Many of us look forward all year to the holiday season. Others of us dread the financial aftermath, even before we start the spending frenzy. Unexpected holiday expenses can add up quickly.
It doesn’t have to be that way. We get to make choices as to how we want to celebrate, and how we want to spend. Remember, this is supposed to be festive and enjoyable.
1. Set a Budget Early
The earlier you set your budget, the earlier you can start putting aside the money to pay for it and plan how to allocate your spending. Holiday expenses are about more than the gifts you buy so make sure to consider all the expenses that will be part of your family holiday planning.
2. Potluck
No one should have to shoulder the full financial and food preparation burden of the family gatherings. Did you know there are online tools for organizing potlucks? Whether you ask for specific items (grandma’s chicken) or generic (main course for 8 servings) you can use these tools to let everyone know what items are or are not taken care of. Be prepared to share family recipes. Make sure people know what is expected of the sign up, for example how many items to sign up for and how many servings per item type. When everyone participates, it can be a more budget-friendly holiday gathering for all.
3. Creative Gift Exchanges
If your family typically has each person buy for every other person, maybe it is time to consider other types of gift exchange ideas. As the children become adults and start bringing partners and children into the family, there are more and more people to buy gifts for. Check out the different types of Secret Santa and white elephant gift exchanges to see what will work for your family.
The rules can be different for the different age ranges in the family. You can also do multiple types of exchanges so that everyone walks away with more than one gift. Our family gathering can get quite large so we do a white elephant, a gift card exchange, and a drunken elephant. Children’s gift exchanges are separate.
4. Price Limits on Gifts
It is so easy for gifting to get out of control. Different family members have different financial situations. There can be hard feelings when gift spending and receiving is widely different. Talk about your price limit on gifts so everyone is comfortable and expectations are set.
No matter what limits you set, $20 per gift, $50 per gift, there is no right or wrong answer as long as it works for your group. If you are doing the Secret Santa or white elephant exchanges listed above, any individual can choose which exchanges to participate in and no one should be required to participate in all of them.
If you want to learn more about holiday spending and how to protect your credit during the holiday season, check out this article.
5. Buy your Gifts Early
Purchasing gifts at the last-minute means adding stress and expense to the season. Plan ahead and shop the sales. Pay attention when you go shopping in your daily life with an eye for holiday purchases. Create online wish lists so that you can see what each other might be interested in for that price range.
5 Ideas for Free or Low-Cost Holiday Gatherings
Holiday gatherings don’t have to involve gifts. Getting together at the holidays can be about seeing family and friends and enjoying each other’s company. Here are some things you can do as a family during the holiday season that keep things affordable and fun.
1. Schedule a Cookie Swap
Each family or individual makes their special type of holiday cookie. These can be put into small bunches in individual bags or spread out on trays like a buffet. Everyone walks the buffet table and creates their own tray of mixed cookies.
2. Create a Regift Party
We all have gifts that did not quite hit the mark. Be careful to pay attention to the group and the gift you are bringing. You don’t want to insult your aunt who was sure she got you the perfect gift. White elephant exchanges can be a perfect way to throw a regift party.
3. Host a Games Night
Take a break from the holiday-themed gift giving and get together to play board games, card games, or puzzles. Spend time together on the cheap, with each person bringing their own dinner or snacks to share.
4. Host a Craft Night
Whether you are making decorations, cards, or gift wrap, most people have art supplies at home. Additional supplies can be picked up inexpensively at the dollar store. Crafting is a great opportunity to share your skills and knowledge with each other while having fun. Beware of the continuing gift of glitter!
5. Look for Neighborhood Events
Does your city have a tree lighting ceremony? Is there a street where the neighbors compete to see who has the best decorations? Make it a family adventure to tour these free or low-cost holiday gatherings. Your city’s website or local Facebook groups may have a listing of local activities.
Disclaimer: The information contained within this article, including any references to companies or products, are for informational and educational purposes only and are not a substitute for individualized financial and/or legal advice. We are not a credit repair organization as defined under federal or state law and we do not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit. We make no representation that we will improve or attempt to improve your credit record, history, or rating through the use of the resources provided through the FreshStart Blog or CreditFresh website. The views and opinions expressed by any guest contributors, as applicable, are solely those of the author and do not reflect the views of CreditFresh.
