A survey by Bellevue-based Coinstar reveals most Americans will exceed their budgets by $155 this holiday season
It’s the holiday season and all of those decorations, gifts, and festivities can really add up. A new survey by Bellevue-based Coinstar reveals just how many people expect to overspend.
The survey showed that about 60 percent of Americans think they will surpass their holiday budgets by an average of $155 this year — an 11 percent increase from the average response of $140 in 2015. It also showed that parents, millennials, and GenXers are most likely to spend more than planned.
Additionally, 72 percent of survey takers said they will have to make sacrifices in order to keep up with their holiday shopping. This includes eating out less, spending less on entertainment, and more.
Even with these sacrifices, one in five surveyed said they anticipate post-holiday debt or other money issues.
“With the winter holiday season comes the excitement of giving and exchanging gifts, but many of us discover it’s not easy to stick to a budget and end up overspending,” Justine Santaniello, lifestyle and trend expert, said in a press release.
Santaniello, founder and creative director of JustHaves.com, suggests finding creative ways to dig up extra cash.
“Thankfully, most people have unnoticed money lying around the house, at work, even in the car — and that loose change can add up quick,” she said. “Taking it to a Coinstar kiosk could help lessen the sacrifice most of us make in order to buy gifts for everyone on our list, and reduce potential debt due to overspending.”
Coinstar and Coinstar Exchange kiosks are one way that consumers can add to their holiday shopping funds. The kiosks can take unwanted gift cards or spare change lying around the house and convert them into cash to spend anywhere.
Ninety percent of the survey respondents said they have change in places like couch cushions, purses, cup holders, and junk drawers.