No one should have to rob a bank to afford Christmas.
A group of suspects wearing Santa masks appeared to be caught on camera trying to “rob a bank” in New York City, but as it turns out, it was all a stunt as part of MoneyLion’s holiday giveaway campaign.
MoneyLion will be giving away the “stolen cash” — $2,000 a day for the next 50 days — starting Dec. 5* (learn more about the giveaway here).
To gain a better understanding of how this type of cash can make a difference, our research team set out to uncover just how much Americans are overspending on holiday gifts this season. According to the data, Americans are overspending in 29 states, or more than half of the nation.
To determine each state’s holiday spending, MoneyLion used PricewaterhouseCoopers’s 2025 Holiday Outlook data, which supplied a national figure ($1,522). This was then extrapolated out by state using the Missouri Economic Research and Information Center’s Q3 2025 Cost of Living Data Series to find the projected amount spent on the 2025 holidays by state. Each state’s monthly discretionary budget follows the 50/30/20 rule and was compared to the projected amount spent on the 2025 holidays to see the states where holiday spending stretches budgets the furthest.
Key Findings
- Six states overspend by more than $200 during the holidays. Kentucky ($306), Louisiana ($296), West Virginia ($267), Arkansas ($253), Mississippi ($234) and Montana ($273) overspend by the most.
- 29 states wrap up the holidays with a negative discretionary income balance. Of these states, 12 — Kentucky, Louisiana, West Virginia, Arkansas, Mississippi, Montana, New Mexico, Alabama, Michigan, North Carolina, South Carolina and Rhode Island — exceed their budgets by more than $100.
- New Jersey ($307), Utah ($281), New Hampshire ($245), Washington ($225) and Colorado ($201) have the greatest remaining discretionary incomes post-holiday spending. Overall, there are 21 states where Americans end the holiday season with anywhere from $7 to $307 left in their budgets.
See how much Americans spend on the holidays in every state and what’s left in their discretionary budget, ranked from the least to greatest balance.
1. Kentucky
Monthly income after taxes: $4,258
30% discretionary monthly budget: $1,277
Average amount projected to be spent during the holidays: $1,583
% of discretionary budget needed for just holiday spending: 124%
Discretionary budget overspend: $306
2. Louisiana
Monthly income after taxes: $4,161
30% discretionary monthly budget: $1,248
Average amount projected to be spent during the holidays: $1,544
% of discretionary budget needed for just holiday spending: 124%
Discretionary budget overspend: $296
3. West Virginia
Monthly income after taxes: $4,066
30% discretionary monthly budget: $1,220
Average amount projected to be spent during the holidays: $1,487
% of discretionary budget needed for just holiday spending: 122%
Discretionary budget overspend: $267
4. Arkansas
Monthly income after taxes: $4,145
% discretionary monthly budget: $1,243
Average amount projected to be spent during the holidays: $1,496
% of discretionary budget needed for just holiday spending: 120.32%
Discretionary budget overspend: $253
5. Mississippi
Monthly income after taxes: $3,965
30% discretionary monthly budget: $1,189
Average amount projected to be spent during the holidays: $1,423
% of discretionary budget needed for just holiday spending: 120%
Discretionary budget overspend: $234
6. Montana
Monthly income after taxes: $4,792
30% discretionary monthly budget: $1,437
Average amount projected to be spent during the holidays: $1,710
% of discretionary budget needed for just holiday spending: 119%
Discretionary budget overspend: $273
7. New Mexico
Monthly income after taxes: $4,462
30% discretionary monthly budget: $1,339
Average amount projected to be spent during the holidays: $1,512
% of discretionary budget needed for just holiday spending: 113%
Discretionary budget overspend: $173
8. Alabama
Monthly income after taxes: $4,355
30% discretionary monthly budget: $1,307
Average amount projected to be spent during the holidays: $1,471
% of discretionary budget needed for just holiday spending: 113%
Discretionary budget overspend: $165
9. Michigan
Monthly income after taxes: $4,622
30% discretionary monthly budget: $1,387
Average amount projected to be spent during the holidays: $1,527
% of discretionary budget needed for just holiday spending: 110%
Discretionary budget overspend: $141
10. North Carolina
Monthly income after taxes: $4,786
30% discretionary monthly budget: $1,436
Average amount projected to be spent during the holidays: $1,568
% of discretionary budget needed for just holiday spending: 109%
Discretionary budget overspend: $132
11. South Carolina
Monthly income after taxes: $4,696
30% discretionary monthly budget: $1,409
Average amount projected to be spent during the holidays: $1,523
% of discretionary budget needed for just holiday spending: 108%
Discretionary budget overspend: $114
12. Rhode Island
Monthly income after taxes: $5,363
30% discretionary monthly budget: $1,609
Average amount projected to be spent during the holidays: $1,735
% of discretionary budget needed for just holiday spending: 108%
Discretionary budget overspend: $126
13. Maine
Monthly income after taxes: $4,870
30% discretionary monthly budget: $1,461
Average amount projected to be spent during the holidays: $1,558
% of discretionary budget needed for just holiday spending: 107%
