PHOENIX — New Year’s Eve is the next big holiday on the calendar, and for many Americans, it can come with a hefty price tag.
WalletHub estimates 63% of Americans will spend at least $50 on food and drinks, and in major cities like New York, Los Angeles, and Chicago, a couple could spend $772 on dinner and a show.
Despite the high costs, many people say New Year’s Eve is still a night to splurge.
“Treat myself!” Smiley Campisi, consumer, Queen Creek, Arizona, said.
“Probably spend a lot,” Crash Cohen of Queen Creek added.
In Scottsdale, Arizona, Ellen Golab says she and her partner already have plans in place.
“We’re actually going to check out Lisa Vanderpump’s new restaurant!” Golab said.
Ryan Dickinson adds that budgeting often takes a back seat during the holiday season.
“For New Year’s Eve, we probably won’t keep a budget in mind,” Dickinson said, “For any other night, though, yes. We do love to keep a budget or use dining applications to save money.”
Smart shopping expert Trae Bodge of TrueTrae.com says celebrating doesn’t have to mean overspending.
“New Year’s Eve can really be a big expense on top of all of the shopping and entertaining that we’ve been doing,” Bodge said. “Some of those fees that we're paying for New Year's Eve celebrations are not movable, you know, we can't control them. So it's really important to look for ways to save wherever we can.”
Her advice? Don’t cut the big event; instead, cut the costs around the event.
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“Maybe you don’t buy a new outfit this year. Maybe you use something in your closet or swap with a friend,” Bodge said. “Think about buying something secondhand. You know, you’ll be shocked to see there’s so much festive formal wear at, say, a Goodwill or a Salvation Army.”
For travelers, she recommends checking for last-minute deals through platforms like HotelTonight, Costco Travel, and Groupon, and considering a road trip instead of flying.
“Because gas prices are pretty good right now, I would say a road trip is the safest way to go,” Bodge said.
She says transportation costs can also add up quickly on New Year’s Eve, especially with ride-share surge pricing.
“Ideally, you have one individual driving who is the designated driver, and then have everyone chip in for parking or for tolls,” Bodge said. “If you are going to take a ride share like an Uber or a Lyft, the prices will be at a premium, so try to share that amongst all of your friends.”
For some families, the most budget-friendly celebration is also the simplest: just getting outdoors
“This is my husband’s brand new bike!” Renee Campisi, Queen Creek, Arizona, said. “We usually get on the motorcycle and ride, because it’s beautiful weather here!”
Others are thinking beyond midnight and focusing on long-term financial goals. Sixteen-year-old Savannah Nelson plans to spend a low-cost New Year’s Eve at her family’s lake house and continue building her savings.
“I own a mobile detailing business,” Nelson, Houton, Texas, said.
Her hard work has already paid off.
“She just deposited $8,000 in her bank account, that she worked washing cars for!” Stacy Russell said.
Nelson says for her, saving matters more than spending.
“I think especially around my age, a lot of people just want to spend their money and go shopping, but I just like to save my money and really focus on my goals,” Nelson said.
Bodge says any money saved on New Year’s Eve can be put to better use — like paying down debt or even starting a holiday fund for next year.
A reminder that the best way start 2026 is with memories, and not regrets.
This story was reported on-air by a journalist and converted into a digital article with the assistance of AI. All facts and quotes were reviewed for fairness and accuracy.