GreenPath Shows Ways to Save and Prevent Overspending this Holiday Season
- October 8, 2015
- By: Greenpath Financial Wellness
(FARMINGTON HILLS, MI – October 8, 2015) The holiday season is nearly upon us, which means many Americans will soon be sitting down and deciding how much they will be able to spend on gifts, food, and entertainment. GreenPath Financial Wellness, a nationwide nonprofit credit counseling and education service, has released an infographic showing how the average American overspends, with examples of overspending in areas from beverages and food to gifts and entertaining.
“A simple rule worth repeating is to spend less than you earn,” said Donna McNeill, GreenPath chief operating officer. “It sounds like a no brainer, but the average person spends $1.33 for every dollar earned. It can take discipline and practice to reduce spending.”
The infographic points out how Americans spend nearly $800 a year on gifts. “We remind consumers that it’s best to set a budget and use cash when possible,” said McNeill. “Now is the time to start looking for bargains online and in-store. More retailers are starting their holiday deals early this season.”
In addition, the infographic explores how a daily stop at the coffee shop can end up costing you more than $1,000 a year. “Coffee remains a leading beverage in America,” McNeill said. “It certainly has been discussed in the past as a money saver, if you can start to change your habit.”
The infographic lists other leading spending decisions like food, apparel, vacations, and more. “We want to make sure that consumers are aware that they have saving opportunities,” said McNeill. “It is our hope that these illustrations will inspire folks to spend a little less and prepare for a great holiday.”