Best Budgeting ways to Celebrate the Holidays
We are nearing the end of 2020 (thank goodness), which means it’s time to think about holiday shopping. Did you have a chance to budget all year long? So many people we affected by COVID-related unemployment, which means that their holiday budget may have shrunk drastically. Does this mean that you can’t celebrate? Of course not!
Instead of focusing on the mountain of gifts this year, why not use this time to redefine your expectations of the holiday season? Remember, not buying gifts doesn’t mean you don’t love the people in your life. With the exception of small children, anyone should be able to understand that. Now is the time to consider new and more meaningful ways to connect with the people you care about.
Now, I am writing this knowing full well that most readers are still going to buy gifts, so let’s talk about some more budget-friendly ways to buy this season.
Secret Santa
Who doesn’t love a Secret Santa? It’s the perfect solution for even small groups. Participants draw a random recipient and buy a gift for that person. Prevent hurt feelings by setting a reasonable budget and terms – no gag gifts, stick with this or that theme, etc. – and keep it a secret. At the exchange, everyone gets a gift, and you won’t break the bank. There’s nothing wrong with that scenario!
For years, the ladies in my family would participate in a towel exchange. You would write your name and the color towels you would like on a piece of paper, put it in a bowl, and draw names. You could introduce other theme ideas to your group of friends and family. You might be surprised what it is people want to unwrap.
Virtual Gift Giving
Not getting together with friends and family this season? Why not hook up on a zoom call? If you are participating in gift-giving, mail them in advance and open your gifts “together” for a safe gift exchange. This is an easy way to limit the gifts to whatever can fit into X sized box (or whatever parameters you want to put in place.)
DIY
If your budget is stretched thin, but you do have some free time, use your talent to create DIY gifts! Your recipient will appreciate the thought and effort your gift took because it is homemade. Anything goes here – tap into your inner artist with a drawing or painting, make homemade jam, bake cookies, or even whittle something. If someone doesn’t appreciate that, you can scale back your friend list for next year. J
You could also team up to contribute your skills to a group gift. This would be ideal for the people in your life who have everything they want or need. You could consider a sibling photo project where each person compiles family photos and puts them into a scrapbook or collage. This project is meaningful and doesn’t cost much – especially if there is a group putting it together.
Pay a Bill
Okay, hear me out. I know this doesn’t sound romantic, but think about what the people in your life really need. If they have run into some tough times, they may not be looking for a new set of oven mitts; but paying their gas bill might help get them out of a bind. This is a delicate subject, so approach it tactfully by asking what they need.
Create a new tradition
Skip the gifts and choose a charity. Ask if local organizations are accepting donations and go that route. You may or may not be able to or feel comfortable doing much in person, but you could ask about arranging a drop off donation or taking on an independent volunteer shift.
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Krista Kyte is a personal finance blogger and personal banker with over 18 years of experience in the financial industry. Krista is passionate about helping our members understand their financial situations. She writes tips that will help consumers reach and maintain financial security, and start living the life they’ve always wanted.
