CHICAGO (WBBM NEWSRADIO) — A personal finance website has already figured it out: how much shoppers in Chicago should spend on gifts and other holiday expenses this year.
WalletHub just released its 2021 Holiday Budgets by City report and determined that the average Chicagoan can afford to spend $759 this holiday season.
The report ranked 570 cities in total. Chicago landed at No. 393.
By comparison, western suburb Naperville ranked No. 7 on the report’s list with its residents having $2,941 at disposal this holiday season.
Other Illinois cities on the list and the holiday spending budget for its residents include Arlington Heights at No. 23 with $2,260; Schaumburg at No. 63 with $1,661; Palatine at No. 67 with $1,614; Joliet at No. 90 with $1,436; Bolingbrook at No. 132 at $1,216; Springfield at No. 158 with $1,118; Peoria at No. 176 with $1,073; Evanston at No. 182 with $1,060; Waukegan at No. 218 with $990; Aurora at No. 227 with $973; Skokie at No. 232 with $969; Elgin at No. 249 with $936; Decatur at No. 283 with $889; Rockford at No. 288 with $880; Cicero at No. 491 with $658; and Champaign at No. 387 with $650.
WalletHub used several key metrics, such as income, age and savings-to-monthly expenses ratio, to estimate the maximum spending amounts for consumers.
WalletHub suggested setting a personal spending limit for the holidays and sticking to it.
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