The supermarkets are stocking mince pies and the sound of Christmas music can be heard once more, which can only mean one thing – it’s almost time for Christmas. For many of us, this means it’s time to start thinking about how much to spend on Christmas gifts per child.
Christmas can be a wonderful time for the family but it often takes a lot of prep from parents to make it a magical day. In the UK, YouGov predicted that each person would spend £642 on average for Christmas in 2022.
That’s a lot of extra money for households to find every year and with the current economy, many can’t afford to be spending that amount on gifts. As with everything, there’s no right or wrong answer on how much to spend, as it really depends on your budget as well as many other things. If you’re wondering how much to spend on your kids this Christmas, our guide can help you to plan your spending in advance.
So, how much do people spend on Christmas? And if you’ve got kids to buy for, how much should you spend on each child?
How much to spend on Christmas 2023
It’s easy to get carried away with spending at Christmas, so it’s important to have a budget and stick to it. This will help you avoid overspending or buying things that people don’t want or need. If you’re worried about spending too much during the festive season, we’ve already covered the top affordable gifts for kids if you’re planning to do Christmas on a budget.
When it comes to finding gifts for your family, there are several things you can do to help set a budget and stick with it:
Do you have any traditions when it comes to Christmas gifts? Maybe you give one big and one small gift to each of your kids? Perhaps you avoid big gifts and prefer to fill their stockings instead? Having a gifting tradition can help you to manage your kid’s expectations and also keep your finances on track.
Secret Santa is also a great game if you have a big family as it sets a budget for everyone and encourages people to get creative with their gift ideas. You can give your kids the responsibility of buying for someone in the family and help them to find something they’d like that’s within budget. This is a great way to teach your kids basic budgeting skills while keeping it fun for them. Why not try it this year with your family to help save money on gifts and help your kids build the skills they need for confident money management.
Talk to your kids about their expectations
Having an open conversation with your kids about Christmas gifts will help to set expectations and avoid any disappointment. Being transparent about the cost of Christmas (without giving away the magic) is a great way to teach your kids about the importance of money management from a young age.
Encouraging your kids to write a list to Father Christmas is a great way to see how many of their gifts fit into your budget. You can also help to manage their expectations by telling them that Santa might only be able to deliver a few of the presents on their list, as he also has to stop off at all the other children’s houses around the world.
Don’t feel pressured to spend more than you can afford
In the run up to Christmas it can be easy to get caught in the cycle of spending and you can quickly feel pressured to spend more than you can afford on gifts. It’s important to remember that the holidays are about more than just gifts, it’s about enjoying the time spent with family and friends, and creating memories that your kids can always look back on.
Assign a Christmas budget per child
If you’re looking to buy for your kids, you could set the same budget for each child or split it based on their age groups. Generally speaking, parents tend to spend £50-100 on each child at Christmas with those values going up or down depending on their age and how much you can afford.
When thinking of a budget, remember that you don’t need to spend so much on small babies and even toddlers. Also think carefully about what your kids need, as you don’t want to buy more toys that won’t get played with come January.
Whilst these are just suggested budgets, and everyone will have different ones, the most important thing is to spend what you can afford and what you think is appropriate for your kids. So, if you’ve been asking yourself how much to spend on Christmas gifts per child, remember it’s not all about the spending. Making new family traditions, setting expectations and sticking to only what you can afford will help you to remain in budget and give your kids a great Christmas whatever present they open on the big day.
If you’re looking for other top tips to get set for the big day, check out our handy guide for parents to enjoy a stress-free Christmas with your kids.