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If you’re feeling the financial stress of the holidays, you’re far from alone. The National Retail Federation reports that Americans will spend between $942.6 and $960.6 billion on holiday gifts this year. How does that break down per individual? Gallup says the majority of Americans plan on spending just shy of $1,000 on holiday presents for 2022.
There’s a lot of pressure to make the holidays special – particularly when you have children. But even those small gifts for spontaneous visits and parties really add up. This should be a time of year that’s about relaxation and rejuvenation. But for some, it’s a time of sweating over credit card bills and blowing a chunk of the money you saved all year in a matter of weeks. If you’re looking for ways to be generous and get in the spirit without going over budget, here are tricks to avoid overdoing it on holiday spending.
Communicate Your Holiday Spending Needs
According to research from Bankrate, nearly half of Americans feel pressure to spend more than they want to on holiday gifts. There’s a good chance that many of the people on your shopping list are feeling financially stressed this time of year. A little communication can go a long way, and you’ll probably find everyone appreciates it. Send out a memo to your circle stating that you are on a budget this year and will keep spending limited. Then they’ll know that they don’t need to feel pressured to over-spend on you, either.
