This year, we are scaling back our Christmas spending. In the past, we’d have a general budget in mind and if we found some great deals that just meant that we could buy more gifts. Not this year. We will still have a budget in mind but if we get some great deals, we will take the money saved and put it towards our debt or stash it in our savings account.
Our overall philosophy is that gifts need to be useful and have a good lifespan to them. So many times we have purchased things for our son that were only played with a few times and then forgotten. But there have been successful purchases (mega bloks purchased years ago are still used at least every other day by our son). We will take more time to think through every purchase.
Our tentative budget? $150. I say tentative because other things may pop up. More about that tomorrow. This budget does not include purchases for Toys for Tots or anything like that. It is only for gifts for our family and friends.
It will be tight, but I think it can definitely be done. What about you? Are you scaling back holiday spending this year?