Rhode Islanders Have The Lowest Holiday Budget: WalletHub

PROVIDENCE, RI — Rhode Islanders have the lowest holiday budgets compared to other U.S. cities, according to a new ranking by WalletHub. The personal finance website ranked the average holiday budgets of 570 cities across the country, with Providence coming in at the bottom at just $111.

By contrast, the number one city, Palo Alto, California, averages $3,160.

"People commonly have great intentions - for example, they might tell themselves they’ll get their shopping done early and that they’ll have a good idea of what to get for everyone on their list – but then they don’t follow through with timely action," said Jason Stornelli, and assistant professor at Oregon State university. "This tendency leaves them susceptible to finding a substitute for that perfect gift because it’s sold out, reduces their ability to take advantage of sales and promotions, and increases their stress in the run-up to the holidays."

To combat this and make the most of your holiday budget and avoid overspending, Stornelli recommended making a plan in advance and sticking to it.

In all, Americans are projected to spend between $727 and $730 billion on holiday shopping in 2019, up four percent from last year, according to The National Retail Federation.

To determine the ranking, WalletHub weighed several factors, including income, age and saving-to-monthly-spending ratio.

Here are the 10 cities with the highest holiday budgets:

1. Palo Alto, California: $3,160
2. Sunnyvale, California: $2,971
3. Flower Mound, Texas: $2,937
4. Newton, Massachusetts: $2,888
5. Mountain View, California: $2,877
6. Frisco, Texas: $2,836
7. The Woodlands, Texas: $2,833
8. Carmel, Indiana: $2,632
9. Naperville, Illinois: $2,566
10. Milpitas, California: $2,549

Read the full ranking here.