You should not go into debt for the holidays
This is my only rule that I want everyone to follow. That post holiday hangover is real. Think of how painful it is to pay back credit card debt if you have done so. It’s not worth it! The pain of credit card debt is infinitely worse than the short term pain of not gifting in the way you’d like. Please don’t over-extend yourself with gifting during the holidays. The people who truly love you would not wish you to go into financial difficulties as a result of gifting.
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What brings meaning to you during the holidays?
For some people it is not gifts. It’s time. And yes it can take resources to spend time together (for me it is very difficult to take time off of work), but that may be the right gift instead of an item.
Make sure you’re not gifting out of a place of hurt
A common behavior I have seen among those who have not reconciled with the past is going to the extremes to fill a hole in their heart. If you are grieving love lost, if you didn’t grow up feeling emotionally secure, over gifting during the holidays can be a symptom (see here for an example). If this might be you, the first step is to forgive the past – consider my Five Weeks to Abundance course which helps you learn to break free of your financial past.
Gifts that keep on giving
Consider gifts that can grow! If you know that education is an important value, consider contributing to a 529 or ESA! The money is earmarked for education so it’s hard to pull it out for other expenses, and 529 and ESA offer tax advantages (check out my Masterclass for more information)
Plan for gifting throughout the year
Holidays and birthdays are a given! They’re not surprises and should not be emergencies. Whatever you plan to spend on the holidays, use a sinking fund (check out my introduction to budgeting blog) to save up for it during the year. Spread out your gift buying during the year and take advantage of good sales and coupons to get the best bang for your buck. Can you make homemade gifts? Can you make gifts in batches (in which case the individual items cost less because you’re buying in bulk)? You can also consider regifting something you were given – just make sure you don’t re-gift back to the same person!
Agree to not gift to other adults
In large families with many adults, you could ask everyone to consider not gifting to other adults, or limiting the number and amount spent on the gift, such as 1 gift per adult with a limit of $30. Perhaps consider home made appreciation cards and words of thanks, which can go a long way for people who have what they need.
Go outside or enjoy an safe activity together
I write this in a year with COVID-19, but normally, going outside to a trail or a beach, playing a quick game or running a trot, building a snowman, are all ways to spend quality time together without spending a lot of money. Check out this older blog post from 2016 (wow!!!) where I encourage everyone to #optoutside
Love is not always expressed with gifts
People receive love in different ways (if you haven’t read, I love the book The Five Love Languages). Good thing is, it’s not always a gift. With a little creativity, planning, you can have a very meaningful holidays without breaking the bank.
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