8 Nights of Debt? 3 Ways to Avoid Overspending on Hanukkah

It's kind of hard to forget about a holiday like Christmas, since it comes at the same time every year and the country effectively shuts down for it. But Hanukkah has a way of sneaking up on those who celebrate it, since it falls at a different time every year.

This year, Hanukkah begins on the evening of Thursday, Dec. 7, 2023, which means it'll be over before Christmas. In a way, that's a good thing, because if you celebrate Hanukkah, you'll sort of be forced to not procrastinate too long on your gift list. That could make it less likely that the things you want to buy will sell out.

But let's be clear -- pulling off eight celebratory nights is no easy feat. That's a lot of presents to buy -- and a potentially large credit card balance to tackle afterward.

The last thing you want to do is wind up with a pile of holiday debt following your Hanukkah celebration. So to avoid that, do these things.

1. Set a spending budget

Maybe Hanukkah is something you mostly celebrate with your immediate family. Or maybe your extended family chooses one of those eight nights for a giant get-together with uncles and cousins galore.

If you know you'll be buying a lot of gifts, set a budget before you begin your shopping. And also, set priorities given that budget. You don't want to splurge on a gift for your great aunt you see once a year if it means having to skimp on the gift you give to your dad.

Also, make sure to incorporate the cost of groceries into your budget if you'll be hosting a Hanukkah feast. Luckily, Hanukkah's most traditional dish -- potato latkes -- is fairly inexpensive to whip up. And if money is tight, ask everyone coming to celebrate to bring a dish with them.

2. Set realistic expectations

Your kids may be gearing up for eight nights of presents. That's a tall order. You may want to have a conversation where you explain that while some of those eight nights will feature "bigger" gifts, others will be more low key.

One thing you may want to do is give out your most substantial gifts on the first and eighth night of the holiday, and then give smaller gifts on the nights in between. Another option is to break things up so that, for example, you might give your kids gifts on the first, third, and eighth nights, while your kids give each other gifts on the second and fourth nights.

3. Have a give-back night

Eight consecutive nights of gifts is, well, a lot. Chances are, your kids don't need that much new stuff, and you only have room for so many things.

One way to really make the most of the holiday is to designate one night a give-back night. Instead of having your kids get presents, have them choose an inexpensive gift to buy for a toy drive. Or, have them go through their existing toy collection, identify items in great shape, and pack them up to be donated.

It's hard to keep your spending in check when you have an eight-night holiday coming up. But while the story of Hanukkah might center on a small amount of oil lasting eight nights, you don't want to rack up holiday debt that lasts eight months or longer. So keep these tips in mind. With any luck, they'll help you keep your spending in check so you can have a joyous, festive celebration with your loved ones without stress.