Photo: Getty Images
The holidays are around the corner, and that might mean figuring out how to celebrate without breaking the bank.
That’s why WalletHub, a personal finance site, calculated the maximum holiday budget in 570 U.S. cities, considering “five key characteristics of the population,” including income, age and savings-to-monthly expenses ratio. The report notes that:
“…this year, holiday shopping may be more stressful than usual considering the fact that the COVID-19 pandemic has left a lasting impact on many people’s finances. However, holiday sales still grew 8.3% last year despite the pandemic, so it’s likely we will see even better growth this year now that conditions have been improving… Holiday shoppers also face difficulties from credit card debt. In 2021, the average household credit card debt is $7,854, according to WalletHub’s data. At the beginning of 2021, there was over $900 billion in total credit card debt, and WalletHub projects a net increase of around $100 billion this year.”
So, which Illinois cities made the rankings, and what are their holiday budgets?
- No. 7: Naperville, $2,941
- No. 23: Arlington Heights, $2,260
- No. 63: Schaumburg, $1,661
- No. 67: Palatine, $1,614
- No. 90: Joliet, $1,436
- No. 98: Bloomington, $1,375
- No. 132: Bolingbrook, $1,216
- No. 158: Springfield, $1,118
- No. 176: Peoria, $1,073
- No. 182: Evanston, $1,060
- No. 218: Waukegan, $990
- No. 227: Aurora, $973
- No. 232: Skokie, $969
- No. 249: Elgin, $936
- No. 283: Decatur, $889
- No. 288: Rockford, $880
- No. 393: Chicago, $759
- No. 491: Cicero, $658
- No. 497: Champaign, $650
See the rest of the rankings from WalletHub here.