Experts caution against overspending during the festive season, advising families to be cautious with their finances. Louise Hill, the co-founder and CEO of GoHenry, emphasises the importance of setting firm spending limits to avoid exceeding budgets. The Christmas period often sees increased spending, especially when it comes to children’s gifts. Hill suggests discussing reasonable spending caps with family members, which can help manage expectations and prevent overspending. Additionally, she proposes the idea of having children earn money through chores to contribute towards desired gifts, teaching them valuable lessons in budgeting.
To further save money during the holidays, Hill recommends considering alternative gift-giving methods like Secret Santa arrangements or pooling resources for joint presents. These approaches not only help cut costs but also encourage quality time spent together. Embracing second-hand stores for gifts, such as board games, can provide significant savings and create unique bonding experiences, especially for older generations reminiscing about past holidays. Hill also advises taking advantage of sales and discounts leading up to December to secure bargains and prevent last-minute overspending.
According to research by GoHenry, younger generations like Gen Alpha show a preference for second-hand purchases, offering a sustainable and cost-effective gifting option. By following their lead, gift-givers may discover fantastic presents at a fraction of the original price. Hill urges families to plan ahead and shop strategically to avoid financial strain during the festive season. By implementing these practical tips and being mindful of budgeting, families can enjoy a meaningful Christmas without getting caught up in excessive spending.