Think you can’t get through Christmas without spending a fortune? Well, don’t stress eat that shortbread quite yet – or do, it’s delicious – because we have the spending solutions for you. While joyful and merry, the Christmas season can bring about worlds of stress. From the family commitments to office parties, the holidays can be an expensive time of year. Keep reading to find 6 saving solutions for your holiday season:
1. Set Spending Limits
Holiday budgeting is a great way to limit your purchases while partaking in the joys of gift giving. It also keeps you from getting caught up in the holiday cheer and spending unnecessarily.
Look at how much money you need for bills, then decide how much you can afford to spend on gifts. If you want a little extra splurge money, consider foregoing that morning latte run or cook at home for December rather than eating at restaurants. Little changes can accumulate to make a big difference.
Lastly, if you’re worried about what others are spending on you, bring your friends and family into the deal as well. They’ll likely appreciate the pressure taken off their shoulders too.
2. Make a List, Check it Twice
Santa isn’t the only one who can write up a naughty or nice list. Consider the people outside of your immediate family who you’re planning on giving presents to this year. If it exceeds five people, or more people than you can afford, cut down the number of people on the list. Gift-giving doesn’t need to be exuberant. If you want to spread the holiday cheer whilst sticking to your budget, consider giving homemade gifts such as baked goods, candles, or another craft in your wheelhouse.
3. Rid Yourself of Holiday Pressure
Not everyone’s finances look the same. Do your best to ward off feelings of guilt or shame because you can’t afford what others can. Perhaps your older siblings have been working professionals for five years while you’re still fighting through your undergrad. Or maybe your friends have kids that they need to prioritize their budgets for and can’t afford to spend their usual amount on you. No matter the circumstances, everyone can stand to be less materialistic throughout the holidays, instead focusing on the joy of each other’s company and hopefully some delicious food.
4. Collect Coupons
While the days of carefully cutting out coupons from the paper may be far and in between, online coupon codes can be real money savers. Before hitting “place order,” do a quick Google search for online codes. You can often find a 10% discount code, a free shipping promotion, or even better.
5. Give the Gift of Your Time
Sure, your certificate for three free hugs may have gotten a few laughs when you were fourteen. But if you’re navigating the holidays on a budget, there are gifts you can give that cost nothing more than your time. If you have siblings or friends with kids, give them a card for “one free night of babysitting,” or the promise of a home-cooked meal to your lonely relative. Sometimes, these can be better than any gift you picked up at the mall.
6. Be Thoughtful with Your Gift Giving
The quality of a gift doesn’t equate to the price on the tag. Rather than buying the flashiest item on someone’s list, think about their hobbies and passions. Is your brother a baker? Perhaps there’s an inexpensive baking tool you can pair with a pamphlet of home-printed recipes. These personalized presents often shine brighter than a quick click on a popular online shop.
Looking For an Accounting Firm?
The holidays can put a lot of stress on our bank accounts, but they don’t need to. When looking to achieve financial security, the first step is to meet with a financial planner. This can provide a clear analysis of your financial health, set goals for saving, reveal investment opportunities, and extinguish debt. At Genesa CPA, our team of financial service providers, tax accountants, and business consultants will provide the highest level of service to support your financial goals. Contact us today to get started!