Thrifty Thinking: Easter Savings Survey

 Leading online banking app, Monifi, conducted a survey surrounding 2021 spending and 2022 savings for 7 major holidays and Easter is among the least saved for. We have compiled the data below for you to use. This year, don’t rely on a lucky rabbit’s foot to avoid overspending!

>> In 2021, half of the Americans polled spent under $100. However, of those that spent over $100, a staggering 29% spent $500+.

>> In 2022, people are planning to spend more, however 53% don’t plan on saving for Easter at all to account for this.

I had a chance to do an interview to learn more.

Why don't people really save ahead for Easter?

Most of us think about saving for big items, but it is often those small extra expenses like an Easter celebration that can derail our budget.  From coloring eggs, to creating goodie baskets for the kids, to hosting an Easter buffet, the costs can add up, but it’s an expense we typically don’t think about until we are standing in the checkout line with a shopping cart full of plastic eggs, stuffed bunnies and cute baskets since we misplaced those from last year.  While it’s a bit late in the game to save for this year’s celebration, curb costs by shopping early at your favorite “Dollar” type store to find basket goodies. If Easter dinner is a tradition, consider having a pot-luck style family dinner instead of buying and cooking everything yourself.  With grocery prices climbing, consider straying from your traditional beef brisket or ribs to a less expensive type or cut of meat.  

If people are planning a bigger Easter or spring celebration, what can they do to prepare?

With Spring and Summer just around the corner, it’s time to add a “Holidays” or “Celebrations” line to our budgets to be prepared for graduations, weekend barbecues, and the string of upcoming summer holidays.  

How does Monifi track this data?

Monifi.com conducted a digital poll of 1,500 Americans from Jan 9th to Jan 12th. The margin of error is 2.53% on a 95% confidence interval.

How does Monifi help people save?

Monifi helps people control their finances and makes it easy to keep track of where their money is going. Because of Monifi’s unique separate Spend and Save structure, people are in control and only spend what they have assigned to spend. And they can set their own rules for their money. Save for specific goals, set savings routines, splurge on something special or just watch their account grow.

Don’t just collect eggs in your basket this Easter! With Monifi’s individualized savings buckets, users earn interest on their goals, transfer money through its mobile payment feature, or simply account to account so they can gift with ease.