by Dr. Tricia Burke, Department of Communication Studies
The holiday season is a time of excess; whether it’s social events, drinking or eating more sweets than usual, or spending on gifts for family, friends, coworkers, etc. I am sure you’ll hear plenty of messages encouraging you to be mindful about your nutrition and fitness, but your financial wellness is important too! It can be hard to refrain from a holiday gift exchange at work or from buying a gift (and then another and another and another) that you know will make your kids’ eyes light up when they open it, but all that holiday spending is expected to add up to more than $960 billion dollars this year (National Retail Foundation, 2023).
The good news is that there are plenty of ways to show others how much you love them but spend less doing it. In my house, we follow the 4 gift rule for our two kids; we buy them something they want, something they need, something to wear, and something to read. We also buy second-hand from local stores when we can. This works well because we spend less, they still get plenty of toys from other family members, and we feel less overwhelmed by the holiday toy explosion and our credit card bill. Another variation of this rule is getting something they want, something they need, somewhere to go, and something to read. Be careful about where you go, though, because a trip to Disney is way more expensive than a pair of shoes!
Another idea is doing a family gift exchange for the adults, rather than having to buy gifts for everyone. In my husband’s family, we used to have to buy 5 adult gifts, and now we’re down to 2 because my husband and I each draw a name instead of buying gifts for everyone. Again, you can search for nice gifts in resale stores, share experiences with them, or even cook them food instead of buying expensive gifts. There are plenty of ways to be mindful about spending during the holidays.
We’d love to hear any tips or advice you’ve picked up over the years on your financial journey. Share your ideas in the comments!