Real Deal: Holiday spending means 2nd most expensive budget event of the year
There are gifts for family, friends, co-workers and teachers. It all adds up in cost.
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While it is considered the "most wonderful time of the year, " it feels like the most expensive one too.
There are gifts for family, friends, co-workers and teachers. It all adds up in cost. But when we look at the year and what we spend money on, how do the holidays compare? What our partners at Investopedia found may surprise you.
Caleb Silver, editor-in-chief at Investopedia, says, "We are spending a lot about $900 on average per person for the holiday season, but it is not the top-ranked thing we spend on as households throughout the year."
Silver says back-to-college spending tops the list.
"That costs around $1,300 to $1,400 to send the kids back to college, then it is the winter holidays that are around $900 all in," says Silver.
After that, Silver says it is the back-to- school shopping. "The backpacks, the new sneakers, the books and everything that's about $875, and then Mother's Day comes in there at around $255."
