With the holidays — and Black Friday — approaching, it's time to think about spending money on presents, and the residents of one Massachusetts city is expected to budget far and away the most money than anywhere in the country.
Newton's holiday budget this year is $4,233, according to a new ranking released by financial analysis site WalletHub. That budget is more than $300 greater than the No. 2 city, ritzy Palo Alto, California.
WalletHub calculated the holiday budgets by factoring in income, age and the ratios of residents' debt to income, income to expenses and savings to expenses. Newton residents were found to have emergency savings that would cover half a year's worth of expenses and a small debt-to-income ratio.
The New England cities with the next biggest holiday budgets were neighbors Somerville and Cambridge, at Nos. 35. and 39, each expected to spend about $2,150. Boston landed at No. 87, with an expected holiday budget of $1,633.
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Outside of Massachusetts, the place with the biggest budget was Nashua, New Hampshire, whose budget is $1,827 is No. 57.
