Christmas Spending?

It’s the time of the year where people tend to overspend on gifts. Although I am frugal, I tend to enjoy giving and typically overspend as a result. It also seems that as our incomes increase, the bigger the gifts we give. This year though, I tried a few things to reduce Christmas spending.

  1. I have a few siblings, so instead of giving gifts to each of them, we had a secret santa draw and had a price limit / person.
  2. We had a price limit on how much we would spend on the parents.
  3. We gave some baked goods as gifts (which my mother-in-law made). :)
  4. The killer is buying gifts for my wife, I always overspend on her regardless of our price limit. I can only imagine what it’s going to be like when we have kids.

Any of you frugal readers have any tips for giving at Christmas but staying reasonable to your credit card/wallet?

It’s too bad with all the boxing day sales that we couldn’t purchase the gifts after Christmas. I guess that would defeat the purpose. :)

Anyways, just a short blurb on some thoughts I had this morning. I hope you’re all have a wonderful Christmas! Have a good one.

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FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.
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14 years ago

I’ve not had the fortitude to do this but I have a friend that starts finding deals from right after Christmas right into the summer all for holiday gifts from birthdays to Christmas. She buys at the best prices and good quality during peak discount times – winter gear in the spring etc – she saves so much AND it spreads out her spending over 6 – 9 months plus she picks practical everyday types of gifts that will get used.

Giving to charity in the name of friends and family is an amazing idea!

Canadian Money Blogs Reviewer
14 years ago

I’ve posted a similar story on my blog.

AroundTheWorld: I’m happy to see that more and more people are thinking about charity rather than Ipods :-)

14 years ago

Oh, and one more thing…. it makes your Christmas spending tax deductable! ;) Cheers!

14 years ago

About 3 years ago, I was overstressed and underfunded as a result of Christmas. I took stock of my life and thought about what Christmas really meant to me. I love making cookies with my kids, and homemade decorations for the tree. I love playing board games by the fire and going sledding with them. That is what Christmas is about. I also got frustrated with finding gifts for the people that either: a) already have all they want or b) simply go buy it when they want it!!

So, I started giving to charity in the name of my friends and family. (my favorite is heifer international. I simply donate the money online, print off my holiday cards (or newsletters) and walla. I’m done. I feel good, my friends and family feel good, and most importantly – I didn’t have to suffer through that wretched line at the store!!