Nearly every Mississippian is feeling inflation’s impact – and it’s no wonder why. Since 2019, gas prices have increased from $2.63 to $3.99; the cost of a new car, $37,590 to $47,899; a carton of eggs, $1.39 to $2.07; Childcare, $9,687 to $10,853; a Big Mac, $4.71 to $5.58 – the list could go on. To put it simply: Mississippians are seeing their dollar pay for fewer groceries, less gas, and – since it’s the holiday season – smaller gifts.
A 2023 Holiday Shopping Survey recently reported that about one in three Americans plan to spend more this holiday season, due in large part to higher prices (not more gifts). Another survey from Purchasing Power shows that about 40 percent of families making less than $75,000 annually will go into debt because of this holiday spending (with about half paying it off in nine months or less).
Financial experts will almost unanimously warn against overspending during the holiday season – particularly if it means racking up credit card debt. To survive the Christmas shopping season with your finances intact, Rod Griffin, Senior Director of Public Education for Experian, advised: “Make sure you have a budget, know where your money is coming from and how much you have. I always tell people I’m looking more like Santa Claus all the time getting grayer rounder in the middle. But he keeps a list, and he checks it twice. We all should do the same thing.”
The other list we should all check twice this holiday season is Mississippi’s Unclaimed Money Database. About one in 10 Mississippians have cash to claim, and given that the average claim is about $2,000, the money you find could be enough to fund your Christmas list and more this year.
Since I took office nearly four years ago, our team has returned more than $80 million in Unclaimed Money. We still have about 4 million parcels of money to return; help us do that by searching the database today.
And of course, from my family to yours, have a Merry Christmas, Happy Holidays, and a prosperous New Year.
Mississippi Treasurer David McRae is the 55th Treasurer for the State of Mississippi. In this role, he helps manage the state’s cash flow, oversees College Savings Mississippi, and has returned more than $80 million in unclaimed money to Mississippians. For more information, visit Treasury.MS.gov
