Originally published by CardRates.com.
The holiday season is, notoriously, a costly time of year. Not only does it come hot on the heels of Thanksgiving, but this time, as well as a vast feast for the family, there are also gifts to pay for, transport to visit relatives who don’t live nearby, tickets to shows, entrance fees to see Santa, extravagant meals out… the list goes on. And no parent wants to be a Scrooge and deprive their kids of some festive magic, so the financial pressure it can put on families can be huge.
CardRates carried out a survey of 3,000 parents to create a ranking of the most expensive holiday activities that they worry about affording. Maryland parents’ greatest financial festive fears are:
#1 Buying gifts for children and extended family
Top of the list of worries for Maryland parents is buying gifts for the children, and extended family. Let’s face it, kids are primed to want more and more these days, and are no longer satisfied with wooden toys or Play Dough – they often want expensive high-tech goodies. And the more relatives you have in your family, the more gifts you feel obligated to buy.
#2 Holiday travel to visit family or go on vacation
A big expense over the festive season is the cost of travel to visit relatives during the holidays or to go on vacation. The travel industry isn’t exactly known for cheap prices at busy times of the year, so parents can expect to face huge flight prices or rail costs, particularly if they already live somewhere remote.
#3 Extravagant holiday meals or family gatherings
Another worrying expense is extravagant holiday meals or family gatherings; this is meant to be a time of indulgence, which, unfortunately, is usually reflected in the bill. And if you include the cost of tipping while eating out, it can significantly increase the price.
#4 Holiday-themed amusement parks or winter wonderland events
The fourth biggest concern is the cost of holiday-themed amusement parks or winter wonderland events; all those hot chocolates and rides on the carousels can really add up. Then there’s the price of tickets to holiday shows or performances, whether it’s a child-friendly ballet like the Nutcracker or a caroling concert.
#5 Buying tickets to holiday shows
Buying tickets to holiday shows is another source of financial stress for parents. Whether it’s a lively performance of a holiday-themed musical, a dazzling Christmas pantomime, or a family-friendly play like Elf: The Musical, ticket prices can be steep, especially for premium seats. And if the whole family is attending, the costs multiply quickly. Add to that the temptation of festive snacks and souvenirs sold at the venue, and this beloved tradition can turn into a significant expense.
#6 Participating in school-related holiday activities
School-related holiday activities also caused parents to wince, from buying a not-too-cheap-seeming gift for the teacher to supplying food and drink for classroom parties or buying a costume for dressing up.
#7 Visiting Santa’s grotto or photo sessions with Santa
Visiting Santa or having photo sessions with the Man in Red only adds to Christmas expenses; usually held in a department store, it’s an easy money-making scheme for the retailer, even if the ticket cost includes a small gift for the kids.
#8 Ice skating at a seasonal rink
And finally, ice skating at a seasonal rink is another festive activity that can quickly drain the wallet. From admission fees to skate rentals, the costs can pile up, especially for families. Add in a round of hot cocoa or snacks at the rinkside café, and what starts as a simple holiday outing can turn into a pricey experience.
CardRates made some other interesting discoveries, including the fact that the majority of Maryland parents feel pressured by others, based on how much they spend on holiday activities for their children: Over half (54%) said they felt the pressure either often or sometimes. Sadly, the majority of parents (66%) said they either significantly or somewhat feel the need to spend more each Christmas to meet their children’s expectations.
It’s hardly surprising, therefore, that over a third of parents (37%) have skipped a holiday tradition at some point due to its cost, but sadly this results in a lot of guilt: 61% of parents admitted to feeling guilty for not being able to afford certain holiday activities or gifts for their children. Some sensible parents are happy to be upfront about their financial limits with their kids (34%), while nearly half (49%) said they set expectations in advance.
