Are You Spending or Saving for the Holidays?
For retailers, the holiday season is looming and not necessarily in a good way. Given the state of the economy, we're simply not shopping and buying as much as in the past. Even teens are cutting back their spending, writes Time.
Still, some seem downright bullish, expecting parents to shell out money for toys in the next couple of months. "We’re very positive about the season," Gerald Storch, chairman and chief executive officer of Toys "R” Us Inc., said to a reporter from the The Record in Hackensack, N.J. "Christmas will come, and parents will buy toys for their children."
But in a Post story yesterday, at least one set of parents said they'd already agreed to one Christmas gift per child. And some retailers are doing all they can to try to lure us in. Wal-Mart and KB Toys, for instance, have already announced toy price cuts.
So, with Halloween just weeks away and Christmas and Hanukkah not far behind, how are you budgeting your holiday spending? Are you buying or making your Halloween costumes? What are your gift spending plans for the kids? Are there other items for your family that you're cutting back on?
By Stacey Garfinkle |
October 10, 2008; 7:00 AM ET
| Category:
Family Finances
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Comments
Posted by: newsahm | October 10, 2008 7:53 AM
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I'm not planning anything different at this point, at least for the kids. But then, we've never gone hog-wild to begin with -- and we're lucky to have grandparents who already buy them a lot of the "cool" stuff that we don't.
For the grownups, we'll see -- not driven so much by the economy as by whether I need a new car.
Posted by: laura33 | October 10, 2008 7:57 AM
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I think it won't so much change as continue a trend that our extended family has been following for several years. We make donations in honor of each other, and buy token gifts for the adults (a paperback book, often used). I think there will be more secondhand gifts this year. We are Christian and I am trying to focus my kids more on the Christ aspect of Christmas than the Santa Claus. Santa still comes to our house, but he shops at secondhand stores more often now also. Although my extended family has not always lived in promixity to each other, we all do now, so there will be no traveling (thank goodness). I have worked harder this year to develop an ideas list earlier, so I can be on the lookout for good deals.
I would say the bigger change is that we don't go out as much, and I look harder for deals than I used to. When we see movies, it is at home or at the cheap theater. Dinner out is once every few weeks, not once a week, and it more likely to be McD's, where we can eat for $8 (small chicken nuggets, jr cheeseburger for the kids, jr hamburger for me, shared fries, milk, water; even better is to take it home and drink our own water and milk).
Posted by: janedoe5 | October 10, 2008 8:19 AM
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My kids have always call me after that character in Austin Powers. You know, cheap b$st$rd. At least, they did not use the second word. So, our spending will be be at the same level as last year, the year before, the year before that...
But the news for this year is that all the children should be home for Turkey Day and/or Christmas! AF dau will finished her service this Monday. I just don't know where the last 4 years has gone!
Posted by: Fred_and_Frieda | October 10, 2008 8:20 AM
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I'm definitely cutting back for all holidays. Not only am I afraid to spend too much money, but it feels doubly wasteful to overspend when so many others are doing without.
That said, I am making my dogs halloween costumes this year - my chunky lab is going to be winnie the pooh (she'll look great in her red shirt with her belly sticking out), and my super energetic golden retriever will be Tigger.
Posted by: jjtwo | October 10, 2008 8:41 AM
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We didn't spend much on the kids last year because we didn't have much money to spend. We had hoped to spend more this year but I don't want to go into debt over Christmas so we might stay at the same level. I personally thought we had a decent amount under the tree last year. I have to admit that I was amazed that our total budget was less than what some people were spending on one of their children's 'big present'.
Last year my honey and I spent money on each other. Call me Grinchy but I don't really want anything for Christmas other than maybe to travel home to my parents. I suggested to him that we buy a new flat screen (32" or so) for ourselves. Our old TV is heading downhill in terms of picture so a new one would be nice.
Posted by: Billie_R | October 10, 2008 8:52 AM
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we'll probably be spending the same amount but like others have said we were never big spenders to begin with. we try to focus on family & time together rather than the "get presents". we have a nativity scene that i put up. one of those table top advent calenders which is fun to open the windows. i try to focus on those traditions rather than lotsa presents.
fred & freida, thanks for the news. have a great holiday.
Posted by: quark2 | October 10, 2008 9:05 AM
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We're not changing our plans. We get the kids one or two "big gifts", a few smaller things and stocking stuffers. I already pre-ordered Rock Band 2 for the big family present (I want it more than the kids).
Posted by: dennis5 | October 10, 2008 9:23 AM
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I haven't really thought that far ahead. I'm with Dennis though, I picked up the Wii Fit yesterday and I'm pretty psyched to use it, but I'm going to try to save it for Christmas. DH wants me to sell it on Ebay for a profit! Probably no big change for the kids. One big gift and fewer smaller ones. We will be getting the Brady Bunch complete series, but that is also as much for me as the kids. Sooo much fun.
