I checked my data to see what I spent on the holidays last year. I have lists going back to 2020. Do you do that too? No? Just me? Okay. Anyway, I checked my data because I’m looking for ways to save money and I’m struggling. I want to be generous and I need to pay the electric bill. You too? Then let’s talk about some ways we can keep the holiday spirit without going into debt.
In a survey of Americans November 6 – 20, 2024, Gallup found we plan to spend $1012 just on holiday gifts (including gifts for coworkers) this year. If that number makes your wallet sweat, you’re not alone. With inflation still pinching budgets and financial stability on everyone’s mind, it’s time to rethink holiday spending; especially at work. You don’t have to be a Scrooge, but you do have to be intentional. There are plenty of ways to show both kindness and appreciation without spending a lot of money.
Research
Think back to last year. Did you give gifts to every member of your team, your department, and your remote colleagues? If so, consider whether that was necessary or if there’s a more meaningful (and affordable) way to celebrate this year. For example, Let’s say you work on a team of six people. Last year, you gave each coworker a $20 gift card. This year, suggest an alternative like a low-cost team activity; maybe an in-person potluck lunch or a virtual happy hour where everyone can participate without financial strain.
Redirect
If the majority of your coworkers insist on a gift exchange and it’s not in your budget to participate, declining can feel awkward. But you can do it gracefully. For example, your department organizes a Secret Santa. If you need to opt out, be direct but polite. You can say, “Thanks for including me! I’m trying to stick to a strict budget this year, so I’ll sit this one out. Have fun!” If appropriate, you can suggest an activity like coordinating a cookie swap during the gift exchange. This shows you’re still invested in the celebration and offers others who feel the same way you do a way to opt out too.
Redesign
Celebrations don’t always have to involve gifts. Instead, focus on experiences or gestures that build connection. For example, let’s say you’re part of a large department where individual gift-giving isn’t feasible. You could organize a group coffee outing where everyone covers their own drink.
Refuse
Once you’ve set a budget, stick to it. Don’t feel the need to justify smaller gifts or creative alternatives. Rehearse polite ways to decline gift exchanges if necessary. The holidays should be about connection, not financial regret. Most people value the thought behind a gift more than its monetary value. For example, you can give a heartfelt card or handwritten note expressing specific appreciation for each person’s contributions. Thoughtful words of affirmation leave a positive lasting impression far beyond the holidays while costing little money.
How do you handle holiday gifting at work? Please share in the comments.