OHIO — The Ohio Department of Commerce is hoping to ease some of the holiday stress this season through a new holiday budgeting guide.
A free resource for all Ohioans, the Holiday Budgeting Guide shares tools and strategies to keep the holidays cheerful and affordable.
In 2024, holiday retail spending was anticipated to reach $30.4 billion in the Buckeye State by the Ohio Council of Retail Merchants, a 1.1% increase from 2023. According to data from the Federal Reserve, there was a 4.5% increase in retail sales at Ohio general merchandise stores last November and a 1.9% increase in December.
The National Retail Federation expects shoppers to spend an average of $890.49 per person on holiday gifts, food, decorations and other related options.
“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.”
According to a recent survey from NerdWallet, 31% of 2024 holiday shoppers who used their credit cards have yet to pay off their balances, while a lendingtree.com report showed 36% of Americans took on holiday debt.
Ohio’s budget guide is set to manage spending and address financial challenges head-on via budgeting techniques and safe online shopping practices.
Key areas covered in the guide include:
- 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
“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.”
View the full guide here.
Madison MacArthur
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