The holiday season is nearing once again and it will take a bit more strategy for most families to reduce the financial pressures and emotional strain this year.
When shopping for Christmas gifts, what is an average spending amount? Is someone else going to spend more money on a gift for you than you will for them? How much should you spend?
Putting these questions in the equation, here are five tips we have created to help with your Christmas finances and budget around the yuletide season.
Tip 1: Agree on a spending limit
One way to prevent the pressure of overspending and any feelings of falling short is to agree on a spending limit with your family. Perhaps you can decide on a $50 Christmas gift limit on each person or a $200 amount per family.
Another efficient way to avoid overspending on gifts is to do “Secret Santa”. How this works is everyone puts their name into a container and each family member draws a name out to buy a gift for that person. A spending limit also applies for Secret Santa gifts as usually practised.
Make sure that whatever approach you choose, it works well with your budget. Nevertheless, no one wants to start off the new year in debt.
Tip 2: Rethink your gifts for the grandchildren
We know you want the best gifts for your grandchildren. However, you have to remember that when it comes to young kids and what they’re getting, they don’t care much about brands nor how much money you’ve spent on it.
Kids love to receive gifts, but more often it´s the least expensive and simplest gifts they enjoy the most. And they won’t know the difference. They’re just happy they received something that amuses them. So don’t be pressured to shop for brands or to spend big. You also have to remind yourself that Christmas is not a contest, so spend only what you can.
Tip 3: Look for the best deals during holiday season
Do some research before heading to the mall. Learn which stores give the best deals by checking online and comparing prices among retailers.
Most of the time, online shopping is cheaper and gives you a wider range to choose from, including available sizes, styles, and colours. But beware of shipping costs because items may be cheaper to buy in store if the costs of shipping were added to the total amount.
Shop around for the best prices and you will be rocking your Christmas budget in no time and relieve you of your financial stress.
Tip 4: Open up to your kids about the family’s financial situation
Grandparents want the best Christmas for their family and they can give it without costing a fortune. Again, you must spend only what you’re able to.
If you find this Christmas to be more financially difficult and you cannot afford to buy gifts that your kids and grandchildren really want, tell them the truth about your family’s financial situation in a careful manner. As uncomfortable as it may seem, they will appreciate the honesty. It will also lessen any feelings of disappointment of not giving or receiving the gift they’ve hoped for.
Tip 5: Relieve the burden
It can be expensive to host a Christmas lunch or dinner for the whole family. Aside from the cost of feeding a large group of people, there’s also the added expense of decorating for the occasion, among other things.
You can ask your extended family to each bring an item of food. Maybe someone can be in charge of the wine, another person brings the vegetables, and another brings dessert. Sharing the cost of a Christmas feast will make things a lot cheaper and lighten the load for you and your family.
The holiday season can be costly and it may take extra effort to celebrate, especially this year, but it can also be worth it. So don’t let unfortunate events hinder you from being jolly.
Let the ASAG Reverse Mortgage help you with the cost of the holiday season
Our team at ASAG supports our customers who are about to transition to retirement or already in retirement by offering our equity release solutions to help boost their finances. One in particular is our reverse mortgage.
The purpose of acquiring the ASAG Reverse Mortgage is to improve your retirement income stream. It allows you to access the wealth in your home without ongoing payments and having to sell your property. The loan is paid off when you permanently leave your home, either you: downsize, move to residential care, or pass away. The funds you receive can be used as you see fit in your retirement requirements, including Travel and Holidays.
We’re happy to assist with more details about how the ASAG Reverse Mortgage works. Our lines are open on 1300 002 724 and at firstname.lastname@example.org, so feel free to call us or send your enquiries about our equity release solutions.
You can also get started by using our tool below to assess your available equity.