Financial expert urges families to split holiday duties and set separate budgets

Households planning for the upcoming holiday season can reduce their financial strain by separating their spending limits for Thanksgiving and Christmas. Financial expert Jini Thornton offered this advice during a segment on the morning show Get Up Mornings. Her goal is to help families avoid the debt that often accumulates after the decorations are taken down.

Thornton explained that combining holiday expenses into one general budget can lead to overspending. By creating distinct financial limits for each major event, families gain a clearer picture of their actual spending capacity. This separation makes it easier to identify where money is going and prevents one celebration from draining the funds meant for another.

A key part of her strategy involves distributing the workload among family members. Instead of a single household covering all costs for food, travel, and entertainment, families should divide these responsibilities. Guests can be asked to bring specific dishes, and different relatives can take charge of various aspects of the event. This approach ensures that no one group bears the entire financial burden.

Thornton specifically addressed adult children who return home for the holidays. She urged those over the age of 21 to contribute financially to the celebration. She stated, “Everybody over 21, they need to be anteing up like the rest of us adults.” This call for financial participation aligns with the broader theme of shared responsibility in holiday planning.

The topic resonated with a guest on the show who shared his own experience. He and his wife, who are empty nesters, recently discussed scaling back their Thanksgiving preparations. They plan to have their adult children take on more of the hosting duties. Thornton supported this move, noting that these planning conversations do not have to be uncomfortable if everyone is involved in the process.

To determine what is truly affordable, Thornton proposed a specific mental exercise for listeners. She asked them to imagine paying for all holiday purchases immediately, without the use of credit cards or buy now, pay later services. This reality check helps consumers distinguish between expenses they can afford now and those they are merely deferring.

She cautioned that gifts are only one component of holiday spending. Other costs, including food, transportation, entertainment, and party outfits, can quickly add up. A comprehensive spending plan should account for every category of expense rather than focusing solely on presents. This holistic view helps families create a realistic budget for the entire season.

Thornton emphasized that financial decisions should be based on current ability to pay, not on the option to pay later. By making these adjustments now, families can enjoy the holidays without compromising their financial stability in the new year. She encouraged listeners to reach out through social media or her website for further guidance on managing their finances.