TD Bank recently surveyed people about their holiday shopping habits. Answer with your own to see how they compare to the survey and other BuzzFeed readers'!
Everybody's budget is going to look a little different based on their income, family, and needs. TD Bank surveyed people on their holiday spending, and the majority said they're spending $200–$399 during the holidays.
Lauren Greutman, a savings expert and founder of her namesake personal finance site, recommends gauging how many people you need to shop for (not including teachers, postal workers, etc.), then setting an amount you want to spend per person (she recommends $25 per person to start). Set your budget for the key people on your list (per person), then add an amount for the remainder of your list. For example, if you set aside $50 for teacher gifts, then work around that number instead of spending money you don't have.
Believe it or not, most people are actually good at sticking to their budget. *gasp* Seventy-six percent said yes, they stay within budget, while 24% said they don't.
Those little impulses purchases and small stocking stuffers add up! The majority of survey respondents (63%) feel this pain and said they "tend to make impulse purchases for stocking stuffers and holiday treats."
To help keep your holiday spending in check, Greutman recommends setting aside a small budget of $25–$50 just for impulse purchases and using your debit card so you can keep track of real-time spending. This way, you don't get out of control, and you can still have a little fun picking out that perfect unexpected gift.
Hey, it happens! ¯\_(ツ)_/¯ Most people (31%) said gifts/tips for service providers are what they overlook during holiday shopping.
Speaking of which, now may be a good time to set a reminder. ;)
"Set aside a certain amount of money to spend on gifts for service providers," Greutman recommends. "This will remind you to buy something for them but also stay within your budget. I like to make either baskets of cookies, chocolate-chip-cookie-in-a-jar mixes, or hot chocolate and marshmallow baskets. This way, if I forget someone, I already have it set aside and ready to give."
Not all of us are graced with the holiday miracle of coming under budget, but don't fret; most people aren't overdoing it by too much. Only 1% of those asked overspend by $2,000 or more. The majority of over-spenders (31%) keep it between $100 and $200.
A lot of things can send a budget toppling faster than a cat in a Christmas tree, but gifts tend to be the biggest factor. Most people (57%) admitted that gifts and/or gift cards for friends and family eat up the budget.
Greutman knows that while giving can be fun, it's also really expensive. "Set a budget this year and ask people for a wish list of what they want/need. Remember that gift-giving is not about how much you can get someone (this isn't a competition), but it's more about the thought. Don't put yourself into debt because of expectations you put on yourself to buy the perfect gifts!"
If you're in the "NO REGIFTING EVER" camp, you're not alone! Turns out that just over half of survey respondents have never regifted a holiday present. But almost half of respondents have, so don't feel bad if you're a regifter!
Some gifts keep on giving! When a gift is better regifted, most people asked (50%) said it's because it would make an even better gift for someone else.
The results are in, and most people (49%) want that cash money! Purchases are preferred for 20% of survey respondents, 16% enjoy an experience, and 15% have heart for handmade or homemade gifts.
When you give the gift of a gift card or cash, you're empowering the recipient to get themselves just want they want — so says just over half (51%) of survey respondents. Twenty-five percent said the ease/convenience is why gift cards are gold.
"Gift cards are the perfect option for the person who 'has it all' or who you don't know well enough to know what they want," Greutman explains. "Worried about them being impersonal? Why not stick it in a batch of freshly baked cookies or inside a nice coffee mug to add some personality? Gift cards are a great way to stay within your holiday budget since you don't have to worry about the cost of extra wrapping paper or gift bags to make it look pretty."
Survey results and information (including Lauren Greutman quotes) provided by TD Bank.