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Coping with the cost of Christmas (cont.)<< backParticularly vulnerable are parents. Children are hit from all angles by marketing and peer pressure to have the latest, the biggest, the coolest and the best of all things. Of course parents have a natural desire to make Christmas a very special time for their children but big-ticket items like gaming consoles etc. can leave a serious dent in the savings account or, worse, can land parents in unmanageable credit-card debt. Parents of younger children can ease the burden somewhat by lowering their own, often inflated, expectations of what would make their child happy. More often than not, young children are equally as delighted with smaller, less expensive items than overpriced, over-marketed bigger items - so don’t buy into the notion that the more money you spend on your child the happier they’ll be and the better the parent you’ll be. Try also to limit your child’s exposure to television marketing, particularly in the run-up to Christmas. Of course, that’s easier said than done, but every little bit helps. For parents of older children the key lies with educating the children about money. The more a child understands the value of money the less likely it is that unrealistic demands will be made (although that may not stop them trying). If you simply can’t afford a much sought-after big-ticket item, consider including an allowance increase as a Christmas gift. That way the child can save the extra money themselves for any big ticket items and you get to spread the cost over the course of the year. Educating children about money is an important and continuous process and will have big dividends for both the parents and child. When receiving gifts, for most people, it’s more often the small, thoughtful gifts that mean the most. Gifts like that, however, often take a lot of time and thought to find - which is why most of us end up buying expensive, last-minute items instead. But if you start your Christmas planning in January, you’ve got nearly a whole year to find special, yet inexpensive gifts to suit practically everyone on your list. Spend a bit of time ‘tuned in’ to each gift recipient throughout the year - you may get any number of small hints which will help you find the perfect gift. When you come across something that’s ideal, buy it and put it away. As you go through the year you’ll find it a very fulfilling feeling picking up perfect gifts for those around you, and by the time Christmas rolls around you’ll have most of it already done – and have spread the cost out quite nicely. Naturally you might think it’s hard to keep Christmas in the back of your mind each and every time you go out shopping throughout the year, but you’ll be surprised just how easy it is to switch into ‘Christmas mode’ when you’re out and about. |
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