Holiday shopping: How much should Oklahomans budget for Christmas?
OKLAHOMA CITY (KFOR) – While the holidays are about spending time with family members and loved ones, experts say the holidays are also encompassed by stress.
In addition to purchasing presents and wrapping gifts, families typically spend hundreds of dollars in food and drinks for Christmas parties and events.
Experts say that kind of spending will likely increase this year.
The National Retail Federation predicts that 2019 holiday spending will increase by about four percent over last year, bringing in $727 to $730 billion in retail sales.
To help avoid the stress of the holidays, families are encouraged to set a holiday budget.
WalletHub calculated the maximum holiday budget for each of 570 U.S. cities using five key characteristics of the population like income, age, and savings-to-monthly expenses ratio.
For Oklahoma City residents, the recommended holiday budget is no more than $972.
However, experts say that is just a suggestion and that families should only spend what fits into their budget.
To make the most out of the holidays, you can start saving as soon as possible and write down a budget for each person on your Christmas list.
In order to stick to a budget, experts suggest tracking your spending as you go.