How Much Do St. Cloud, Minnesota Residents Budget For Christmas?

The cost of celebrating Christmas can climb quickly. Between the presents, decorations, food and general merriment, people can easily spend $1,000 or more on the holiday.

WalletHub recently did a study on which United States' cities residents spend the most on Christmas based on five metrics: income, age, debt-to-income ratio, month income vs monthly expenses and savings-to-monthly expensive ratio.

The algorithm 'considers a consumer to be in comfortable financial position to engage in holiday spending if they have enough emergency savings to cover six months of expenses and a debt-to-income ratio smaller than 22 percent for renter or 43 percent for a homeowner.'

That algorithm is then used to provide a holiday budget estimate, per WalletHub.

“Depending on the city, an American’s holiday budget this year can range anywhere from just over $200 to more than $4,000, taking into account residents’ income, their existing debt obligations and the cost of living," said WalletHub analyst Chip Lupo.

"Regardless of how well-off you are this season, it’s important to stick to a budget that fits your financial profile so you don’t rack up unsustainable debt and end up in a bad position after the holidays. There are plenty of ways to enjoy the holidays and show you care without spending much money, like hosting potlucks or giving handmade gifts.”

Residents of Newtown, Massachusetts topped the list with an estimated budget of $4,206, followed by Sunnyvale, CA ($3,845); Palo Alto, CA ($3,719), Mountain View, CA ($3,715) and Milpitas, CA ($3,659).

Folks living in Plymouth top the list when it comes to Minnesota cities (22nd overall) with a projected budget of $2,969, followed by Woodbury (29th, $2,757); Maple Grove (51st, $2,390); Eagan (55th, $2,342); Bloomington (123rd, $1,675); Rochester (126th, $1,670); Minneapolis (146th, $1,601); St. Paul (218th, $1,398) and Duluth (283rd, $1,223).

St. Cloud families will spend an average of $1,172 on the holiday in 2024.