Sure, it’s the most wonderful time of the year, but a new survey shows that stuffing those red stockings leaves many parents with a lot less green in their bank accounts.
A new survey of 2,000 U.S. parents commissioned by Self shows that 71% of parents have trouble sleeping during the holidays, wondering how they’re gonna pay for all those toys and gifts.
Thirty-nine percent say they’re “extremely concerned” about their spending. The average parent say they’ll overspend by $541.79 this year — which will take the next 4.3 months to pay off.
A majority — 59% — admitted that they overspend on their children every holiday season, and 46% say they’ve forgone gifts for their spouse just to make ends meet.
Some of the spending problems stem from that age-old issue of “keeping up with the Joneses”: 71% say they overspend because they’d hate for their kids to be the ones who didn’t get that must-have toy or gadget.
In fact, 61% of the 2,000 parents surveyed by OnePoll say they’re willing to ding their credit score when those Christmas bells ring.
Fifty-three percent admit they under-estimated how much they spent not only on gifts, but also food, entertainment, decorations and other yuletide expenditures, while 48% say they were shocked to see their bills after the tinsel was packed away.
To try to bolster holiday finances, 31% of those polled say they take an extra job, 29% a side-hustle, and 33% take extra shifts at work.
Forty-nine percent say they save dough by buying holiday gifts in advance to spread out the spending, while 44% say they clip coupons and 45% say they scout sales.
Twenty-nine percent say they get stingy with the heat and electricity to make up some money.