The holiday season is a time for sharing and caring, which includes giving and receiving gifts! We all love to give gifts and are equally excited to receive them. However, during the holiday season, it can be easy to overspend. We all want to buy our children the newest toys or get our partner the jewelry they’ve had their eye on. When it comes to spending money during the holidays, we tend to overdo it, leaving us in a financial bind. This season, we can learn to be cautious with the amount of money we are spending and avoid breaking the bank. Especially due to the unknown circumstances during this pandemic, it is beneficial to be cautious with our budget. Here a few strategies for budgeting this holiday season:
Set a holiday spending limit.
Portion out the amount you are willing to spend on gifts, supplies, ingredients for holiday meals, and decorations. Honor that amount and hold yourself accountable to only spending the amount designated. Use a spreadsheet or notebook to organize your budget and track your purchases closely.
Search for sales and deals that fit your budget.
You don’t have to pay full price for the best gifts! Shop online, clip in-store or digital coupons, and look for deals to avoid spending excess money. There are so many resources to help you save, like this browser extension that searches deals for you and applies them to your online cart automatically!
Take time to create personalized gifts.
Exchange the store-bought gifts for homemade gifts with sentimental value. You could even commission your artist friends or crafters on small business sites like Etsy to help! Personalized gifts tend to be the most thoughtful and appreciated.
Skip the gifts all together!
Maybe it’s time to break tradition. Collectively agree with family members to make a change for the year and invest in a family vacation. Create experiences together rather than splurging on material gifts.
The holidays are meant to be enjoyed and that can be overshadowed by the financial burden that often accompanies it. Budgeting could help to decrease the stress that financial strain brings during this time. Enjoy the holidays without extra burden by creating a holiday spending plan and sticking to it.