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Some people can afford to spend much more than others over the holiday season, based on their income, existing debt obligations and cost of living. What is your holiday spending budget?
With the expensive holiday shopping season coming up and nearly 1 in 4 people still working to pay off holiday debt from last year, the personal-finance website WalletHub today released its 2023 Holiday Budgets by City report.
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To help consumers avoid post-holiday regret, WalletHub used several key metrics, such as income, age, and saving-to-expense ratios, to estimate the maximum spending amounts for consumers in over 550 U.S. cities.
Cities with the Biggest Holiday Spending Budgets |
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| 1. Palo Alto, CA ($3,596) | 11. Santa Clara, CA ($3,269) | |
| 2. Bellevue, WA ($3,576) | 12. San Mateo, CA ($3,262) | |
| 3. Frisco, TX ($3,546) | 13. Highlands Ranch, CO ($3,224) | |
| 4. Ellicott City, MD ($3,497) | 14. Sugar Land, TX ($3,210) | |
| 5. Flower Mound, TX ($3,485) | 15. Naperville, IL ($3,184) | |
| 6. Sunnyvale, CA ($3,483) | 16. Carmel, IN ($3,116) | |
| 7. Milpitas, CA ($3,470) | 17. Roswell, GA ($3,115) | |
| 8. Mountain View, CA ($3,399) | 18. Weston, FL ($3,087) | |
| 9. Fremont, CA ($3,321) | 19. Centreville, VA ($3,040) | |
| 10. The Woodlands, TX ($3,316) | 20. Union City, CA ($3,036) | |
Source: Tatyana / Getty
Average Consumer Profile of Indianapolis:
- Overall Rank for Indianapolis: 206th
- Monthly Income: $5,125
- Monthly Expenses: $3,746
- Savings: $13,257
- Age: 34.3
- Monthly Income-to-Monthly Expenses Ratio: 1.37
- Savings-to-Monthly Expenses Ratio: 3.54
Indianapolis’ Average Holiday Budget for 2023: $1,299
For the full report, visit:
