The holiday season can be a fun time filled with family get-togethers, festive decorations, cookie baking and other merry moments.
It can also be a spendy time of year, especially when it comes to gift-giving.
If you are hoping to make this holiday season more budget-friendly than in years past, the following tips may help:
Tip 1: Have an honest talk with your kids
Your kids’ wish lists might be longer than the Declaration of Independence, but take heed. According to Whyzz, research has found that what kids really want for the holidays are enjoyable family traditions, relaxing days with people who love them, and a few gifts.
Interestingly, research also shows that kids have pretty reasonable expectations on how many gifts they will receive, as well as how much money will be spent on them.
With this in mind, before you start your holiday shopping, Whyzz advises sitting down with your kids and letting them know how much you have to spend on gifts this year. Be upfront about what they can expect, and encourage each child to suggest one larger gift or perhaps a few smaller ones that will fit into your budget.
Tip 2: Find creative ways to trim the holiday budget
Buying presents for lots of friends and family members can really add up. To trim back your spending, Nerd Wallet suggests that people draw names to help lower the number of gifts you’ll purchase, and/or proposing a budget-friendly price limit for each person.
Other ways to pare back your holiday spending include asking family to come visit you this season, rather than booking costly airline trips and paying for hotels, or choosing just one seasonal play, performance, carnival or other event to attend, rather than several.
You can also challenge your kids to come up with ideas for inexpensive and fun things to do as a family. You might find that your kiddo’s suggestion of filling travel mugs with cocoa and heading out in the car to admire the many amazing holiday displays around Ahwatukee is a fun and memorable experience.
Tip 3: Encourage gift recipients to tell you what they truly want or need
Another way to make your holiday spending smarter than ever this year is to purchase gifts that your loved ones truly need. At times, this might involve thinking outside of the gift box a bit, and that’s okay.
Ask each person on your list for ideas, and let them know it’s okay if it’s not a “traditional” gift. For instance, maybe your aunt would love it if you paid for her Netflix subscription for a couple of months, your college-aged nephew could really use a gift card to Amazon or Target, and your grandpa would really be thrilled if you took him out to lunch once the busy holidays are over.
Tip 4: Try to avoid impulse spending on “deals”
Yes, Black Friday typically features amazing deals on a wide selection of items. But unless you are really sure that one of your gift recipients wants that mega-marked-down item, try to resist succumbing to the temptation of these sales. Buying something just because it’s a terrific price is a sure way to bust that newly-trimmed down budget, and you might end up with gifts that were a great price, but not really useful to anyone on your list.
Here's to a jolly holiday season filled with special moments, and smart spending!
Sources:
https://www.whyzz.com/stories/talking-with-children-about-holiday-budgets
https://www.nerdwallet.com/article/finance/how-to-build-a-holiday-budget-that-works-every-year
Another way to make your holiday spending smarter than ever this year is to purchase gifts that your loved ones truly need. At times, this might involve thinking outside of the gift box a bit, and that’s okay.
