Here’s San Diego’s average holiday budget this year

Business

SAN DIEGO — A personal finance website says San Diego’s average holiday budget this year is $971.

The total was calculated by WalletHub in its “2021 Holiday Budgets by City” ranking. San Diego came in at No. 230 out of 570 U.S. cities for how much consumers should spend in order to avoid “post-holiday regret.”

WalletHub used metrics like income, age and savings-to-monthly expenses ratio to estimate the maximum spending amounts for each city. Residents of Flower Mound, Texas, had the highest budget at $3,427.

Source: WalletHub

Experts say staying in budget requires planning for all elements of the holidays, from gifts and the costs of mailing them to décor and meals. To avoid overspending, especially with shortages expected this holiday shopping season, experts recommend keeping holiday cash separate from other funds.

“I would recommend either putting your allocated budget on a prepaid VISA or holding it in cash separate from any other cash you might carry,” said Jared Watson, an assistant professor at New York University. “When you run out, if you try to overspend, you have to consciously acknowledge that you have depleted your budget which should add enough friction to the decision to stop some people from violating their goal.”

See where other California cities ranked on the full list here.

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