The holidays have become so stressful that people long for December 26 when the festivities are over or plan to skip them all together. This saddens me. When did the holidays turn everyone into a Grinch? The frantic nature and expense of the holidays probably has something to do with people’s bah-humbug demeanor, but it doesn’t have to be that way. I’ve put together five tips to help put the cheer back into the holidays.
This seems obvious, but I bet everyone has raced to the store to find a last-minute gift for someone. The key to keeping your sanity during the holidays is to take a few minutes to figure out who and what you plan to give to each individual on your list, helping you avoid last minute headaches later. Plus, it gives you an opportunity to look for deals ahead-of-time, so you can shop smart and take advantage of sales, rather than running from store-to-store without a plan.
We spend hours agonizing over finding the perfect gift for everyone on our list. Children count how many gifts they have under the tree and compare the number with their friends. Gifts have become a holiday burden. The truth is gift-giving shouldn’t feel like an obligation or be a nuisance.
Many families–whether by choice or necessity–are trimming back the number of presents they purchase and rightly focusing on the true meaning of Christmas, which has nothing to do with the number of presents you give or receive. I challenge you to take a look at your list and reduce the number of gifts you purchase, especially for adults. Most adults have the things they need, and the things they want are probably too expensive to purchase as gifts. So rather than buy them something they really don’t want, look for a low-cost or no-cost gift they would really love.
Too many of us use credit cards to create the perfect holiday and wind-up with the gift of Christmas debt. Well, as your Financial Santa Claus, I’d have to put you on the naughty list!
You may believe budgets are too constraining; I believe they are freeing. Once you set your holiday budget, you know how much money you have to play with—no matter how big or small that amount may be—and can figure out how to best use your money. I’ve watched too many people try to outspend each other and dig themselves into a deep hole doing this. You might be able to temporarily outrun your debt, but it always catches up with you.
Review your Christmas list and decide how much you’re going to spend on each individual and where you can either eliminate a gift or find a no-cost option instead. And most importantly—you must stick to your budget. Don’t allow yourself to spend an extra dollar or ten or twenty on gifts. It’s a slippery slope once you start and soon your budget is just a distant memory.
Children are bombarded with images of toys 24/7 during the holiday season. It’s no wonder they want everything! As a parent, nothing makes me happier than watching my daughters’ eyes light up when they open their presents. And nothing turns that smile upside down when I find out that I didn’t buy what they “truly wanted” and the new toys quickly get tossed aside.
The trick to avoiding this is slowing down and helping your kids figure out what would make their hearts the happiest. I ask my girls to pick out 10 things they want for Christmas and give them plenty of time to look through catalogs or ads to find those toys. Once they identify them, we go through each toy and compare it to another toy on the list. I ask them, “If you could have this toy, but not the other toy, which one would make your heart happier?” Once we go through the list we know which toys they really want and share their list with family members.
*Success Tip: Don’t do this at the store. They’ll be too over stimulated by all their options. Do this at home and give them plenty of time to consider all their options before narrowing their lists.
Sharing has always been a big part of our day-to-day lives, but it takes on a special meaning at Christmas. For the past few years, we have “adopted” a family during Christmas. I always try to pick a family that has girls close to the same age as my own. Lauren and Taylor will go through their clothes and toys to give beyond what the family needs.
Last year Lauren delivered the gifts with me. She was so excited to show them all the clothes and coats that she and Taylor had selected for them. The little girls’ mom and I never spoke, but we stood there watching the magic of our children together with tears in our eyes. This is Christmas to me.
It is easy to get lost navigating the hustle and bustle of the Holiday Season and lose sight of what truly matters. But if you slow down, create a plan and follow your budget, the Holidays can truly be the most wonderful time of the year.
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SHANNON RYAN, CFP®
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