There are times when Germans pay less attention to money: vacations, for example, are part of it. But even at Christmas there is hardly any savings.
The time around Christmas Eve can be really expensive: gifts for loved ones, Christmas tree, decoration, food, travel etc. A lot comes together. For a considerable percentage of Germans, this holiday is one of those times when you just dig deeper into your pocket without paying attention to money.
Current statistics show that more than 80% of Germans buy gifts at Christmas. There are also a small number of people who donate nothing from principles and do not want to be given anything. The rest leave it up to chance.
How much money is spent on giving presents is always up to the donor. On average, each person spends around $ 200. However, this number cannot be generalized: where some consider gifts of $ 20 to be sufficient, others spend $ 500 on them. However, there is one thing in common - money is looked at as little as possible and you often spend more than you intended.
How are the expenses financed? Most (around 70%) buy gifts for the money that comes from the last salary. A good ¼ of all people either overdraw the account for it, or they have saved the required amount over the course of the year. Only a small percentage of people take out a loan to be able to give presents to their loved ones. Even though a loan is almost always cheaper than overdrafting, this form of gift financing does not seem to be very common, especially at Christmas.
Christmas presents for children
Christmas has never been a cheap festival, but children make Christmas really expensive. It has been calculated that families with children spend up to twice as much on Christmas money as families without children. And it's certainly not just cookies and Christmas trees. In contrast to the adults, the children often announce in their friendship circles what they have received for the festival and thus show off. The parents know this and feel pressured to buy more than intended for children, even if it goes beyond the usual shopping framework. And where spending on toddlers is still within limits, gifts for older children and teenagers are quite expensive. For them, such expensive things as branded clothing or computer-related items are at the top of the wish list.
Debt for Christmas?
The mood is festive at Christmas. It is therefore difficult to limit yourself in time. It just has to be celebrated properly! And there runs the great risk of unplanned expenses. A few mulled wines every now and then, handmade tree decorations from the market, a round of ice skating and something to eat at the stall can swallow a hundred USD in a day. But there are several days around Christmas that tempt you to spend such money. In addition to spontaneous purchases, installment offers from retailers are among the reasons why you often have deep holes in your household budget after the holidays.
Many go to their financial limits at Christmas. You should keep your head cool, and only make several spontaneous purchases or buy in installments if you are sure that you can still pay all the bills after the holidays. If you are unsure, you should - even if it is difficult - think about doing without expensive gifts, hire purchases or several visits to the Christmas market. Because nothing is more bitter than getting overindebted because of the most beautiful festival of the year!