A number of studies show material possessions do not create the happiness that experiences have repeatedly shown, and experts from the Iowa State University Extension and Outreach suggest a low-budget holiday could be the best option for your family. According to Carol Ehlers, a human sciences specialist in family finance, says a $10 limit per person holiday limit is possible by carefully planning your spending. Low-cost, family-focused events like learning a new skill or attending a community-theater show work great. If $10 is too low, just set the limit at a different number like $25 or $50 per person instead. “Families who have tried this low-cost Christmas have found it more meaningful and enjoy a feeling of financial security knowing there won’t be large bills to try to pay in January,” says Ehlers. There is also a good chance those inexpensive and thoughtful gifts will bring out the best in everyone and be more meaningful.
