|
Getting your Trinity Audio player ready...
|
The holiday season is upon us, and for millions of Americans, it brings with it the prospect of unexpected debt. As consumers contemplate holiday travel, gift-giving, and entertaining loved ones at home, the enchantment of the holiday season can feel financially overwhelming and leave many households with ballooning credit card balances in the New Year.
According to the National Retail Federation (NRF)*, consumer spending during the winter holidays is expected to reach, on average, a record $902 per person. That exceeds last year’s average by $25 per person. The increase in holiday spending is largely attributed to gifts for family members, as shoppers plan to spend approximately $641 for family, friends, and coworkers with an additional $261 earmarked for seasonal items such as greeting cards, decorations, and food.
While exchanging gifts may be a long-standing holiday tradition for most Americans, some individuals have been forced to reduce holiday spending due to sharp declines in available savings and the continued uncertainty in the economy. For many, finding creative ways to share special experiences with family and friends or searching for opportunities to connect with the community through volunteerism have become strategies to combat rising costs.
For others, simplifying celebrations and holiday entertaining are additional strategies to reduce expenses. Budget-friendly potluck dinners, festive family game nights, and showcasing creativity by making gingerbread houses or other holiday crafts have helped to lower expenses while increasing personal connections throughout the season.
For those seeking to avoid financial stress without sacrificing special memories with loved ones, a holiday spending plan is essential to managing expenses. A simple budget can help calculate available savings to allocate toward gift-giving, travel, and entertainment goals. With careful planning, holiday expectations can be tempered without compromising the spirit of giving during the holiday season.
To learn how to build a budget for the holiday season and hear more money-savings tips, join EdFed for an informative Budgeting for the Holidays webinar on Saturday, November 23, from 11:00 a.m. to 12:00 p.m. This free webinar is open to the public, and registration is available at www.edfed.org/webinar.
About EdFed
Established in 1935 by school employees in Miami, EdFed is a not-for-profit financial institution that serves more than 100,000 members with a full range of lending and deposit solutions. With over $1.6 billion in assets, EdFed is the largest credit union headquartered in Miami-Dade County and operates eight branch locations across the area.
About the National Retail Federation (NRF)*
As the leading authority and voice for the retail industry, the National Retail Federation provides data on consumer behavior and spending for key periods such as holidays throughout the year. The NRF forecasts that total retail sales during the holiday months of November and December will increase 2.5% – 3.5% over 2023, to between $979 billion and $989 billion.
ABOUT US:
For more Miami community news, look no further than Miami Community Newspapers. This Miami online group of newspapers covers a variety of topics about the local community and beyond. Miami’s Community Newspapers offers daily news, online resources, podcasts and other multimedia content to keep readers informed. With topics ranging from local news to community events, Miami’s Community Newspapers is the ideal source for staying up to date with the latest news and happenings in the area.
This family-owned media company publishes more than a dozen neighborhood publications, magazines, special sections on their websites, newsletters, as well as distributing them in print throughout Miami Dade County from Aventura, Sunny Isles Beach, Miami Beach, Coral Gables, Brickell, Coconut Grove, Pinecrest, South Miami, Kendall, Palmetto Bay, Cutler Bay and Homestead. Each online publication and print editions provide comprehensive coverage of local news, events, business updates, lifestyle features, and local initiatives within its respective community.
Additionally, the newspaper has exclusive Miami community podcasts, providing listeners with an in-depth look into Miami’s culture. Whether you’re looking for local Miami news, or podcasts, Miami’s Community Newspapers has you covered. For more information, be sure to check out: https://communitynewspapers.com.
If you have any questions, feel free to email Michael@communitynewspapers.com or Grant@communitynewspapers.com
#thatscommunitynews #communitynewspapers #miamidade #miamidadecounty #thatscommunity #miamicommunitynews #coralgables #palmettobay #southmiami #doral #aventura #pinecrest #kendall #broward #biscaynebay
