CHAMPAIGN, Ill. (Chambana Today) — The holiday season is quickly approaching, and for many in Champaign-Urbana, that means balancing festive cheer with financial caution. Between travel, gifts, and entertaining, the costs can add up fast — and local residents are finding creative ways to make the most of their budgets.
According to Capital One Shopping, the average American spends around $1,638 on holiday travel, gifts, and entertainment, while the National Retail Federation reports an average of nearly $1,000 in Christmas spending alone. With inflation still affecting everyday expenses, many Champaign families say this year’s holiday budget is tighter than usual.
Financial experts recommend starting with a clear plan. Determine how much you can comfortably spend and divide that amount between gifts, food, and travel. Making a detailed gift list with spending limits for each person helps keep costs predictable — and reduces impulse buying.
Local banks and credit unions, including Busey Bank and U of I Community Credit Union, encourage members to use budgeting apps or set up holiday savings accounts to stay on track.
Shopping early is another major advantage. Many retailers around Champaign are already offering early Black Friday promotions.
Experts also suggest signing up for store loyalty programs and using browser extensions that automatically apply coupons online. And when using credit cards, it’s best to charge only what can be paid off in full to avoid high interest rates canceling out any rewards.