How NOT To Go Broke This Holiday Season

How NOT To Go Broke This Holiday Season

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Thursday, December 3, 2015 - 10:30am

CAMPAIGN: Building Financial Capability in Communities

CONTENT: Article

Holiday shopping can be a weak spot for even the most money savvy among us. When it comes to giving to others it’s tempting to go overboard and bust our budgets to make the holidays special. We want to give our families the best of everything, but at the end of the day we know that’s not a good long-term strategy. Not only does it put us in the position of being more financially insecure, but it also teaches our kids the exact wrong lesson about money.

Survey Says

According to a recent study by T. Rowe Price on family holiday spending most parents will overspend on holiday gifts. A survey of 1,000 parents shared that a whopping 62% of parents agreed that they spent too much on the holidays. Additionally, 7% of parents have used their retirement savings (!) to pay for the holidays, while 9% have dipped into their emergency funds.

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