Christmas in Providence? Study Shows It's Going to Cost a Pretty Penny

Christmas in Providence? Study Shows It's Going to Cost a Pretty Penny

The holidays are a time of heavy spending as many Americans know - a new study from personal finance site NerdWallet found that the average family of four will spend about $877.22 this Christmas, and this number is 23% higher in the city of Providence ($1,082.22). 

The study factored in the cost of gifts, decorations, holiday cards, flowers, food, movies, wine, and a Christmas tree.

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A recent Harris Poll found that families with children plan to spend $578.10 on gifts alone - that’s a lot of giving.

NerdWallet suggests that families adapt the following practices to make budgeting a little easier this holiday: 

Use Member Benefits: You can use them towards family outings or towards movie tickets that make great stocking stuffers for the whole family. 

Discounts are Out There: Use price-matching and take advantage of discount gift card deals. Surprisingly 72% of shoppers do not take advantage of price matching. 

It’s Okay to I.O.U.: Create a family I.O.U. with small gifts that will stand as a promise to purchase bigger ticket items later in the - when they go on sale.    

Take advantage of budgeting opportunities when you can and avoid giving way more than you receive this holiday.