Tis the season for spending big! 🫨🎁 The holidays often bring with them major money anxiety as we scramble to find that perfect gift…without breaking the bank. 🥴
Whether you want to splurge on a few special family members or get everyone in your circle something small, make sure you stay within budget. Here are some top tips to help you spend and shop smart this holiday season. 💸
Here’s Five Fast Facts on how much to spend on presents:
- 💋 For Your Main Squeeze - When it comes to gifts for your sweetheart, communication is key. Have an honest conversation about holiday spending so you're both on the same page. Paychecks can change from year to year, so keep that in mind. If money's tight, it's unreasonable to splurge on lavish gifts, even if you went all out last Christmas. Additionally, if you've spent a ton on home renovations or took a pricey summer vacation, you might want to skip gifts altogether.
- 🧸 For the Kids - For any babies and toddlers in the family, don't feel the need to go all out until they're a bit older (just throw them some wrapping paper). For your school-age kiddos, have them make a wish list and go over it together. Walk through it with your budget in mind, ask them to mark off what they want the most, and focus on those items. Most teenage kids get basic finance concepts, so it's OK to let them know if something they want is too expensive. For your adult kids, if they're parents themselves, consider just doing a gift exchange for their kids. They'll probably thank you.
- 👴🏽 For the Extended Fam - If you have a big family, gifts can add up really quick. Try to avoid letting guilt set in and put some financial boundaries in place. If you're trying to save money this year but the tradition is to get everyone something, set a strict budget for each person and don't go over. Another great idea is starting up a Pollyanna tradition, where each person picks a family member's name out of a hat and shops for them only. Keeping the picks a secret until you all exchange is a fun surprise the whole family will love.
- 👩🏽💻 For Your Cubicle Cousins - Even if they saved your butt on that missed deadline back in June, you're never obligated to give your coworkers holiday gifts. If you want to do something nice without splurging, consider handing out holiday cards. Baked goods are always a hit in the office, so bring in those cookies. If you want to give your boss something special, consider pooling money together with other coworkers to get them a gift card.
- 👯 For Your BFF - If you have a big friend group, why not plan a nice dinner or drinks at an affordable restaurant instead of gifts? This is a great way to celebrate the holidays without going financially overboard. Just make sure everyone's on the same page with the location and cost. Another fun alternative to traditional gifting is a swap-style present game, like White Elephant or Dirty Santa. You can have a lot of fun with gag gifts!
🔥Bottom line: Giving and receiving gifts is a huge part of the holiday season. However, these last few years have been rough on just about everyone's wallet. The bottom line? Find that sweet spot between finding the perfect gift and staying within your budget. Need to get yourself into the giving spirit? This article has plenty of feel-good inspiration.
Do you tend to splurge on holiday gifts?
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