Dec. 3, 2024
By Bethany Ranero
Staff Writer
The holidays are a time for gift-giving and spending time with family. However, it is hard to balance holiday spending, bills and everyday expenses while trying to follow tradition.
The federal poverty level in the United States is $15,060 for a single-person household, and for each additional person who works in the home, that number is elevated by $5,380. Meanwhile, according to a 2022 Deloitte study, Americans spend an average of $1,455 on shopping during the holiday season. This can put immense financial strain on the approximately 11.5% of Americans living below the poverty line as well as low-income and working-class individuals.
Buying gifts, decorations and food for hosting guests can all be a struggle in this economy and can lead cash-strapped people to feel inadequate or pressured.
Fortunately, there are a variety of organizations that assist and support low-income families during the holiday season. Toys for Tots is a program whereby people can make or request donations. Programs like Angel Tree and Doing Good Together also provide families who cannot afford gifts with opportunities to fulfill their Christmas lists.
Low-income families who live paycheck to paycheck also find themselves resorting to last-minute shopping. While it’s not necessarily a bad thing, it can cause shoppers to feel overwhelmed and, in some cases, spend more than they would otherwise.
Last-minute shopping sometimes comes with good deals on certain products, but the best time to buy electronics is in November during Black Friday sales, and if customers wait too close to Christmas to start shopping, they may find the items they want are sold out. Likewise, those who wait till the last minute to buy decorations run the risk of the items they want being sold out.
Setting an appropriate budget for the holidays can be challenging, especially with prices rising this year at 2.6%. Buying gifts, decorations and food for hosting guests can all be a struggle in this economy and can lead cash-strapped people to feel inadequate or pressured.
It is important to be sensitive to those who cannot afford to give many gifts or any at all. Ultimately, Christmas is a season of kindness, and above all, it is about spending time with loved ones and the joy it brings.
