Our first Christmas as husband and wife! Since our wedding, it’s been fun experiencing life as “Mr. and Mrs. DeMain.” But one experience that I’m particularly looking forward to is my favorite time of year…Christmas! The excitement of getting a tree, decorating the house and baking goodies is going to be so much fun; but this Christmas could have the potential to be a pretty frustrating one too. When two traditions come together there, inevitability will be some differences about how to literally “spend” the holiday. One difference I’m sure of, and one where I can offer a few suggestions, is who to buy gifts for and how much to spend.
When it comes to purchasing gifts for the holidays and spending money within reason, it can be a little tricky…especially when you have two people who are so used to doing it one way for so long. (And if you have a family as big as mine!) Here are a few tips to get you off on the right foot:
- First, set a budget for what you are willing, and can, afford to spend. Agreeing on a total amount will help you break down your budget into categories.
- Make a “his and hers” list of who you previously bought gifts for in the past. Then categorize them into parents, siblings, friends, aunts, uncles, cousins, etc.
- Talk to your relatives and friends; find out who you plan on seeing this year and whether you should be exchanging gifts.
- Prioritize who gets the most expensive gifts and who might only get a card this year (like distant relatives you see once a year). Then set a dollar amount to each of those categories, making sure that when you add them up, you’re not exceeding your budget!
- Now comes the hard part…decide how much to spend on each person within that category. The easiest way is to divide the money you’ve dedicated to that group and divide by the amount of people. However, maybe one of your grandparents gives you an awesome gift every year and the other gives a box of chocolates. Whatever the case may be, make sure you’re both on the same page.
There are a couple of other things that make spending money on gifts a little easier on the wallet. Skip the cost of gift wrapping and do it yourself. You can add your personal touch and put a few bucks back in your pocket. Buying gifts for couples instead of individuals is a great way to buy them something they both can use and save yourself some money. This way you can afford to get one nicer gift rather than two mediocre gifts. Shop for the deals! There are plenty out there, so don’t be afraid to take advantage of them. Respect the hand-made items! If you’re crafty or good in the kitchen, you could always make something really unique or bake a delectable goodie. They always say, chocolate IS a woman’s best friend ;) Or…you could always opt for Secret Santa. That way, each person in your family only has to buy one present for his/her allocated family member!
Lastly, if you are expecting this Christmas to be a struggle, use it as an incentive to start saving in the New Year. An easy way to do that is by opening a Christmas Club account. Money can be added to this account each month, and at Kohler Credit Union, all your saved money from the year is put into your share account on October 1…plenty of time for holiday shopping!
Christmas may be a time for giving and receiving, but it doesn’t mean you have to break the bank. So right now is the perfect time to start some sensible Christmas planning and still enjoy the festive spirit!
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