In 2008, my sister and I decided that we would exchange smaller family Christmas gifts and have our children exchange the invidual gifts. Our reasoning was that we're at a stage where we don't need more stuff to accumulate in our lives. I came to this realization as we were cleaning out our parents home after my father passed away and my mom entered a nursing home.
This past Christmas, we kept our total gift cost between families to around $100, with items mainly being consumables, e.g. wine, liquor, or specialty foods. For the children, items included clothing and toys.
Overall, I liked the change, since it reduced the stress of expensive gift choosing and eliminated the possibility of further accumulation. The food and beverage gifts had immediate usefulness and were mostly consumed within January. Of course, growing kids always need new clothes.
For more on New Beginnings, check back every Sunday for a new segment.
This is not financial advice. Please consult a professional advisor.
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