Budgeting Tips For Holiday Spending

Article Presented By Rathkamp Financial…

(Columbus) – As the holiday season kicks into full swing, the Ohio Department of Commerce Division of Financial Institutions is helping Ohioans unwrap a little peace of mind. Its new Holiday Budgeting Guide is packed with practical tools and smart strategies to help families celebrate joyfully, minimizing the post-holiday credit card bill headache.

Kenyetta Bagby, Office of Consumer Affairs Manager, Division of Financial Institutions with the Ohio Department of Commerce says this free resource is available at com.ohio.gov/BudgetGuide. “This empowers individuals of all ages to spend wisely, plan ahead, and make the most of the season without sacrificing financial well-being.”

Last season, the Ohio Council of Retail Merchants anticipated retail holiday spending in the Buckeye state to reach $30.4 billion, which was up 1.1% from the previous year. That increase is reflected in data from the Federal Reserve, which shows there was a 4.5% increase in retail sales at Ohio general merchandise stores in November 2024, and a 1.9% increase in December. As we look ahead to this season, the National Retail Federation expects consumers to spend an average of $890.49 per person on holiday gifts, food, decorations and other related items. 

While those statistics help to paint a fun and festive picture, history shows that holiday spending takes a toll. A report from lendingtree.com found that 36% of Americans took on holiday debt in 2024, and a recent survey conducted by NerdWallet found that 31% of 2024 holiday shoppers who used credit cards still haven’t paid off their balances. 

“The holidays are meant for joy, not financial stress,” said DFI Superintendent Kevin Allard. “Our Holiday Budgeting Guide is specially designed to help Ohioans take control of their holiday spending so they can focus on what really matters—making memories with friends, family and loved ones.”

As Ohioans prepare for the upcoming season, consumers are encouraged to use this guide – along with a downloadable budgeting template – to better manage spending and help address financial challenges head-on. The guide equips Ohio consumers with a range of budgeting techniques, safe online shopping practices, and creative approaches to turning holiday traditions into valuable financial lessons for the next generation, allowing families to celebrate without significantly impacting their long-term financial future. 

The Holiday Budgeting Guide covers several key areas, including:

• Practical budgeting techniques for planning and tracking holiday expenses
• Safe online shopping practices to protect personal and financial information
• Creative ideas for teaching children about money management during the holidays
• Strategies for managing gift-giving expectations and costs
• Methods for incorporating financial education into family traditions

Each section includes easy and actionable steps that Ohio families can implement immediately, while creating lasting memories with loved ones and building a stronger financial foundation for the year ahead.

“Smart spending is a gift you give yourself,” Allard said. “By planning ahead and using the tools available, Ohioans can enjoy the season without the burden of debt.”