Financial Experts: What Wealthy People Don’t Waste Money on During the Holidays
Written by
Cindy Lamothe
Edited by
Amen Oyiboke
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The holiday season is here — time for festive lights, cozy gatherings and a whole lot of spending.
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In fact, CBS News reported that Americans are spending more for the holidays despite dour economic views.
But while most of us are swiping our cards left and right, the wealthiest among us take a very different approach.
Financial experts say people with serious money don’t splurge indiscriminately. In fact, there are a few surprising things rich folks won’t waste a dime on during the holidays — and their reasoning just might help the rest of us keep a little more cash in our pockets, too.
GOBankingRates spoke with Christopher Keane, senior vice president of Newfi Lending, and Andreas Jones, founder and editor of KindaFrugal, to discuss what the rich don’t spend their money on during the holiday season.
They Don’t Give In to Social Pressure
“The biggest waste I see is spending driven by social pressure,” said Keane.
One-up décor, endless hostess gifts and last-minute “because it’s on sale” purchases tend to deliver the least satisfaction and the most clutter.
“They don’t hold their worth past January, and they often leak into high-interest balances when the bills land,” he said.
The wealthy know not to do this.
He said the luxury sector’s recent slowdown mirrors this shift to value over display, and it’s a sensible cue to step back from seasonal status purchases.
Jones avidly agreed. “Social comparison is another quiet drain,” he said.
He encourages families to define a short list of shared experiences everyone actually wants, like a cooking class, a theatre night, or a rented cabin weekend, and to reuse core items they already own for hosting.
They Don’t Chase Trends
Jones observed that if someone wants a “wow” moment, renting a single statement piece can deliver impact without committing to ownership.
“You’ll get more from a consistent, well-loved setup than from chasing a new trendy décor refresh every December,” he said.
For the wealthy, he noted that experience-focused gifts and reusable staples beat novelty gadgets, single-use appliances and premium gift wrap that goes straight in the bin.
They Avoid Spending Traps
“Affluent households also avoid spending traps that add little value,” said Jones.
He explained that last-minute shipping premiums, subscription upsells tucked into checkout flows, influencer-inspired décor updates and return friction all inflate costs without improving the holiday.
Instead, he said the fix is simple and repeatable.
“Use digital wishlists so you buy the right item once, set price caps per person, run Secret Santa so the group spends less but gives better, and keep a 24- to 48-hour cooling-off rule for non-essentials before you click buy.”
A separate holiday account with a hard ceiling stops impulse creep, while price-tracking tools and cart reminders replace urgency marketing with a calmer decision-making window.
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