By Shannon McNay
NEW YORK (Credit.com) — This time of year can be festive, magical and … stressful. If you’re in a relationship, this stress can almost completely overshadow the fun of the holidays. Not only are you expected to buy gifts for each other, you may also need to travel to visit each other’s families, buy outfits for these family functions and gifts for them … the list goes on and on.
Maybe you and your significant other have already had the “frugal holiday” talk. You know, the one where you promise not to go overboard on gifts and have a low-key holiday. And if you haven’t already had that talk, it’s about time to have it now. But actually acting on this talk can be scary. You can’t help but wonder if you are truly on the same page. What does frugal mean to your significant other? Will he or she be disappointed by the gift you give? The fact is, planning a frugal holiday as a couple is easy to say and hard to do. So how can you plan a frugal holiday together without it ending in a breakup by the new year?
Start off by managing each other’s expectations. Why do you need to be frugal? If you haven’t already, now is a great time to tell your partner about the financial situation you are in – no matter what that may look like. What does frugal mean to you? You might think spending $100 on a gift is extravagant, while your partner could think that’s a gift on a budget. Talk about a dollar amount you’re comfortable with and agree not to go over that amount on your gifts.