Holiday Spending: Is It Time to Cut Back on Christmas Presents?

Family expectations, consumer culture and a reluctance to talk about money can lead to overspending, but there are ways to cut back without losing the spirit of the season.

A family enjoys a holiday meal together.
(Image credit: Getty Images)

Both of my parents are one of 10 children (I know, right?). As you can imagine, holidays in my family were boisterous affairs full of grandparents, aunts, uncles, cousins, second cousins, first-cousins-twice-removed and more. Holiday spending on feeding, hosting and buying gifts for that many people could rival the national budgets of some countries. But my family made sure that the financial and physical burdens were distributed evenly.

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Erin Wood, CFP®, CRPC®, FBSⓇ
Senior Vice President, Financial Planning, Carson Group

Erin Wood is the Senior Vice President of Financial Planning at Carson Group, where she develops strategies to help families achieve their financial goals. She holds Certified Financial Planner, Chartered Retirement Planning Counselor and Certified Financial Behavior Specialist designations.