The festive season is traditionally one that is full of activities and a time where family and friends come together to celebrate it. The pandemic has changed much of this but one thing it is not capable of doing is destroying relationships. Instead of letting the negative aspects of this situation take control, it is up to us to come up with innovative ways to retain the joy that this season brings. Part of this comes from the gift-giving that is part of the tradition. This year money is tight for many but that doesn’t mean that a budget cannot be set that is manageable.
Setting The Priorities
The bills come first and for some, after these are paid there is very little extra leftover. The starting point is to create the list of those who gifts need to be bought for. This can be a little daunting and somewhat depressing if the list is long. So what needs to happen is to determine how the list can be reduced to help stay on track with the holiday budget. Here are some options:
Most often those who are the top of the list are family members which includes those within the home and those outside of it.
The children are usually the priority. To help keep the costs down so you can maintain a holiday budget determine if there are some gifts that can be bought that can be shared with the kids. Make the main gift one that is applicable to all of the kids then buy a few smaller individual gifts.
Parents that exchange gifts may want to forgo this tradition this year to save on money. What they may want to do is a promise gift. For example the man of the house could promise his wife a weekend get away when the circumstances are much better. He could do some research and gather some information about his place of choice and put these in a Christmas card that is tucked into the Christmas tree to be opened Christmas morning. For the wife she could do something similar by giving a promise of freeing up hubby for a golfing weekend. These are just a few ideas to spur the creativity of what some extra thought can bring about.
Outside of the Household
Usually on the list are families where there are two or more that are going to be gift recipients. Here a family gift would help to cut down on the costs of buying individual gifts. For example, a family of four would probably cost no less than $100. if individual gifts were purchased. That is likely the minimum. Whereas a family gift may be able to be reduced to $75. This may not seem like much, but if four families are being bought for then this is a savings of $100. Once some thought is put into a family gift it is not hard to come up with some great ideas, for example…
What family wouldn’t enjoy a S’mores cooker. There are plenty of these on the market and many of them range between $25. To $40.
Or how about a movie night basket? It could contain a movie for the kids and one for the parents. Then additional items could be added like a selection of popcorn and other goodies that are synominous with a theatre night. The entire basket could be constructed for under $75.
A Stuck At Home Gift. Most of all know all too well that being able to go out for any type of enjoyment is not something that can be enjoyed right now. Going out for just getting ice cream is not something that may even be safe. But what is safe is being able to get the whole family gathered around in the kitchen to make homemade ice cream. This is the most enjoyable activity if the family has access to a nifty ice cream maker. So there is another great gift idea that fits right into the stringent budget.
These are just a few options for buying great gifts while implementing a holiday budget.
The Joy Of Giving
It is not uncommon for the kids to want to give their own gifts which is often an added expense for the parents who have to take on the cost of this. To avoid disappointing the kids this year the circumstances are providing the perfect opportunity for getting the kids to make the gifts. Many of them are stuck indoors with lots of extra time on their hands. This is a great chance to put them to work making Holiday gifts, and still maintain a holiday budget.
The holiday season is also the time of year when the adults have to start thinking about serious responsibilities like getting prepared for their tax filings. This can be overwhelming and stressful. It may also be an opportunity for some additional tax savings if all the tax credits are taken advantage of. If you are looking for some expert help in this area then please contact me as I would be more than happy to assist you with your tax filings.
