The expectations to give and receive gifts can be a little overwhelming.
According to financial experts, gift-centric holidays should have healthy boundaries. This can be easier said than done, but with practice, you can navigate the holiday financial season without insulting or disappointing anyone.
You should first start with a budget. Setting aside money and sticking to your budget will ensure that you don’t overspend or perpetuate the money cycle. For family gatherings, do a gift exchange and set a price range to ensure that no one is spending more than anyone else and you aren’t shocked by an incompatible gift. Other options you can pursue is a donation to charity instead of family members. If all family members do it, you can spread holiday cheer and not overspend on things you don’t need.
Instead of going to an expensive meal with everyone, you can be the one to say that you don’t feel spending that much. That way, you can find a more cost effective meal and not have to draw attention to someone else. Additionally, you can take the same mindset for gifts and offer not to give gifts this year or that they should focus on something else like kids, charity, church, etc.
Either way, set clear boundaries with your family and don’t let the holiday turn into a money pit that’s absent of the holiday spirit.