The Illinois CPA Society suggests better ways to use Christmas Price Index costs than four calling birds
This year the Christmas Price Index compiled by PNC Financial Services Group puts the cost of buying everything you need for the Twelve Days of Christmas at $21,465.56 – and that’s only singing the song one time through.
Repeating all the song’s verses, for what PNC calls the “True Cost of Christmas,” would be $87,402.81.
Prices for the items range from the relative bargain of three French hens for $45 to the high cost of nine ladies dancing, $5,473.07.
The Illinois CPA Society suggests there might be better (and less annoying) ways to spend your money to assure you and your true love find a little financial security beyond the Twelve Days of Christmas and into the New Year.
- Instead of $58 for eight maids a milking — Add the money to your credit card bill payment to reduce your balance and avoid high interest rates.
- Instead of $150 for six geese a laying — Put the money in your emergency “rainy day” fund.
- Instead of $599.96 for four calling birds — Contribute to your IRA or retirement account.
- Instead $2,475.20 for 12 drummers drumming — Make an extra mortgage principal payment to reduce the total mortgage interest that you pay over the life of the loan.
- Instead of $5,250 for seven swans a swimming — Open and fund a new 529 savings plan account for a child’s or grandchild’s education.
Should you be fortunate enough to have the entire cost of $21,466 available, use it wisely.
Pay off student loans, buy your first home and use it for a down payment on a mortgage, or put it in a high yield savings account.
If you have any questions on how to make the best use of your money to build a stronger financial future, contact a CPA.
About the Illinois CPA Society
The Illinois CPA Society, founded in 1903, is the fifth largest state CPA Society in the nation with more than 24,000 members.
It is the premier professional organization that represents CPAs in Illinois.
During its over 100 years of existence, the Society has advanced the highest ethical and financial standards of the profession, and has been a leader in educating the public on financial issues.