Gift giving can bust a budget, so some Americans plan to have conversations with friends and family this year about setting limits around holiday gifting.
This isn’t as Scroogey as you might think: 55% of holiday spenders plan to use at least one money-saving strategy that likely involves coordinating with loved ones, according to a new NerdWallet survey conducted online by The Harris Poll.
Money can be a taboo subject, especially among family and friends. But a focused discussion on gift boundaries could be the difference between staying within your budget and piling up debt this holiday season.
Ways holiday spenders plan to save, and how you can, too
Situation 1
Loved ones have different budgets.
What other Americans are doing:28% of holiday spenders plan to set a per-gift dollar limit with family or friends.
Why this works:It’s simple and easy to remember. Unlike some other ideas on this list, you can probably coordinate this one over text.
For best results: If you’re the one bringing up the topic, you should come with a dollar amount that would be reasonable for everything is lately? Would you be open to talking about how we can do gifts this year while keeping spending under control?” This conversation might be the thing that’s secretly on everyone’s wish list.
