BUSINESS + ECONOMY

How do you budget for kids’ Christmas gifts?

Nov 13, 2023, 7:00 PM | Updated: Nov 14, 2023, 10:35 am

SALT LAKE CITY — What’s your budget hack for spreading holiday cheer to friends and family during Christmas? Do you spend an equal amount on gifts for each child? 

Dave and Debbie share action steps to save you from overspending during the holiday season and waking up with a financial hangover on Dec. 26.

Gifts based on age?

Because older kids seem to desire more expensive gifts than their younger siblings, should each child receive an equal amount of money in gifts, or should giving be based on age?

Debbie shares a gift-sharing and budgeting method she found online: How to set an age-based Christmas budget

   

Step 1. Add together the ages of your kids.

Terry, 5, + Susie, 7, + Johnny, 10 = 22

Step 2. Divide the Christmas budget total for the kids by the sum of their ages.

$440/22 = $20

Step 3. Take the number from Step 2 and multiply by each child’s age.

$20 * 5 = $100

$20 * 7 = $140

$20 * 10 = $200

On her Perfection Hangover blog, Melissa Blevins writes:

We tried setting equal budgets for each child but found that our younger kids were able to get many gifts far and above what they needed, and my oldest only had a couple of gifts to open.”

Christmas gift-giving tips and tricks

Caller Colton from Taylorsville, Utah, offers this tip on Christmas spending for kids that he says his wife developed: Each child gets four gifts: one to wear, one to read, one they want and one they need.

Michelle, who left a comment on the KSL NewsRadio Facebook page, says she saves $25 each week starting Jan. 1.

Cindy in Garland, Utah, who called in, says she spends money buying excursions, trips and vacations instead of gifts.

Listen to Dave & Dujanovic on weekdays from 9 a.m. to noon. on KSL NewsRadio. Users can find the show on the KSL NewsRadio website and app, as well as Apple Podcasts and Google Play. 

Related: Midway Ice Castles returning with new features

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How do you budget for kids’ Christmas gifts?