Sleigh Your Budget: Holiday Shopping Without the Financial Hangover
With 50% of people having already started their holiday shopping, there’s no time like the present (*wink emoji*) to put together your spending guide and working budget.
Why bother? Having a holiday budget is a great way to make sure you don’t overspend and get dragged down by blue Monday when that January credit card bill comes in. It also opens the door to setting bigger financial goals.
How do I start? Setting a realistic overall number is a great place to start. But micro budgeting is where things are really at! Micro budgeting is when you consider how much you plan to spend on each person and for each thing. Drill down to the nitty gritty on what books Aunt Sharon needs and what you want to spend on each one.
Ready to shop? You’ve probably seen and heard a lot of budgeting advice over the years. But these days, social media ads and pressures can be stronger than ever. So, let’s go over a few things before you whip out that credit (or debit) card.
DOs
Leave your emotions (especially guilt) at home
Track prices now and watch for sales later this month
Keep a physical tracker of spending
Write down everything you buy
Consider alternatives to material gifts
Have a gift conversation with anyone you plan to buy for – and talk budget!
Look at thrift stores or on Marketplace for items
Consider a group gift exchange rather than buying gifts for everyone individually
DONTs
Use ‘buy now pay later’ offers
Sign up for store credit cards
Buy things that aren’t on the list
Double-buy for one person
Fritter away your budget on small items
Feel you must buy gifts for everyone
Forget homemade gift materials may also cost money
Buy based on social media ads – research the product and company first
Here’s something else to think about before you shop: What’s the recipient’s love language? If you answered receiving gifts, then a physical present is a perfect way to show you care. But if the answer is quality time or acts of service – maybe your time and money are better spent making a coupon book (for cooking a meal together or a ride home from a night out) or booking a special activity to do together (like a concert or a sleigh ride). And if you answered words of affirmation – making and writing a card will be more appreciated than anything you can put a bow on.
This advice isn’t meant to make you feel guilty about buying gifts. It’s meant to help you come up with a plan and not waste resources. Good luck with your holiday shopping and hopefully you’re able to stay on budget.
Thanks for reading and I look forward to connecting with you one more time before the holiday season takes over.
And as always, if you have questions about mortgages, I’d love to help. Get in touch any time!