Discretionary budget overspend: $97
14. Oregon
Monthly income after taxes: $5,106
30% discretionary monthly budget: $1,532
Average amount projected to be spent during the holidays: $1,623
% of discretionary budget needed for just holiday spending: 106%
Discretionary budget overspend: $92
15. Ohio
Monthly income after taxes: $4,662
30% discretionary monthly budget: $1,399
Average amount projected to be spent during the holidays: $1,482
% of discretionary budget needed for just holiday spending: 106%
Discretionary budget overspend: $84
16. Missouri
Monthly income after taxes: $4,684
30% discretionary monthly budget: $1,405
Average amount projected to be spent during the holidays: $1,471
% of discretionary budget needed for just holiday spending: 105%
Discretionary budget overspend: $66
17. Oklahoma
Monthly income after taxes: $4,347
30% discretionary monthly budget: $1,304
Average amount projected to be spent during the holidays: $1,364
% of discretionary budget needed for just holiday spending: 105%
Discretionary budget overspend: $60
18. Vermont
Monthly income after taxes: $5,292
30% discretionary monthly budget: $1,587
Average amount projected to be spent during the holidays: $1,656
% of discretionary budget needed for just holiday spending: 104%
Discretionary budget overspend: $69
19. Nebraska
Monthly income after taxes: $4,891
30% discretionary monthly budget: $1,467
Average amount projected to be spent during the holidays: $1,527
% of discretionary budget needed for just holiday spending: 104%
Discretionary budget overspend: $60
20. Indiana
Monthly income after taxes: $4,656
30% discretionary monthly budget: $1,397
Average amount projected to be spent during the holidays: $1,453
% of discretionary budget needed for just holiday spending: 104%
Discretionary budget overspend: $56
21. Pennsylvania
Monthly income after taxes: $4,963
30% discretionary monthly budget: $1,489
Average amount projected to be spent during the holidays: $1,547
Discretionary budget overspend: $58
22. Wisconsin
Monthly income after taxes: $4,928
30% discretionary monthly budget: $1,479
Average amount projected to be spent during the holidays: $1,524
% of discretionary budget needed for just holiday spending: 103%
Discretionary budget overspend: $46
23. New York
Monthly income after taxes: $5,368
30% discretionary monthly budget: $1,610
Average amount projected to be spent during the holidays: $1,656
% of discretionary budget needed for just holiday spending: 103%
Discretionary budget overspend: $46
24. Arizona
Monthly income after taxes: $5,318
30% discretionary monthly budget: $1,595
Average amount projected to be spent during the holidays: $1,633
% of discretionary budget needed for just holiday spending: 102%
Discretionary budget overspend: $37
25. Hawaii
Monthly income after taxes: $6,076
30% discretionary monthly budget: $1,823
Average amount projected to be spent during the holidays: $1,864
% of discretionary budget needed for just holiday spending: 102%
Discretionary budget overspend: $41
26. Alaska
Monthly income after taxes: $6,288
30% discretionary monthly budget: $1,887
Average amount projected to be spent during the holidays: $1,921
% of discretionary budget needed for just holiday spending: 102%
Discretionary budget overspend: $35
27. Idaho
Monthly income after taxes: $5,134
30% discretionary monthly budget: $1,540
Average amount projected to be spent during the holidays: $1,561
% of discretionary budget needed for just holiday spending: 101%
Discretionary budget overspend: $21
28. Tennessee
Monthly income after taxes: $4,901
30% discretionary monthly budget: $1,470
Average amount projected to be spent during the holidays: $1,478
% of discretionary budget needed for just holiday spending: 100%
Discretionary budget overspend: $7
29. Iowa
Monthly income after taxes: $4,889
30% discretionary monthly budget: $1,467
Average amount projected to be spent during the holidays: $1,473
% of discretionary budget needed for just holiday spending: 100%
Discretionary budget overspend: $6
30. North Dakota
Monthly income after taxes: $5,219
30% discretionary monthly budget: $1,566
Average amount projected to be spent during the holidays: $1,558
% of discretionary budget needed for just holiday spending: 99%
Discretionary budget leftover after holiday spending: $7
31. Wyoming
Monthly income after taxes: $5,108
30% discretionary monthly budget: $1,532
Average amount projected to be spent during the holidays: $1,524
% of discretionary budget needed for just holiday spending: 99%
Discretionary budget leftover after holiday spending: $8
32. Delaware
Monthly income after taxes: $5,478
30% discretionary monthly budget: $1,643
Average amount projected to be spent during the holidays: $1,626
% of discretionary budget needed for just holiday spending: 99%
Discretionary budget leftover after holiday spending: $17
33. Georgia
Monthly income after taxes: $5,064
30% discretionary monthly budget: $1,519
Average amount projected to be spent during the holidays: $1,501
% of discretionary budget needed for just holiday spending: 98.79%
Discretionary budget leftover after holiday spending: $18
34. Kansas
Monthly income after taxes: $4,808
30% discretionary monthly budget: $1,442
Average amount projected to be spent during the holidays: $1,422
% of discretionary budget needed for just holiday spending: 99%
Discretionary budget leftover after holiday spending: $21
35. Florida
Monthly income after taxes: $5,237
