It’s no secret that the holidays send stress levels through the roof, especially with the pressure to visit loved ones and spend money on gifts. In fact, in 2017 a survey by Mr. Cooper, the nation’s largest nonbank mortgage service, found that 33 percent of Americans would “rather skip the holiday season” than use their paychecks on gifts. And that makes sense because, today, 41.2 percent of all households have some form of credit card debt, according to a study by Value Penguin.
But whether you have debt to pay or want to stay far away from commercialism, here’s how to help your family break the tradition of gift-giving and save a little money this holiday season.
· GOBankingRatesThis article originally appeared on GOBankingRates.com: How to Convince Your Family to Stop Gift-Giving Without Being a Grinch
It’s no secret that the holidays send stress levels through the roof, especially with the pressure to visit loved ones and spend money on gifts. In fact, in 2017 a survey by Mr. Cooper, the nation’s largest nonbank mortgage service, found that 33 percent of Americans would “rather skip the holiday season” than use their paychecks on gifts. And that makes sense because, today, 41.2 percent of all households have some form of credit card debt, according to a study by Value Penguin.
But whether you have debt to pay or want to stay far away from commercialism, here’s how to help your family break the tradition of gift-giving and save a little money this holiday season.
Broach the Topic Well Before the Holidays
You shouldn’t spring a proposal on your family to stop gift-giving right before Christmas, said Phillip Christenson, a financial analyst with Phillip James Financial. For starters, some might have already purchased gifts.
Also, there needs to be ample time to discuss the issue with all family members to ensure that everyone is in agreement, Christenson said. It could take months to persuade those who truly enjoy or value the tradition to give it up.
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Acknowledge Those Who Want to Keep Gift-Giving
It might be difficult to get family members to agree to stop giving gifts unless you explain why you no longer should. “I think the most important thing is to just be honest and start a dialogue,” said Nick Bradfield, head of business development at Worthy Financial, Inc.
Explain Your Reasoning for No Gifts
You could point out that everyone has a different financial situation and that buying several gifts could be putting a strain on some family members. Perhaps you might want to suggest that you’re trying to teach your kids that Christmas is about more than just presents and that a big family gift exchange contradicts that message. Or you could simply say that spending time shopping for gifts leaves less time for family.
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Offer to Do Something Charitable
A good way to get others to agree to a Christmas without gifts is to suggest an alternative. “Make sure you’re offering something of value because you’re taking away gifts,” Christenson said.
You could propose that your family share an experience during the holidays, such as caroling in your neighborhood or volunteering together at the local soup kitchen. “Sometimes the experience is worth a lot more than the gift,” Christenson said.
