The holiday season is a time for joy, laughter, and, for many folks, also a nail-biter when it comes to finances. Gifts, travel, and food can decimate your wallet beyond recognition, to the point where you feel like you can’t afford anything come January. But with these five tips, you can get through the holidays without having to feel like you can’t enjoy the festivities.
Create a Separate Holiday Budget
You already know how important it is to create a budget and stick to it. But did you know you can have multiple budgets, like a separate one for the holidays? Without one, you’re much more likely to overspend—even if it’s out of the kindness of your own heart. Either sit down with a pen and paper or your favorite budgeting app and list out your holiday expenses: things like gifts and food are obvious, but don’t forget about decorations or other lesser-thought-of holiday costs.
Try Having a Potluck
Instead of trying to create a veritable feast by yourself from scratch, why not spread the love with a potluck? It’s an excellent way to have everyone contribute one thing; maybe it’s a recipe they love, or something they’re renowned for. Whatever it is, it means that you don’t have to bear the entire (often large) financial burden of feeding everyone. Just remember to set ground rules, like a signup sheet, to ensure that five people don’t bring a tray of deviled eggs (not necessarily a bad thing).
Don’t Forget to Shop During Sales or Discounts
You’re going to spend money during the holidays anyway—you might as well do it wisely. Fortunately, this is the season for savings, so it’s easy to take advantage of them. Keep an eye out for sales events like Black Friday, Cyber Monday, and local holiday markets. Sign up for newsletters from your favorite retailers to receive exclusive discounts and promotions. Remember to compare prices online before making a purchase—there’s nothing worse than realizing you could have saved a few bucks after the fact.
Plan Ahead for Travel Expenses
Holidays are also the time for lots of travel. Travel can add up: between airfare, gas, hotels, and food, you’ll feel like you don’t have anything leftover for presents if you don’t start researching your options early enough. If you’re flying, compare prices across different airlines and consider booking flights during off-peak times. If you’re driving instead, calculate your gas costs and factor in any necessary stops along the way. And don’t forget to plug all this into your newly made holiday budget!
Reflect on the True Meaning of the Holidays
Too many people get caught up in materialism and gift-giving, so much so that they forget what the holidays are really about. Instead of focusing solely on spending, take a moment to reflect on the true meaning of the season: love, connection, and gratitude. It sounds cheesy, but you’ll be a lot happier when you view things through this lens—and you won’t worry nearly as much about putting on airs or overspending to impress your loved ones.
