NEW YORK (MainStreet) — Stan Middleman, 60, of Cherry Hill, N.J., knows he overspends for the holidays, but he doesn't pay his indulgences much mind when it comes to his family members.
"I just want to see them happy," he told MainStreet.
The financial executive says he shops for three or four people on his holiday list with "no real limit." And when he finds the right item, he barely flinches when he hands over his credit card.'Tis the season to be generous, indeed, but with abundant store-wide sales, it's too easy for consumers like Middleman to get caught up in the spirit of giving when loved ones are gathering. Spending too much is all too common, yet is it possible to avoid blowing your budget as Christmas rapidly approaches?
Willing to Go into Debt for Gifts
It's a tall order for consumers to curb their spending. Overall, holiday spending is predicted to increase 5% this year, to $804.42 per person, according to a consumer spending survey by the National Retail Federation.
What's more, 57% of American adults with children say they’re willing to take on debt to make their children happy, according to a study by Lexington Law. Some 35% believe they overspend on holiday gifts and this year, and 41% of Millennials plan to spend more than $500 on gifts, with many willing to overspend for the right gift and the right deal, according to a recent study by Credit Karma.
But some overspend themselves into huge trouble.
Sara Aniano, 24, in the process of moving to Brooklyn from Princeton, N.J. is facing holiday cutbacks and "just spent too much on rent."