3 Lessons I've Learned From Overspending on Chanukkah

Data from TransUnion finds that more than 50% of Americans intend to spend more than $500 on holiday purchases this year. When you're celebrating a holiday like Chanukkah that's eight nights long, it's almost ridiculously easy to rack up a credit card tab that large.

Thankfully, I make a point to save money for the holidays during the year so I'm able to buy gifts without having to worry about debt. But even so, I don't enjoy throwing my money away, so I try my best not to overspend -- in general and in the context of the holidays.

In the past, though, I've definitely gone overboard with Chanukkah. I've since learned these valuable lessons that will hopefully prevent you from falling victim to overspending, too.

1. There's no need to buy eight nights' worth of gifts

Chanukkah is eight nights long, and it's customary to light a candle on each of those nights and do something celebratory, whether it's dance to a favorite song or enjoy some holiday chocolate. Because of its proximity to Christmas, it's customary to give out gifts during Chanukkah. And you may feel compelled to buy eight nights' worth of gifts.

Don't. Your kids don't need that much stuff, and -- trust me on this one -- by the fifth or sixth night, the novelty of getting gifts starts to wear off. If you set the right expectations with your kids ahead of time, you won't feel pressured to give something eight nights in a row.

To be clear, when I say "don't buy eight nights' worth of gifts," I'm talking about bigger-ticket items with a notable cost. A good compromise is to choose two or three nights -- perhaps the first, last, and one in the middle -- for your kids to get a "bigger" gift, and then give out stocking-stuffer-type items the other five nights. I'm talking about things like candy, bubble bath, and other things you can find for under $5.

2. There's no need to shower a toddler with multiple gifts

When my kids were little, I didn't want to deny them the experience of Chanukkah. I now realize how silly it was to buy multiple nights' worth of gifts for toddlers who had no idea there was even a holiday going on.

Of course, many of us spend money on our kids when they're super young, knowing full well they won't really appreciate or remember any of it. After all, no infant is going to acknowledge that it's their first birthday, yet all parents have probably thrown a small party and given out gifts nonetheless.

But in the context of Chanukkah, feel free to go the "one present and done" route. You can celebrate with your toddler for eight nights. But go easy on the gifting.

3. Dog gifts are cute, but they're really just a waste

It gives my kids great joy to shower their already spoiled dog with gifts on Chanukkah, so in the past, I've indulged them. This year, I'm putting my foot down.

First, my dog doesn't know it's Chanukkah. Clearly. Secondly, any toy my dog gets his paws on is pretty much going to be ripped to shreds within minutes. So even a $10 chew toy becomes a giant waste of my financial resources when you consider that I'm paying roughly $2.50 a minute to see my dog destroy it.

If you want to include your dog in the festivities, give them an extra treat when you light your candles. But don't waste your money on actual things.

Many of us are guilty of overspending on the holidays -- no matter which ones we celebrate. But now, you can learn from my past mistakes and avoid going overboard this year.