Looking for creative ways to save this holiday season? There are several approaches you can take to planning for the holidays.
- Budget vs. no budget
- Gifts for everyone, gifts for only immediate family, drawing names from a hat, or no gifts at all.
- Purchasing gifts vs. DIY.
- Travel vs. staying local.
There are so many decisions to make that it can be overwhelming. It can be hard for us to stay within a budget. We see things that would be perfect for family members and tend to go overboard. Think about the choices you have, decide what is best for your family, and stick to it. Here are three practical ways you can save this holiday season.
Set expectations with friends and family
Set a gift limit with your loved ones to avoid anyone from feeling overwhelmed or obligated to buy numerous gifts. When my children were growing up, I needed to save as much as I could. I decided many years ago that I was only going to give my children three gifts. We made a budget for total gifts and then we decided if we would make them or buy them. House Beautiful has a great list of ideas for DIY gifts.
Don’t forget to budget for expenses other than gifts
Other things to take into consideration are holiday meals, travel or even shipping. These are expenses we sometimes overlook. Miscellaneous costs can add to the never-ending budget expense.
Make a list and check it twice
Keep a list of what you bought or made for everyone from year to year. A list can help you adjust the savings and budget the next year. Not to mention it helps you to avoid accidentally repeating gifts!
Having financial boundaries around the holidays won’t stifle the spirit but enhance it! I hope you enjoy your holiday season and remember what truly matters. Happy Holidays!
For more holiday spending advice, watch Paul’s segment on WBIR Channel 10!
Need specific advice for your situation? We would love to help you on your financial journey. Contact us today!