The holiday season is right around the corner, which means it’s time to select the best gifts for your little ones. Sometimes, parents worry about how much money it’s going to cost them. Fret not! The best gifts don’t have to be expensive, though. You just have to find the right balance between financial responsibility and the joy of gift-giving. Let’s understand how much to spend on Christmas gifts per child this holiday season.
It’s all about joy, tradition, and togetherness during the festive season. For most families, it is also about giving the best gifts to your loved ones. However, it can also be a challenging time for parents who are facing financial crises. This guide provides practical tips to help you determine an appropriate budget for Christmas gifts per child to ensure you have a joyful holiday season without burning a hole in your pocket.
Average Spending on Kids’ Christmas Gifts
According to the latest statistics, American parents spend between $200 and $500 per child on Christmas each year. This spending depends highly on the size of the family, the parents’ income, their financial circumstances, and how much money they can spare that year for each child.
Economic inflation is yet another factor that influences Christmas spending every year. Some parents buy inexpensive gifts and use the remaining money to take them on holidays to places like Disney World or SeaWorld. Hence, it is totally up to the parents to decide how much they want to budget the gifts.
Budgeting Factors for Christmas Gifts
When drawing up a budget for Christmas gifts, consider all important factors. Start by assessing your monetary stability. How financially stable are you? If the answer is positive, you can spare a few bucks and get something expensive for your children. If you are facing financial instability, it’s best to opt for cheaper gifts.
Think about other factors like your existing expenses. Do you have any debt to repay? What about energy bills and other expenses? Don’t forget to calculate the cost of other holiday-related activities like travel, decorations, and food. Analyze all aspects of your finances thoroughly and then set a limit per child. This is the best way to ensure fairness, and it also helps prevent overspending.
Setting a Realistic Gift Budget
If you want a stress-free holiday season, setting a realistic gift budget is the right way to go about it. Assess your disposable income and determine how little or considerable leeway you have that can be spent on Christmas shopping without compromising on other essential items that are important to you.
If your family is small, then setting a budget won’t be such a strenuous task. But if you have a big family, you need to sit down and allot each child a budget and ensure that you don’t go overboard with the gifts.
Affordable Gift Ideas for Kids
Affordable gifts are just as meaningful as expensive gifts, and your kids will love them no matter what. Here are a few affordable gift ideas that your kids will love:
- You can go for DIY gifts like crafting something special for your child. It adds a personal touch and holds more sentimental value than expensive gifts purchased from stores.
- If your child loves to read, books are a great option. You can buy pre-loved books for a cheaper price.
- For hands-on activities, consider art supplies, puzzles, or board games that offer hours of fun without costing a fortune.
- If your child is into tech, look for budget-friendly gadgets, like headphones or gaming accessories.
- You can also opt for experience-based gifts like taking them to a new city and creating lifelong memories.
Talking to Kids About Gift Expectations
If your kids are grown up, you can have a conversation with them regarding gift expectations. Of course, as children grow older, they have an idea about their parents’ financial status. At the same time, they also want gifts that are better than those of their peers. Hence, having an open and honest conversation about how much you can afford can help manage their expectations without affecting the magic of the holiday season.
Furthermore, teach them the importance of budgeting and how the holiday season is about more than just presents. Help them understand it’s about family time, kindness, and the spirit of giving. You can ask them to create a list of gifts they want and you can select whichever one that falls under your budget.
Saving Money on Christmas Gifts
Just because you need to save money on Christmas gifts doesn’t mean you have to compromise on the quality. Shop smart, and the gifts won’t cost you an arm and a leg. Start by looking for sales and discounts well in advance of the holiday season. Black Friday, Cyber Monday, and other seasonal sales are also perfect opportunities to snag gifts at lower prices.
You can sign up for newsletters and promotional ads from stores that notify the public regarding offers, discounts, and other deals. Look at thrift stores and other marketplaces where used toys and children’s stuff are sold.
Prioritizing Financial Stability
We know the holiday season can be quite tempting, and it can be difficult not to get caught up in the excitement of shopping and buying presents. Think twice before spending your money on anything.
Always keep in mind that overspending during the holidays could cause a lot of stress for your family. Prioritize your financial and mental health over everything else because the festive holiday season should bring joy, not financial strain.
How Beem Can Help You With Christmas Expenses
It’s not going to be easy to manage all the Christmas expenses. With the help of Beem, a smart wallet app that provides up to $1000 instantly, you have a bit of wiggle room when it comes to buying Christmas gifts.
Thanks to the AI-powered Beem app, you won’t be scrambling for money at the last minute. The Beem app also offers helpful tools for monitoring your purchases, comparing prices, and finding deals so you get the best value for your money. You can use Beem’s personalized budget planner to get on-point financial insights and recommendations for saving and planning your money like an expert this holiday season.
Conclusion
Your financial stability is in your hands. If you go overboard and drown yourself in debt just to buy gifts, it’s not a rational idea. You need to do proper planning to enjoy the holidays without financial problems bothering you. Thus, it’s best to decide how much money you can spend on each child and set realistic limits with them. Teach your children that parents’ love and the season of merry isn’t defined by the price tags. The love lies in understanding each other, showing kindness, and spending time together. Also, use Beem to stay on top of your financial management during the holidays and have a merry Christmas!
FAQs About How Much to Spend on Christmas Gifts Per Child
How much should I spend on each child for Christmas?
This depends on various factors like your income situation, priorities, the size of your family, and your overall financial stability. You can spend anywhere between $70 to $100 if you have a middle-class lifestyle. It is less than that if you have other expenses and don’t want to spend so much on gifts.
What is the average amount parents spend on Christmas gifts per child?
According to various surveys and reports, the average amount parents spend on Christmas gifts per child in the U.S. typically ranges between $200 and $500. This varies based on family size, income, and location.
How can I save money on Christmas gifts without disappointing my kids?
Saving money doesn’t mean canceling holiday gifts. It just means shopping smart. Look online for sales and if you have any coupons, use them to get the gifts at a discounted rate. In addition to that, look for on gifts that encourage creativity or learning, such as art supplies, books, or games, which don’t have to be expensive to be enjoyed.
What are some affordable yet meaningful gift ideas for children?
Books, DIY gifts, experiences, and an adventure experience are a few affordable yet meaningful gift ideas for children. These gifts show that thoughtfulness doesn’t need to come with a hefty price tag and can be more personal and appreciated by your child.
How can Beem help me manage my holiday spending?
Beem is an excellent smart wallet app that helps its users manage their finances. It helps them stay on track with their budget. Apart from offering money whenever you’re in need, the app offers budgeting ideas so you don’t overspend and stay under budget.
