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Do your pets get priority, too?
Key points
- Many people regard their pets as members of their families.
- Some consumers are willing to spend more money on their pets than on their human families when it comes to gifting.
- No matter who you’re shopping for, stick to a budget and don’t go into debt just for gifts.
One of the greatest things about the holidays is that it brings out the best in people. After all, giving gifts is really all about being generous to others and bringing them joy.
If you own a pet, you may be inclined to shower your animal with a gift or two this holiday season. And if so, you’ll be in good company. In a recent Personal Capital survey, 34% of Americans will be purchasing a gift for their dog and 22% will be purchasing a gift for their cat. At the same time, only 19% plan to purchase gifts for their in-laws. Ouch.
Of course, it’s easy to see why a pet might trump an in-law on the gift-giving front. After all, your pet lives with you and is part of your immediate family. You may, on the other hand, only see your in-laws a couple of times a year. And you may or may not have a good relationship with them.
But if you’re going to give your pet priority when it comes to holiday gifts, it’s important to not go overboard. Believe it or not, the simple act of buying gifts for your pet could lead to a scenario where you’re closing out the year with holiday debt.
How much can you afford to spend on your pet?
Owning a pet can be an expensive prospect. You need to pay for things like food, medication, treats, and pet insurance.
The holidays can also be an expensive period of the year. Not only is there a lot of pressure to buy gifts for different people, but you might also be looking at spending money on things like travel, decorations, and even greeting cards.
That’s why you need to be really careful when buying holiday gifts for your pet. Sure, your dog might look utterly adorable dressed in that red-and-green sweater. And your cat might love a collection of new toys to stare at.
But at the end of the day, dogs and cats don’t understand the concept of holiday gifts. And if money is tight, you’re probably better off skipping gifts for your pet and focusing your limited resources on the people in your life who do understand what it means to get gifts for the holidays — like your kids and siblings.
You may be thinking of skipping the gifts for your in-laws this year. But if money isn’t tight, a $25 token gift could spare you months of grief and prevent an already tenuous relationship from souring even more. So even if your in-laws aren’t your favorite, it could pay to spring for a box of gourmet chocolates, or something along those lines.
Don’t end the season in debt
Closing out the holidays with a whopping credit card balance can be very stressful. And you deserve better. So if you’re already in over your head on the spending front, skip the gift for your pet this year, and instead find other ways to show them that you love them.
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