Given that 2020 has been an unusual and challenging year, gift giving may have to be adjusted. So I’ve compiled five tips that may help you navigate gift giving this Christmas and not break your budget.
- Have a conversation with your family so expectations are clear on what gifts to exchange and how it will be done. Whatever the gifts, set the ground rules to make sure everyone knows what to expect.
- Check in with your values and your budget. Don’t overspend out of guilt. Guilt for not keeping up or seeing your family and friends frequently this year.
- This may be the year to change the traditional gift exchange. Maybe homemade gifts are more appropriate and thoughtful this year. Or consider the gift of time: time to watch a friend’s children so she can have an afternoon out after being home with them 24/7 most of 2020.
- Consider using your credit card miles to purchase gifts since most of us aren’t using the miles to travel this year. I just got notified I can now use my miles on PayPal 🙂
- Once you decide how much you want to spend on gifts, budget this amount for next year by dividing by 12 and saving each month. It makes paying off your credit card so much easier come January!
Bonus Tip: Since many families will not be gathering in person, make sure to mail your gifts early so they arrive on time!
Enjoy giving the gift that makes your loved ones smile. And make sure you can see them opening your gift (zoom anyone?)
If you want to talk more about budgeting for the Holidays, schedule your free 20 minute Discovery Call here.