How much should you save for the holidays?

The average consumer plans to spend $998 on gifts, food, décor, and other holiday expenses in 2020. Despite the hurdles of 2020, there’s overarching hope for this season to bring love, cheer, and togetherness.

Before piling on the fruitcake and splurging on presents, create a budget with this holiday savings calculator. (Then stick to it!)

Most Americans racked up $1,325 in holiday spending debt in 2019, and — alarmingly — 57% didn’t plan to. Gen Xers were the top spenders, averaging $2,076 in debt. It’s not surprising people feel anxiety about their overspending.

Exploring the solutions to holiday stress and anxiety, the Brain & Behavior Research Foundation lists sticking to a budget as one of the best tools to find calm and stay in control.

Input your projected spending into the holiday savings calculator and share your plan with your family. A better budgeting plan could free you to focus on what matters most this year: being together, however possible, and staying thankful for all that we have.

 

This calculator is made available by one or more third party service providers. It is not intended to be an advertisement for a product or service at any of the terms used herein. It is not intended to offer any tax, legal, financial or investment advice. All examples are hypothetical and are for illustrative purposes. SunTrust Banks, Inc. and its affiliates do not provide legal or tax advice. SunTrust cannot guarantee that the information provided is accurate, complete, or timely. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. SunTrust makes no warranties with regard to this calculator or the results obtained by its use. SunTrust disclaims any liability arising out of your use of, or any tax position taken in reliance on, this calculator. Always consult an attorney or tax professional regarding your specific legal or tax situation.

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