Family-friendly gifts can be budget-friendly, too
Creative thinking will keep kids (and their parents) happy
With two children under age 8, Jennifer Stallman is familiar with the financial pinch of the holiday season.
Last Christmas, her son asked for a Hot Wheels set that was “taller than he was.” But Stallman couldn’t justify the $200 price tag.
Thinking creatively, she tried showing her son images of other Hot Wheels sets online, but he insisted on his pricey choice. Eventually, her distracting technique worked.
“We just kept walking through toy stores until he found something else he was more interested in,” says Stallman. The new item was more affordable and still brought her son joy on Christmas morning.
The tactic was a bit unconventional, but it’s one of the money-saving strategies the Vaughan-based Stallmans employ. And though holiday spending is a rite of the season, there are ways to minimize the statement shock when credit card bills roll in early next year.
To start, Stallman, who runs the blog Entertain Kids on a Dime, suggests ditching the credit card over the holidays.
“You don’t pay attention to your budget when you’re using a credit card,” she says. “By using cash, you’re spending what you’ve set out in advance.”
Still, extraneous spending has to be expected at this time of the year — a recent study commissioned by PC Financial revealed that 40 per cent of respondents felt anxious about the financial impact of the holiday season.
Before hitting the stores, Stallman researches online to find the best price for a gift.
She uses the Toronto-based price comparison app Flipp, which allows users to browse different retailers’ flyers.
The app is also handy for price-matching items when competitors offer a
lower price — Walmart and Giant Tiger are two retailers that meet competitors’ pricing.
Instead of limiting the gift hunt to the usual stores or online retailers, Stallman hits warehouse sales in the GTA that offer significant discounts on brand-name toys. The Samk o & Mik o Toy Warehouse has five locations including Toronto, Richmond Hill and London. It runs until Dec. 23 and deals include those like the Fisher-Price Think & Learn Teach ’n Tag Movi Robot priced at $41.99 that retails for $69.99 at Best Buy and $69.94 at Walmart.
Financial planner Matthew Siwiec, who coaches youth and millennials on financial literacy, advocates creating an advance holiday budget.
“Usually the blowouts happen when there’s not a proper plan in place,” says Siwiec.
He suggests determining who you’ll buy gifts for and approximately how much you want to spend for each. As well as family and friends, don’t forget work colleagues, neighbours and Secret Santa-type gift exchanges.
“The holidays can be really expensive for things like travel, food and alcohol,” Siwiec says.
“So people need to consider those, too, when they’re determining how much they’re spending.”
When it comes to gift-buying, Siwiec thinks outside the box.
“Trade for gifts — you don’t necessarily need to buy them,” says Siwiec, who points to groups such as Bunz Trading Zone, where items (including many that are still in packaging or like-new) are bartered through an app and Facebook group.
He’s also a fan of service and experience gifts — like babysitting hours for new parents, or a winter hike with a loved one.
Once the gifts are purchased and exchanged, families have the additional challenge of keeping kids entertained during time off school.
“Big attractions like Ripley’s Aquarium can be $130 day for a family of four,” says Stallman.
Instead, she suggests looking to municipal operations like community centres, libraries and local museums that often run cheap, if not free, programming over the holidays.
“I think we get lost in the fact that entertainment always has to be going to specific places or going on trips overnight,” says Stallman. “But the truth is, it doesn’t really matter what you do. It’s the actual time spent together.”
She also recommends hitting Cineplex’s Family Favourites series, which shows classic family movies for just $2.99.
Elf, Home Alone and Polar Express begin screening in late November and continue into the holidays. Stallman lists free and budget-friendly family activities on her blog, Entertainkidsonadime.com.
Siwiec has similar suggestions to enjoy during the holidays.
“One of my favourite resources is the Toronto Public Library,” he says. “They offer free recreational passes to places like the Art Gallery of Ontario and the Toronto Zoo. Each branch has a limited supply every week.”
As well, for a lazy day at home, the Toronto Public Library’s digital section allows members to download magazines and stream movies for free.
And if you’ve already started down the slippery slope of holiday spending, Siwiec recommends starting 2019 off on the right financial footing by setting aside a small, monthly amount toward a gift budget — including weddings and birthdays.
“The earlier you save, the better,” says Siwiec.