The Gift of Being Practical at Christmas

Have you started your Christmas shopping yet? I was asked that question just yesterday while chatting with an acquaintance. I proudly answered her that in fact I was nearly finished and had done so while staying within budget!  Be practical with your Christmas spending and you will find that staying on budget is not too difficult.

Purchasing Christmas gifts can be a huge expense especially if all of your shopping is done in one month. A number of years ago we, as an extended family, agreed that we would only purchase gifts for each other that cost less than $15.00. This allows everyone to keep their holiday spending to a minimum. By agreeing to keep the spending contained you are also eliminating excessive spending on gifts that loved ones don’t really want or in some cases, even like.

This gift agreement allows me to pick up gifts during offseason shopping trips. For example, I can purchase great gifts during end-of-season clearance sales and then store them until December.

Your family may not agree to the $15.00 gift idea, but the same principle can work for you. Decide what you can afford to spend annually on Christmas gifts. Then allocate how much money you want to spend for each gift. You don’t have to do what our family does and spend the same on every person but you do need to budget a set amount for each gift.  If you do this early in the year, you can then purchase the gifts throughout the year. This also gives you time to find that special little something that you wouldn’t have even thought of getting during the mad pre-holiday rush.

What I like best about early shopping like this is that I have lots of time to think about the gift, lots of time to find a bargain and best of all, I have a much more relaxed Christmas season. Not every year, but sometimes, I have even found time mid-year to wrap some gifts.  Everything you do ahead of time will reduce the stress of the holidays. Best of all, setting and keeping a budget is going to alleviate financial stress, particularly the burden on your budget in November and December. 

There’s still no guarantee that your family member will actually like the present you choose, but I find there is a better chance they will because you thought about it more and didn’t just end up grabbing whatever you could find at the last minute — I think just about everybody has done that at some point in their life. Give yourself a break this year, and try budgeting and planning ahead, then relax and enjoy the holiday festivities.

In this timely podcast, LIT Daniel Maksymchak, talks about creating a clear and realistic budget for the holiday season, and how to stick with it.

Jillian Taylor-Mancusi, LIT

Jillian has worked in the insolvency field since 1992. She is a graduate of the University of Manitoba. She received her Insolvency Counselor’s Qualification Certificate from Ryerson Polytechnic University in 1998, and in 2007 she attained her license as a Licensed Insolvency Trustee. Jillian is a Read More Jillian has worked in the insolvency field since 1992. She is a graduate of the University of Manitoba. She received her Insolvency Counselor’s Qualification Certificate from Ryerson Polytechnic University in 1998, and in 2007 she attained her license as a Licensed Insolvency Trustee. Jillian is a member of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP). She is Past President of the Manitoba Association of Insolvency and Restructuring Professionals (MAIRP).Jillian has held positions on the Armstrong Point Association, Executive of her local EDA Riding Association, Manitoba Highland Dance Association, and the Continuing Education Committee of CAIRP. Previously, Jillian was the Treasurer for the Parent Association at her daughter’s school. Currently, Jillian serves as the Chair for Dressage Winnipeg. Close