Home Business How Does Your Holiday Spending Budget Compare?

How Does Your Holiday Spending Budget Compare?

holiday spending

With 2016 holiday spending expected to increase 3.6 percent to nearly $656 billion and more than a third of consumers exceeding their holiday budgets in 2015, the personal-finance website WalletHub released its 2016 Holiday Budgets by City report.

To help consumers with their holiday-budget planning, WalletHub’s analysts used several key metrics — ranging from “age” to “debt-to-income ratio” — to estimate and compare the maximum spending amounts for consumers in each of 570 U.S. cities.

Cities with the Highest Holiday Budgets
1 Palo Alto, CA ($2,821) 11 Midland, TX ($1,752)
2 League City, TX ($2,362) 12 Santa Clara, CA ($1,748)
3 Sugar Land, TX ($2,334) 13 Arlington, VA ($1,741)
4 Sunnyvale, CA ($2,203) 14 Pleasanton, CA ($1,726)
5 Pearland, TX ($2,080) 15 Frisco, TX ($1,719)
6 Missouri City, TX ($1,985) 16 Newton, MA ($1,675)
7 Cary, NC ($1,948) 17 Flower Mound, TX ($1,675)
8 Mountain View, CA ($1,914) 18 Fishers, IN ($1,601)
9 Shawnee, KS ($1,843) 19 Columbia, MD ($1,591)
10 Troy, MI ($1,809) 20 The Woodlands, TX ($1,564)

Key Stats

  • Cambridge, Mass., has the lowest debt-to-income ratio, 19.41 percent, which is four times lower than in Menifee, Calif., the city with the highest at 78.38 percent.
  • Fishers, Ind., has the lowest expenses-to-income ratio, 59.18 percent, which is 1.7 times lower than in Brockton, Mass., the city with the highest at 99.64 percent.
  • Jackson, Miss., has the highest savings-to-income ratio, 165 percent, which is 1.8 times higher than in Anchorage, Alaska, the city with the lowest at 91 percent.
  • Fishers, Ind., has the highest savings-to-monthly expenses ratio, 227 percent, which is 2.1 times higher than in Baltimore, the city with the lowest at 108 percent.

Richie Bernardo For a WalletHub News Release posted on SouthFloridaReporter.com Nov. 18, 2016 

WalletHub is the first-ever website to offer free credit scores and full credit reports that are updated on a daily basis. But we consider that just an appetizer, as we’ve built the brain of an artificially intelligent financial advisor that will truly leave your wallet full. WalletHub’s brain performs three primary functions, providing: 1) Customized credit-improvement advice; 2) Personalized savings alerts; and 3) 24/7 wallet surveillance. Such features are supplemented by more reviews of financial products, professionals and companies than any other website offers and a diverse community of subject matter experts. WalletHub is owned by Evolution Finance, Inc. and is based in Washington, DC.

LEAVE A REPLY

Please enter your comment!
Please enter your name here