As we transition from beaches and flip flops to pumpkin spice and falling leaves, it’s time to start planning for the winter holiday season. These plans may include a celebration, shared feasts, and gifts. Though the reason for celebrations varies, one thing that remains common is the cost. Here are a few planning tips that can help ensure the holidays don’t cause more debt than memories.
1. Start with a plan in mind
If you create a budget for the next celebration shortly after ending this year’s festivities, it’ll be easier to calculate the cost and provide you almost twelve months to save for next year. Include all expenses such as traveling, food, gifts, and decorations. Saving monthly for holidays will minimize the need for debt and can reduce stress so the merriment can be fully focused.
Pro Tip: Open a savings account with your financial institution and set up a monthly auto payment to make saving easier and more convenient.
2. Make lists and stick to them
Make a roster of names and gift ideas for each person you plan on gifting to this upcoming holiday season. It’s wise to ask them for gift ideas to save time and ensure the gift matches their wish list.
Pro Tip: If you have a budget in mind, it may be appropriate to communicate that to avoid awkward over-budget requests. Also, it’s a great idea to make a list for yourself that contains varying price points to give to friends and family who ask for ideas.
3. Make your gift a creative one
Do you still have that blanket your grandmother made you? Do you treasure the scarf your best friend made for you? Handmade gifts come straight from the heart and should not be overlooked, especially when money is tight. There are many low or no-cost projects found with a simple search of the internet. The gifts of time and experiences are also priceless yet don’t have to break the bank.
Pro Tip: Ensure the project does not include costly supplies and look for sales at your local hobby shop throughout the year. Another perk of savings for the holidays year-round is you will have the money available when sales happen!
4. Compare in-person and online shopping prices
As shopping trends continue to shift in favor of online shopping, brick-and-mortar stores offer more enticing prices to lure customers back to their stores. The prices being offered can be significantly lower, especially when factoring the shipping price into the total cost.
Pro Tip: Many brick-and-mortar stores are matching the prices of their online competitors. If the store declines to match the price, the option to purchase online is still available.
5. Manage expectations for the children in the house
Not only will this help shift the focus of the day from gifts to the meaning of the holiday, but it is a teachable moment for the child about the value of money. Many households ask children to prioritize their wish list, putting the most wanted items first.
Pro Tip: Give your child a budget and ask them to ensure their asks fit within the budget.
6. Get creative with wrapping paper
Wrapping paper is expensive, and it will only be ripped and thrown away. Being creative with the materials already in your home could save quite a bit in packaging. For example, colorful ads mailed to your home make fun bows, and newspapers can be an interesting way to wrap a gift. For an added touch of creativity, save fall leaves or clip some greenery to add to the ribbon.
Pro Tip: Cereal boxes or boxes from shipments throughout the year can be good replacements for the pricey decorative ones.
7. Make the holiday meal potluck
One of the hardest parts of hosting a gathering is deciding what to serve. The host can get stuck in the kitchen all day, creating the feast everyone will enjoy together. By hosting a potluck, you share the responsibility of the meal with others.
Pro Tip: A fun potluck tradition to start could be a family and friends bake-off challenge. Let the children be the judges.
8. Be flexible and plan for travel in advance
By booking travel 60-90 days in advance, you can ensure accommodations are still available and can significantly cut the travel cost. In addition, knowing your trip is already planned can help reduce holiday stress since you’ve already checked that task off your list.
Pro Tip: Evaluate whether the travel insurance is worth the price carefully by reading the cancellation policy of the booking you made.
A Pew Research study concluded that 33% of Americans say they dislike the commercialism or materialism of the winter holidays, and 22% said they dislike the expense most. Conversely, the study showed that 69% of Americans most enjoy the time with friends and family. By implementing a few of these strategies, you can spend more time enjoying the holidays and less on buyer’s remorse.
The blog post above was shared from BALANCE. For more information and similar resources, click here.
