Sweaters have long replaced swimsuits and you’ve just about had your fill of pumpkin spice, which means the holiday season is upon us. It certainly can be the most wonderful time of the year, filled with parties, huge feasts with friends and families, and those songs about reindeer and chestnuts playing in every store and coffee shop. But it can also be the most stressful time of the year, filled with mounting debt, travel nightmares, and those songs about reindeer and chestnuts playing in every store and coffee shop.

With all the spending we do, it’s easy for even the jolliest of us to get overwhelmed during the holidays. Shoppers in the U.S. spent an average of $1,226 during the holidays in 2017, with $430 of that spent on gifts – many of which get shoved in a closet.

As many families look for a more minimal, meaningful approach to the holidays, here are four alternatives to traditional gift-giving that keep the holiday spirit alive and may even reform a Grinch or two.

Think outside the (gift) box

Seeing boxes piled under the tree does spark warm feelings, but so much of what waits inside will soon be outgrown, used up, and ultimately forgotten about. The average home has a whopping 300,000 items in it, from T-shirts to televisions. Instead of adding to the clutter, swap the stuff for a real experience that won’t require any dusting or closet space. An added bonus? Research shows that spending money on experiences provides more lasting happiness than material possessions.

Looking for ideas? Here are some to consider:

• A yearly membership to your local zoo or museum
• Planning a weekend getaway everyone can look forward to
• Establishing a weekly or monthly family fun night, whether you play board games, go ice skating, or spend the evening doing a craft project
• Giving your spouse the gift of a day off or (that most precious of possessions) time to sleep in on a Saturday or Sunday while you watch the kids
• Giving a material gift, like a tent, with the promise of family fun to come

Shorten your gift list

Mom, Dad, Grandma, Grandpa, aunts, uncles, kids, cousins, nieces, nephews… The gift list can get long and expensive really fast. It doesn’t have to.

Drawing names is a classic way to cut back on all the gift-giving. Each person picks another family member to buy for, and you put a spending limit on the gift. If you’re looking to mix things up, try adding a theme, like handmade gifts, “Made in America” items, or board games. Another option is to pool all the money you would have spent into a large family gift or even a charitable contribution (more on that in a minute).

Experience the joy of giving to others

Giving to those less fortunate is a holiday tradition many of us participate in already. Pass on the gift of charity to your kids this year by actively involving them in your giving. Not only will you brighten another family’s season, you and your kids will share the warm memories of doing good together.

Here are a few places to start:

• Shop together for toys for children in need
• Have your child choose their favorite book, and purchase a copy to donate in their name
• Volunteer to prepare a meal for the homeless
• Consider adopting a family and buying everything they need for the holiday, from groceries to winter clothing items to gifts
• Find a cause that’s meaningful to all of you and make a contribution (a site like Charity Navigator can help with this)

Focus on family traditions

The holidays are special because of how we celebrate them. Embracing familiar family traditions and creating new ones can help kindle the holiday spirit without sinking you deep into debt. How will your family celebrate this year?

• Go DIY this year by cutting down your own tree
• If you have little ones, stage a candy cane hunt around the house or the yard
• Have the kids put on an impromptu talent show during extended family gatherings, so they can show off what they’ve learned during the year (ballet and karate, anyone?)
• Enjoy a movie night, complete with mugs of hot chocolate and a few holiday classics (or pop in some family home videos to really feel the holiday spirit)
• Combat post-holiday slump by planning something after the festivities are over but while the kids are still out of school, whether it’s ice-skating, sledding, or a trip to a favorite restaurant

Giving the gift of peace of mind

For a gift that lasts long after you’ve unwrapped those last presents, check out your life insurance options. It may not be as exciting as a shiny piece of jewelry or brand-new bike, but few things bring more peace of mind for years to come than the right life insurance policy. Getting covered shows your family you care enough to protect them financially – and you can even wrap it up in a box with a bow.

 

At eFinancial, our goal is to make life insurance simple, affordable, and understandable for everyday families. This content is intended for educational purposes only. Each post is carefully fact-checked, reviewed and updated regularly to ensure the information is as relevant as possible.