Hosting Holidays on a Budget? Here’s How To Stretch $100 This Season
Written by
J. Arky
Edited by
Zuri Anderson
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You might be considered a hero in your family if you have offered to take on the hosting duties for the holidays.
No matter what or how you celebrate, the task of being in charge of everyone’s merriment is not an easy one, nor is it particularly easy on your bank account.
Times are changing, however, and people are finding ways to make their money — even as little at $100 — go a long way.
New survey data released from RELEX shows that 86% of consumers are planning to spend less on holiday shopping this year, with nearly half (47%) reducing their budgets by more than 50% due to the current economic climate.
How can you be one of them? Here are some tips.
Plan the Holidays Together
There is psychological evidence that anticipation of a positive future event is almost just as good as the event itself, according to Michael Liersch, head of Wells Fargo’s Advice and Planning Center.
“To that end, get the most out of the holiday you’re hosting both emotionally and financially by planning the holiday in advance with your guests,” Liersch noted.
Liersch advised holiday hosts to email or text the family and friends that are visiting with a note about how excited you are to have them, and what a great time you’re all going to have, adding “that you’d like to plan out the time together to make the most of it!”
“If you feel comfortable, you can even be transparent and let them know that in this economic environment, you also want to be sure to minimize financial stress and maximize the fun,” suggested Liersch.
“By making sure everyone is involved in the planning — from meals to shopping trips to the movies — you can all work together to keep holiday expenses in their right place.”
Pay for Something, Not Everything
Traditional hosting where the host does all the work and spends all the money is out, in Liersch’s professional opinion.
Instead, share both effort and financially in the shopping, preparation and events. Just communicate that you’d like to stay within a range of spending, such as $100 for an outing, so your loved ones know what your spending limit is.
Liersch shared the example that “some families and friends plan the meals they’re going to have together and assign responsibilities to specific people surrounding the location, food and budget… whether that’s picking up the check at the restaurant, or getting the takeout or groceries and preparing the meal (including setting the table and cleaning-up).
“This can include breakfast, lunch and dinner, and takes emotional, physical and financial stress off of the host’s plate, who is already doing a lot by having guests in their home.”
Ask Everyone To Gift Within a Budget
“Gift-giving on top of hosting can really make the holidays tough, financially-speaking,” stated Liersch.
“When you’re hosting, you can set the house rules. What’s the gift budget — or better yet, make it fun by doing a gift exchange where everyone only has to give one gift to another person coming (also within a budget).”
So setting your gift budget to $100 can keep everyone well within the range of spending the same amount and avoid extra pressure on hosts to buy something expensive for everyone.
“If people want to give gifts outside of that, it can be their choice, but it can make the host feel less responsible for hosting a gift exchange where people feel obligated to go overboard,” offered Liersch.
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