in July

Start Saving for the 2015 Holiday Season

In early 2015, CompareCards surveyed more than 6,000 consumers about their spending habits during the 2014 holiday season. Consumers were asked about how much money they spent, how they made payments, where they shopped, and more.

The survey results revealed the following:

  • The average consumer spends about $650 during the holidays on travel, gifts and entertainment.
  • 74 percent of participants spent less than $1,000 over the holidays. Of that 74 percent, more than half spent less than $500.
  • 65 percent of participants incurred credit card debt, with 18 percent incurring more than $500 in debt, and 17 percent incurring more than $1,000.

The holidays can be stressful for consumers who haven’t saved up for all the expenses that come along with gifts, travel, and entertainment costs. The best way to prepare for the holidays is to make a list, prepare a budget (and stick to it!) and start saving ahead of time. CompareCards has created two savings sheets that will help consumers save up before the holidays.

Budget Sheet 1

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Our ‘Tis the Season to Save Budget Sheet will allow you to create a customized budget based on the amount of money you and your family intend to save for the holidays. This savings plan begins June 29th where you start to save a small amount of money each week, while gradually increasing until the halfway point (end of September). At this point, you will have saved nearly 90% of the total amount you need. Then you save a little less each week leading up to December, so you can start shopping for gifts and ease the strain of trying to save a large amount of money during the final weeks before Christmas.

Also included is a ‘Tis the Season Printable to label your jar or envelope where you stash your cash and watch your savings grow each week!

Quick Note: The savings formula will only work if you save it as a PDF and view in Adobe Acrobat/Reader, or save and view in your internet browser.

Budget Sheet 2

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If you’re not yet sure about how much you plan to spend this holiday season, then our second ‘Tis the Season to Save Budget Sheet may be a better option for you. This comes with pre-filled savings amounts to reach $650 before Christmas, which is the average amount consumers spent during the 2014 holiday season.

Also included is a ‘Tis the Season Printable to label your jar or envelope where you stash your cash and watch your savings grow each week!

If you have some debt you’d like to pay off, make sure you check out our Shred Your Debt Contest. CompareCards will be awarding two lucky winners in the amounts of $2,500 and $1,500.

If you’re particularly excited about planning for the holidays this year, check out our Christmas on a Budget Pinterest board for additional holiday savings tips and gift ideas.