The festive season is here, and if you’re like most parents, you’ve probably received an extensive list of holiday gifts that your child wants to receive this Christmas. But compared to our generation’s simple wishes for playthings, dolls, and bikes, today’s kids and teens are asking for the latest mobile phones and gadgets, expensive skincare products, and cosmetics from luxury brands, among other pricey items. Since they want the holidays to feel special, 48 percent of parents with kids under 18 feel the pressure to spend more on gifts than they’re comfortable with. What’s more, nearly 40 percent admit that they would likely go into more debt than usual so they can give their kids what they want.
Every parent wants to make their children happy during the holiday season. However, your gift purchasing habits should never put your bank accounts in the red. To avoid going broke, you’ll need to manage your child’s expectations and be intentional about your spending. If you’re going through a gift giving dilemma, here’s how to balance reality and your child’s holiday wish list expectations.
Ask Your Child to Make a Two-Item List
It would be nice to live in a world where money magically appears in our pockets whenever we want to buy something. But since we’re in the real world, you’ll need to have a conversation with your child so they can manage their expectations and learn about healthy financial habits. Instead of saying that you don’t have the money to buy all the things that they want, explain that you’re sticking to a budget this year since you’re saving up for something important, like a kitchen remodel or a family vacation. Next, tell them that you could still fulfill some of their wishes, but they need to list a certain number of items that they’d truly like to receive this Christmas.
If they’re having a difficult time paring down their list, ask them to write down only two things. These things should include an item that they want, and an item that they need. In most cases, one of these presents will be a lot more affordable than the other, so it’s likely that you’ll be able to give your child both. There’s a huge chance that one of these gifts will be a gadget as a survey shows that 62 percent of kids want to receive electronics, such as a new cellphone. If this is the case, do your research on the best deals, and setup the device to prevent cybersecurity incidents. You can do so by pre-installing age-appropriate apps and platforms, and updating it to the latest firmware before wrapping it up.
Don’t Deprive Your Child Just to Make a Point
There’s a reason why many adults today are buying elaborate construction sets, collectible dolls, or a jumbo pack of crayons for themselves. It’s because they’ve been deprived of these things while they were younger, so by purchasing these things they’re trying to heal their inner child. Although some may have experienced financial problems before, there are other people who were deprived of these things on purpose simply because their parents wanted to make a point about “the evils of consumerism,” or because they believe that kids shouldn’t be spoiled with presents.
Studies show that material deprivation at any income level is linked to children’s behavior problems and poor social and emotional skills. Although you have the option to buy cheaper things, having your child wanting more and always depriving them of what they really want can have a negative impact on your relationship. If you want to make your little one happy without going overboard, encourage them to tell you about the one thing that they truly want. So, for instance, if they say that they just want the LEGO Fortnite Battle Bus, don’t buy a cheaper alternative. Since it’s just one thing, do try and get them what they wish for, and you’ll see how much they’ll appreciate it even after the holidays are over.
Suggest Shared Activities or Experience Gifts
There are some kids that don’t really know what they want for their holiday present, so they’ll list down random expensive things or whatever’s trendy just so they can have something to unbox on Christmas morning. If this is the case with your child, suggest shared activities or experience gifts like a pottery class, a concert, a day at a theme park, laser tag, or spa packages. If you have the budget for it, go as a family so you can have some quality bonding time together. These gifts will be worth the money since, after all, the holidays are for spending time with loved ones.
Make your child’s holidays special without hurting your wallet. Consider these tips to balance reality with your little one’s wish list expectations, and see how your present makes them light up from within as you celebrate this wondrous time of the year.