By Karla Graff

Christmas is a wondrous and beautiful time of year, but it can also be a time of financial stress for families. Everyone wants to make the holidays happy and memorable, but sometimes the costs can really add up!

My seven-year-old son asked me what I do at the office all day, and I told him that “I help people figure out their money.” So when he talks about me to his friends, he tells them I’m a “money-mommy.”. So on that note – here are some of Money Mommy’s ideas for a financially stress-free Christmas:

Make a budget

And make sure Santa has one as well! If your kids believe in Santa, it can be hard for them to understand why his toy shop can’t just make them an iPad or a PlayStation 4. Also, as parents, we want to give our kids the world, and it can be really hard to deny them anything at Christmas. What we tell our son is that even though Santa can make toys, he has to make them for EVERY kid in the world. And if everyone gets an iPad this year, he will have no more money to pay his elves to make toys for next year. This is just one example of how to have the ‘Santa budget’ conversation. However, you explain things, the goal is to manage everyone’s expectations as early as possible. Then when Christmas comes, the $600 iPad isn’t expected thought, and that $40 Transformer toy looks awfully cool!

Stay Home

It can be really difficult to find time for a family vacation when kids are in school, but as an avid traveler, I can tell you that Christmas is the worst time to take a vacation. Christmas holiday prices are ridiculous compared to other times of year, and airports and vacation destinations can be so over-crowded they are downright unpleasant.

Cheat at everything

For the most part, kids don’t care if they eat real gingerbread, or graham crackers. They don’t care if the cranberries are freshly prepared or poured out of a can. And they really don’t care if their gifts are beautifully wrapped in foil paper with coordinating ribbon and sprigs of fresh holly, or placed in re-used gift bag from the dollar store.

Save yourself the time and stress. If there are a few special things you like to go overboard on every year – then go for it! But you do not have to take time and money to make everything perfect. I know that when I am stressed for time, I make my worst spending choices. I will opt to pay more for something “convenient,” or will end up spending too much on gifts because I did not have time to shop around.

Reduce, Reuse, Recycle

BEFORE YOU DO ANY SHOPPING – take the time to go through your existing boxes of Christmas stuff. I always forget how many beautiful decorations I already own. And the ones that are not-so-pretty usually hold beautiful memories, and I use them every year.   By the time I’m done unpacking what I’ve already got, I have usually stomped out any desire to add to my decorating hoard. Also, take stock of what you have for giftwrap, tags, tape, Christmas cards, etc. You probably already have enough to get through this year, and you can buy for next year when the Boxing Day sales are on.

These are just a few ideas to keep you from a financial meltdown this holiday season. My tips are just the beginning – there are a million different ways to save money at Christmas – all you have to do is Google ‘Christmas Budget,’ and you will get endless advice and some great ideas.

Thanks for reading this newsletter, and Merry Christmas from the Money Mommy. I wish you all a wonderful holiday season, and a happy, healthy and prosperous New Year!

– Karla Graff is an Advisor with Guidance Planning Strategies Ltd. in Cranbrook.

She can be reached at [email protected]

Ed. note: Unfortunately, this item was supposed to be published on Dec. 15 but a scheduling error occurred and it did not appear. That said, there is excellent advice in this piece for readers to draw on for next year or for the next big holiday. – Ian

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