if you do a gift exchange. Spend too much and you look like a showoff, spend too little and you look cheap.
Jodi RR Smith told the Los Angeles Times that you should spend $20 and up for gifts for cousins and siblings. She said spend $25 and up for nieces and nephews, $20 and up for parents and in-laws, $15 and up for friends and $10 to $15 for coworkers.
Save a buck or two with these incredible, yet cheap gifts.
How Much Does the Average American Spend on Christmas Decorations?
Based on a survey conducted by Statista, the average American will spend $61 on Christmas decorations. Meanwhile, an average live evergreen tree will cost $78 and artificial Christmas trees will range from $30 to $100.
Keep your Christmas decorations safe with these Christmas decoration storage tips.
Always wanted to learn the correct way to wrap gifts? Watch the following video for a quick tutorial.