With Halloween and Christmas so fast approaching, the number one priority for many parents is giving gifts to their children.
Vacation time for many parents often involves a lot of costs. Every year families waste hundreds and sometimes thousands of dollars on toys in the commercialized version of Christmas. To make matters worse, the Christmas holiday often comes between Black Friday, Cyber Monday and Boxing Weeks. Subsequently, the hysteria of wasting more money on vacation increases significantly according to a report by Forbes, in 206 alone, the average parent spent just over $1,700 on holidays. Maya Kachru-Levine, a personal finance writer, explained how that huge sum really benefits children. This year, it is predicted that parents will spend at least $495 per child. This is a $100 increase from last year’s projected cost savings.
As a result of these figures, the UK’s best-selling psychology writer, Oliver James, is convinced that all Christmas spending should be paid for in the holidays instead of toys. He reiterated his idea that children often do not like or have no value for the gifts they often receive. He said that the tradition of giving children gifts and more expensive items as they grow older only increases the profits of their respective industries.
However, unlike meaningless toys, she believes holidays are more valuable to children the moment they occur, and more meaningful in the future. It’s more valuable to spend more money on vacation compared to toy gifts for kids. Thomas Gilovich, a professor of psychology at Cornell University, carried out an experimental study that opened the eyes. From temptation, Thomas Gilovich was able to derive from the fact that humans derive happiness, not from material things, but from experience.