What I saved money on
1) I got double-duty out of my charitable donations (saved $200)
2) I downsized the cash gifts to family members (saved $300)
How I saved money this year
I normally give money to charities at the holidays. This season, I suggested to friends and neighbors that in lieu of giving each other gifts, we donate the money to charity. I increased the size of the donations to charity and requested they send a gift card to my friends. I felt better about doing good in a time of need, and I don't need more stuff myself. Plus, no shopping! An all-around winning scenario.
I downsized the cash gifts to nieces and nephews. They need the money, but I overdid it last year. I reduced the cash gifts to an amount that I will feel comfortable continuing in the future. It was uncomfortable to say "sorry the check isn't as big" but I feel better about controlling Christmas expenses.
Tips and Tricks
- Don't overdo it. If you give someone $150 one year, you're going to feel bad about giving less the next year. Better not to raise the bar too high in the first place.
- How much stuff do you really need? Tell your friends and family members that you'd rather they donated the money to charity than buy a gift for you.