(Des Moines, IA) -- A national study is looking at average holiday spending in over 500 cities, including Des Moines. Chip Lupo is an analyst with WalletHub.
"For 2024, the average budget is $1,295.95," Lupo says. "And that's a slight bump from a year ago. The holiday budget [in 2023] was set to about $1,238. So, about a 4.5% increase."
He says the study based the numbers on five different factors.
"Income, age, ratio of savings, monthly expenses, existing debt and cost of living," Lupo says.
WalletHub has some recommendations based on the results of the study.
"If you're saving for an emergency fund or other financial goals, avoid putting those at risk," Lupo says. "You do that by setting a separate holiday budget. Make sure you have a specific set amount that you're willing to spend without dipping into any disposable income or any income you have for emergency expenses."