Posted by: moxiemom1 | October 10, 2008 9:53 AM
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We're also not changing habits, at least as of now. Each kid gets one "big" gift and several small things (mostly clothes or books, with some gift cards thrown in).
We'll probably get a little more than usual for my nieces (whose mother died this Spring), but it won't be big, expensive stuff; just personal things to reinforce the fact that lots of people love them and care about them. But that's likely to be the only difference.
Fred and Frieda, congrats on the great news. Enjoy having the whole family together again!
Posted by: ArmyBrat1 | October 10, 2008 10:12 AM
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Moxiemom: The wii fit is great. Don't sell it. Think how much you're saving on going to the gym...it yells at you if you don't use it every day, so beware, but it's definitely a plus to have. Even the wii sports are great, it gets you (and the kids) off the couch.
As for presents, except for hubby, I'm almost finished. I probably am spending less than last year, as I am always looking for bargains - in good times and bad. I'm really cheap - er - frugal. If I'm in a store and see a bargain, I just buy it and hide it away. Also, if you spread it around, like shop for a year, then you don't have to rush at the end - and are likely to spend less, cause you buy when you see something on sale.
I would prefer to save the money as much as possible...hopefully for a vacation this year. We're talking about doing that cause
1) it's going to be so inexpensive (comparatively) to do that this year - so many sales already.
2) we figure if the world's going to he** in a handbasket, we might as well have some good memories together as a family
3) even though the portfolio is tanking, we'll just sell some stocks to do it, see number 2.
Posted by: atlmom1234 | October 10, 2008 10:14 AM
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No big changes for us. I bought my daughter's Halloween costume after Halloween last year for a steal. She's too little to really care what she is. I'll let her pick something out next year. As for Christmas, we never go crazy, so this year will be no different. One thing I've discovered is that you can buy your kids, nieces, nephews, etc anything personalized and they're happy. We are cutting back on eating out and entertainment to compensate for increased grocery and gas costs. We're pretty much where we were this time last year.
Posted by: atb2 | October 10, 2008 1:22 PM
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Hello? I think I've been banned. I've tried to post twice now.
Posted by: atb2 | October 10, 2008 1:23 PM
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I'm also one of those ones who gets things throughout the year, so I've already got a mini-stack to give out. Since I also have to factor in hotel/car/flight every year, my holiday budget was figured out a long time ago.
Really, if you've been in good shape, diversifying and aren't retiring in the next decade, I think most people should maybe save some more because the job market will suck as well, but otherwise, it's business as usual.
Posted by: EmeraldEAD | October 10, 2008 2:14 PM
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I'm thinking I'll buy the kids warm winter comforters for their beds so I can turn the heat down lower at night! Seriously, I'm not in bad shape but I will be aiming for the practical for holiday gifts. Wristwatches so they can't tell me they're late because they lost track of time.
Posted by: annenh | October 10, 2008 4:07 PM
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Fred, great news about the family! Enjoy having them around for the big holidays. I can't believe your daughter has completed four years in the AF either!
Our son, wife, and granddaughter will be with us for Thanksgiving and the firefighter son has that day off too. What a blessing! We might go out to see them for Christmas.
As for gifts, this year, thanks to the tanking economy and my losses on my retirement plan (I may work until I'm 90 if this keeps up!) we are going to give small but meaningful/personal items rather than big-ticket items. It really isn't about the loot under the tree anyway, so this is actually going to help us focus on each other and the reason for the season.
Lynne
Posted by: lsturt | October 10, 2008 5:50 PM
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I read a great book a few years ago, called "Unplug the Christmas Machine." Have you heard of it? Anyway, have been under-employed for 18 months and now have a (great!) job, that pays 1/3 what I used to make!
After reading the book, I started making cookies and refrigerator pickles for Christmas gifts for most people. For my mom and dad, who are very generous with me and have been all my life, I spend $70 - $100 each on a gift for them. For my two grandchildren, I spend $50 each. Most people will get books that I buy at the library all year - I pick ones that they will personally like.
I don't think anybody really minds not getting an expensive present - they know my situation.
Posted by: DianeMaria1 | October 10, 2008 7:01 PM
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We're not changing our habits much. I'm making most of DD's Halloween costume, but that's mostly because I didn't like the premade costumes out there this year.
For Christmas, we're not changing things, either. DD usually gets only one big present each for her birthday and Christmas (which are three weeks apart). Last year, both of DD's presents were used toys bought off of Craig's list. This year, I think her birthday present will be new, since nobody seems to be selling what we've planned to buy her.