Managing Holiday Expenses

Christmas is a time of joy as we celebrate the birth of our Lord and Savior, Jesus Christ.

We exchange gifts and share meals with loved ones, neighbors, and friends, but as we approach this Christmas season, inflation has impacted every family budget. It is even more important to ensure that Christmas expenses are managed and holiday debt is avoided.

The Financial Health Team sat down with Christian and Matia Messemer, certified financial planner and director of Employee Experience for the City of Coppell, respectively, to record a webinar aimed at helping couples have open and fruitful discussions about Christmas expenses. They also explore ways to talk about reducing holiday costs with family and friends. The Messemers share how they manage their Christmas expenses and still find ways to honor their family’s Christmas traditions and celebrate while not overspending.

Christian explained that the most important step in preparation for Christmas starting the discussion.

“Actually have the conversation,” he said. “You’d be really surprised at the amount of people you speak to who have not had the conversation with their wife or have not had the conversation with their husband.”

He and Matia recommend that these conversations on Christmas expenses take place early between couples and family members.

A 2021 LendingTree survey found that more than a third of consumers (36%) incurred holiday debt in 2021, averaging $1,249. To avoid holiday debt this Christmas, watch the webinar to get some great tips on having hard conversations with family and loved ones about controlling expenses and remaining within your holiday budget.

Here’s a quick summary of the discussion:

1. Have a conversation with your spouse about your holiday budget before you start spending.
2. Prioritize your spending.
3. Have honest and sincere conversations with family about your desire to not overspend.
4. Be creative in your gift-giving, and look for ways to honor family traditions.
5. Remember to focus on what the holiday is about - our Savior.

You can watch the entire webinar at no cost here.