CareOne Urges Families to Set Realistic Holiday Expectations

COLUMBIA, Md., Nov. 18, 2010 /PRNewswire/ -- The holidays are a magical time for children. The combination of twinkling lights, parties, time off from school and presents is enough to send visions of sugar plums dancing through their heads. But children can easily develop larger-than-life expectations, so it's important to help set realistic holiday expectations before that list to Santa gets even longer.  

Many consumers have wisely decided to cut back on gift-giving this holiday season. In fact, Time.com reports that 13.6 million Americans still haven't paid off debt related to last year's winter holidays. Given the current economy, with a national unemployment rate of 9 percent, many parents may feel the need to prepare their children for fewer gifts under the tree.

According to Jenny Realo, personal finance expert and executive vice president of CareOne Services Inc., one of the nation's leading debt relief companies, prepping kids for a back-to-basics holiday season is all about timing – the earlier you start, the better.

"Setting realistic holiday expectations is as important to your child's well-being as it is to your wallet," said Realo, herself a mother of three. "This time of year, it's easy for little ones to get carried away. Talking with your children early can help you save money on unnecessary holiday gifts and avoid any disappointment come Christmas morning."

Realo says it's important to talk with children before Black Friday hits and they are bombarded with even more ads for this season's must-have toys. Preemptively eluding mile-long wish lists will not only keep your holiday budget in check, but will also make for less spoiled, more appreciative children all year round.

To help set realistic holiday expectations without playing the Grinch, Realo recommends that parents:

• Hold a discussion: Sit down with your children and talk about their expectations for the upcoming holiday. Children under 5 won't remember enough of the previous holidays to wonder about a decrease in toys. For children ages 6 to 11, it might be a good idea to talk about how everyone, including Santa Claus, will be giving fewer toys this year to make sure that everybody has an enjoyable holiday. For teens over 12, be (relatively) honest with them about your holiday budget. Make it a lesson about saving and budgeting for an item that they really want.

• Make a plan: Help your younger children prioritize and write a reasonable wish list. Tell them they can put five toys on the list, or instead ask for one big gift and two smaller items. Help them choose toys or gifts that they really want and will use more than once. Ask older children and teens if there is one big present they want or need. If your teenager has been saving up for something big like a car, a trip or a computer, suggest foregoing presents all together and making a contribution to his or her savings account. Or try a big family gift, like a family ski trip or a new pet, to make lasting memories while foregoing holiday materialism and stress.

• Encourage the importance of giving, not receiving: Once children understand that some people don't receive any holiday presents, they're more likely to appreciate and cherish the gifts they receive. Holiday angel trees are good places to start with younger children. Have your children pick out another child around their age to buy gifts for. Then, give them a price limit and let them choose what to buy. For older children and teens, set aside a certain amount of their holiday gift budget to donate to a charity of their choice. Picking a charity that is important to them and their interests will make the contribution more meaningful.

• Opt for low-priced toys: According to the National Retail Federation, many parents found success with lower-priced toys in 2009 and the trend is likely to continue in 2010.  Instead of Nintendos and Playstations, opt for eternal favorites, like Barbies and Transformers, that will keep kids just as entertained. Avoid buying "disposable" toys – the plastic, battery-operated kind that briefly holds a kids' attention. Instead, buy "heirloom" gifts – those that can be reused – like books, baby dolls or bicycles.

• Emphasize traditions: Encourage the magic of the season by making family time and traditions an important part of pre- and post-holiday rituals. A great article from Parenting magazine reminds parents about all the real reasons children get excited about the holidays!  One fun tip is to wrap up all the holiday books and movies you already own. Let your children open one up every day or every few days, and then enjoy the book or movie together. Your children get into the excitement of the season and increased family time. Whether it's a special dish, looking at lights or singing special songs together, focus on these family traditions, or start a few new ones of your own! It's what your kids will truly remember for years to come.

By having a realistic and age-appropriate discussion with your kids and focusing on the non-material spirit of the holidays, your children will have a Christmas, Hanukkah or Kwanzaa to remember at a price you can afford.

About CareOne

CareOne Services Inc. is a debt relief company formed in 2002 to provide consumers with multiple solutions to complex money issues.  CareOne takes a holistic approach to assisting customers in debt and reviews each situation to create achievable financial solutions. CareOne's services include credit counseling, debt management, debt settlement, as well as free referrals to bankruptcy attorneys if that is in the best interest of the consumer.

CareOne also provides the CareOne Community (Community.CareOneCredit.com), a free online resource for consumers that includes educational tools, blogs and forums where more than a million people share their experiences and receive support from others in similar situations.

Headquartered in Columbia, Md., CareOne has helped more than 2 million people. In 2009, it provided consumers with the tools and assistance to pay down more than $294 million in debt. CareOne provides services in 41 states. For more information, call 1-800-373-3225 or visit CareOneCredit.com.

For The Media

For more information on CareOne Services Inc. and the debt relief industry, visit www.careonedebtinsights.com or call (336) 505-9312.

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Jenny Realo

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SOURCE CareOne Services Inc.