via forbes.com
The average American will spend nearly $800 on Christmas gifts this year, and 30% will spend more than $1,000, according to recent Gallup research. And that’s just on presents. When you consider the extra food, decoration and shipping costs, you could easily spend an entire paycheck–or more–on Yuletide trimmings.
“The holiday spirit can act like Novocaine, desensitizing us to the costs,” says Mary Hunt, personal finance expert and author of Debt-Proof Your Christmas. “We all want to give our family a nice Christmas, but it’s dangerous to go into debt. People are waking up to the fact that it isn’t just spending money that makes us happy at the holidays.”
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