Show Me the Money (That You Can Save This Season)!
This year has already been tough on the wallet and most of us still have lots of expenses left to cover from now until the new year. More gifts left to buy. Higher electric and gas bills. Travel expenses. Updated holiday decor. Parties. Office Secret Santas. White elephant exchanges. Extra groceries for holiday meals, visitors, and holiday baking. Gift wrapping supplies or services. Stocking stuffers. Extra giving. And always ALWAYS those gifts we feel obligated to buy because someone unexpectedly buys for us or spends much more on us than we spent on them. Where does it stop?!
Fortunately, we can control or at least ease some of the financial demands of the season. Try some of these ideas to help lesson the impact on your wallet this year:
· It’s never too late to set a budget for the remainder of your expenses; make a plan with the cash you have available and don’t forget to include those odd expenses we often don’t think about like holiday cards, extra stockings for new family members, postage and shipping costs. Then stick to your plan!
· Pick up some items at a dollar store and put together inexpensive ‘extra’ gifts so you’re ready for that co-worker who shows up to work with a gift for you that you weren’t expecting. A pair of aloe socks, a pumice stone, and some peppermint lotion in a gift bag make a cute and thoughtful gift for $4-5. If you’re crafty you can spend even less and you might already have most of the supplies for unique and handmade gifts.
· Those planned gifts don’t have to be expensive either; no one ‘needs’ the newest iPhone for every single holiday and birthday. And it’s ok to let the kids, family, and friends know that you’re on a budget this year – you’ll be teaching the kids a good lesson about budgeting and adults will probably secretly envy you for having the willpower and courage to admit you’re trying to save money.
· Know that it’s ok to change up some traditions! Instead of the whole extended family going out for an expensive dinner on Christmas Eve, do potluck appetizers and a midnight candlelight service at church.
· Reuse gift bags and clothing boxes. After the holidays, buy more of those items to replenish your stock when they’re on sale for 75-90% off.
· Limit the gifts you buy; suggest a white elephant exchange or Secret Santa instead of everyone buying for everyone.
· Look for and use discount codes, rebates, and freebies and use sites like Honey, Rakutan, Microsoft Edge, and ebates. Be careful not to buy something you don’t need or that’s too expensive just to get the discount though!
· Check out second-hand stores, consignment shops, and on-line sale sites like Marketplace. There are tons of items that still have the tags on them and there’s no shame in saving what could be tons of money.
· Skip the discount for opening a new store credit card and buy now pay later plans; even with big plans to pay them off when the bill arrives or the offer ends, 74% of people who used the BNPL option missed a payment which caused outrageous fees and interest rates. If you can’t afford to pay cash for the gift now, buy less expensive gifts.
Now that you’ve got some ways that will add up to saving lots of cash this year, take the time to give some thought to next year. While your budget for the holidays is still fresh in your mind, develop a savings plan (what we call a sinking fund) for next year. If your budget is $1,000, save $42 every two weeks. So much easier than facing another holiday season unprepared financially!
Lastly, remember that this time of year isn’t about how many gifts you buy or how much money you spend. It's about spending time observing the reason for the season and spending time with family and friends.
Blessings,