The cost of merriment: How Christmas gift-giving expectations strain our wallets

Jingle bells, jingle bells, my paycheque goes away….

Christmas is only days away, and we all know what that means: last-minute Christmas shopping, family get-togethers, and gift-giving.

A Harris & Partners holiday survey of 1,820 respondents found 61 per cent of Canadians don’t feel financially prepared for Christmas this year, and 54 per cent feel anxious about affording the holidays.

With the cost-of-living crisis, many Canadians are turning to more simplified Christmas traditions, including potluck family dinners and homemade gifts. 

Yes, getting your cousin Jimmy the newest PS5 game would be a great gift that’ll keep them occupied for months, but nothing beats a homemade gift or even a gift that has meaning. 

Spending hundreds of dollars on gifts is no longer possible for the average Canadian family, especially when it comes to balancing whether to pay your bills or getting your significant other the expensive gift they’ve been eyeing. 

WorldRemit fou nd the average projected spending of a Canadian family for the Christmas season was $2,375 in 2023. 

Being a young married woman, I struggle to see the significance in gifting big ticket items to family and friends for Christmas. 

I believe in giving little gifts throughout the year, whether it’s buying someone a coffee and doughnut every once in a while or cooking them a meal to show you care, not spending $2,000 on a diamond ring or necklace. 

Christmas is meant to be a time for family and friends to get together and reminisce on the past year and have fun, not trying to outdo your cousin Dora by giving your grandmother the most expensive gift to garner their love and attention. 

For those who feel they need to spend money during the holidays, you can buy gifts that can be reused. One of the best gifts I’ve received as an adult is socks. You will always need socks and they can be used over and over again.

You can also reduce your spending by making a homemade gift. You could bake cookies or other Christmas treats for your family and friends. If you love to craft, make gifts such as knitted scarfs or blankets.

Also be practical when it comes to gift-giving. Does your aunt really need another baking set?

Lastly, I recommend sticking to a strict budget. Christmas spending can rack up quickly, so make sure you have a budget when you go out shopping, and buy only what you can afford.