Having the right amount of funds available to execute a financial strategy is important, but it can be difficult when trying to balance multiple expenses. With the holidays around, some people may be looking to both give and receive money in order to improve their ability to pay off bills.
Seven in 10 millennials noted that they would like to receive money during the holidays in order to help fund their college education, according to a report from Sallie Mae’s Upromise. Many people are also interested in helping out family members in this respect. The report noted that 54 percent of those in Generation X who are parents explained they are hopeful their children receive money for this purpose. More than 40 percent of baby boomers explained they are interested in giving these type of gifts.
Other spending during the holiday season is also savings focused. The report noted that more than four-fifths of millennials want to do their holiday shopping online because it will save them time, but 60 percent said their reason was to conserve cash.
This savings will come through a couple of different channels. The report explained that online spending was important to 87 percent of millennials because they could save more money, while coupons would help 69 percent save more when in the store.
Spending for holidays may decline this year
Trying to save money during the holidays can be difficult, but more Americans are looking to accomplish this. Taking small steps like this could help secure a solid financial future in the long term.
There will be an average of $737.95 spent per person during this holiday season, according to a report conducted by Proper Insights and Analytics for the National Retail Foundation. These expenses would include not only gifts, but also other items, such as greeting cards and other items for the home during the holiday season. In 2012, the figure was $752.24.
However, there may be more items purchased by the entire population. The report noted that this amount could rise to $602.1 billion, which would be approximately 4 percent higher than last year.
Many people are looking to cut down on the level of money they spend on themselves, as well. The report added that the average will be $129.62 per person, which is lower than last year’s $140.43.