Most Americans who are living paycheck to paycheck say they expect to spend about the same amount or less this holiday season as they did last year.
That’s according to a new Forbes Advisor survey that says close to half say they’ll spend about the same, and nearly one in five said they plan to tighten their belts.
Another 30% of those whose paycheck just covers their living expenses with little left over say they’ll spend more. More than a third of Americans — 35 percent — expect to spend between $251 and $700 on holiday presents, while 38 percent plan to spend between $751 and $1,500, according to the Forbes survey.
The vast majority of Americans have less than $2,000 in emergency savings — the average amount needed to cover one month’s bills in the U.S. Only about 20 percent have more than $2,000 in savings.