30% discretionary monthly budget: $1,571
Average amount projected to be spent during the holidays: $1,547
% of discretionary budget needed for just holiday spending: 98%
Discretionary budget leftover after holiday spending: $24
36. Illinois
Monthly income after taxes: $5,226
30% discretionary monthly budget: $1,568
Average amount projected to be spent during the holidays: $1,538
% of discretionary budget needed for just holiday spending: 98%
Discretionary budget leftover after holiday spending: $30
37. California
Monthly income after taxes: $6,107
30% discretionary monthly budget: $1,832
Average amount projected to be spent during the holidays: $1,789
% of discretionary budget needed for just holiday spending: 98%
Discretionary budget leftover after holiday spending: $43
38. Minnesota
Monthly income after taxes: $5,415
30% discretionary monthly budget: $1,624
Average amount projected to be spent during the holidays: $1,554
% of discretionary budget needed for just holiday spending: 96%
Discretionary budget leftover after holiday spending: $71
39. Connecticut
Monthly income after taxes: $5,933
30% discretionary monthly budget: $1,780
Average amount projected to be spent during the holidays: $1,693
% of discretionary budget needed for just holiday spending: 95%
Discretionary budget leftover after holiday spending: $87
40. Massachusetts
Monthly income after taxes: $6,425
30% discretionary monthly budget: $1,928
Average amount projected to be spent during the holidays: $1,820
% of discretionary budget needed for just holiday spending: 94%
Discretionary budget leftover after holiday spending: $107
41. South Dakota
Monthly income after taxes: $5,187
30% discretionary monthly budget: $1,556
Average amount projected to be spent during the holidays: $1,445
% of discretionary budget needed for just holiday spending: 93%
Discretionary budget leftover after holiday spending: $111
42. Maryland
Monthly income after taxes: $6,059
30% discretionary monthly budget: $1,818
Average amount projected to be spent during the holidays: $1,681
% of discretionary budget needed for just holiday spending: 92%
Discretionary budget leftover after holiday spending: $137
43. Texas
Monthly income after taxes: $5,354
30% discretionary monthly budget: $1,606
Average amount projected to be spent during the holidays: $1,478
% of discretionary budget needed for just holiday spending: 92%
Discretionary budget leftover after holiday spending: $129
44. Virginia
Monthly income after taxes: $5,702
30% discretionary monthly budget: $1,711
Average amount projected to be spent during the holidays: $1,557
% of discretionary budget needed for just holiday spending: 91%
Discretionary budget leftover after holiday spending: $154
45. Colorado
Monthly income after taxes: $6,071
30% discretionary monthly budget: $1,821
Average amount projected to be spent during the holidays: $1,620
% of discretionary budget needed for just holiday spending: 89%
Discretionary budget leftover after holiday spending: $201
46. Washington
Monthly income after taxes: $6,507
30% discretionary monthly budget: $1,952
Average amount projected to be spent during the holidays: $1,727
% of discretionary budget needed for just holiday spending: 88%
Discretionary budget leftover after holiday spending: $225
47. New Hampshire
Monthly income after taxes: $6,530
30% discretionary monthly budget: $1,959
Average amount projected to be spent during the holidays: $1,713
% of discretionary budget needed for just holiday spending: 87%
Discretionary budget leftover after holiday spending: $245
48. Nevada
Monthly income after taxes: $5,436
30% discretionary monthly budget: $1,631
Average amount projected to be spent during the holidays: $1,394
% of discretionary budget needed for just holiday spending: 85%
Discretionary budget leftover after holiday spending: $237
49. Utah
Monthly income after taxes: $5,980
30% discretionary monthly budget: $1,794
Average amount projected to be spent during the holidays: $1,513
% of discretionary budget needed for just holiday spending: 84%
Discretionary budget leftover after holiday spending: $281
50. New Jersey
Monthly income after taxes: $6,423
30% discretionary monthly budget: $1,927
Average amount projected to be spent during the holidays: $1,620
% of discretionary budget needed for just holiday spending: 84%
Discretionary budget leftover after holiday spending: $307
Methodology: MoneyLion used PricewaterhouseCoopers’s (PwC) 2025 Holiday Outlook data, which supplied a national holiday spending average ($1,552). MoneyLion then extrapolated out by state using the Missouri Economic Research and Information Center’s Q3 2025 Cost of Living Data Series to find (1) projected money spent on the holidays for 2025 by state. MoneyLion then found the (2) median household income of every state, as sourced from the 2024 American Community Survey, as well as 2024 household income after taxes (supplied by the Tax Foundation). MoneyLion was then able to find (3) monthly income after taxes and (4) monthly discretionary budget following the 50/30/20 rule, where no more than 30% of post-tax income should be spent on discretionary items (dining out, entertainment, shopping, etc.). MoneyLion then compared figures (1) and (4) to see where holiday spending will stretch budgets the furthest, finding (5) percent of discretionary spending spent on holiday spending and (6) money left over in discretionary budget (if any) from holiday spending. All data was collected on Nov. 12, 2025.
