Holiday Saving

By Lin Nguyen

Will you be traveling to see family this holiday season? Regardless of your travel plans, or lack thereof, we hope you are thinking of the holidays and creating some special plans, no matter how small. Perhaps you’re taking a little time off work, putting up decorations, or starting a list of those you’d like to send gifts. Afterall, it wouldn’t be a holiday season without thoughts of spending money on presents. Not every wonderful gift comes from a store, but if shopping for gifts is on your list this year, proactively planning your holiday spending can go a long way.

Making a plan and setting some price limits can help you keep your spending to a reasonable amount. Make a list of all the people you want to give a gift to and ballpark how much you want to spend on each of their gifts. It’s helpful to think of potential gifts and do some research online to get an estimate of how much each gift will cost.

The sooner you plan their gifts, the sooner you can start setting money aside that will align with your holiday budget. If you start early, you also leave room to look out for sales, compare prices at different stores, and brainstorm affordable gifts. Once you’ve secured someone’s present, go back to your budget to see if you’ve given yourself more wiggle room. If you plan your list this week, you’ll be able to take advantage of black friday sales.

But as the saying goes, “It’s the thought that counts.” There are tons of do-it-yourself gifts that can be made with little to no money and show a lot of care. This could come in the form of scrapbooks, knitted blankets, homemade bath items, or embroidered ornaments. A gift with plenty of time and sentimental value is a thoughtful way to show your appreciation for your loved ones.

Of course, holidays come with a multitude of other expenses outside of gifts. There’s the decorations inside and outside, plus a whole slew of entrees, sides, and desserts to prepare. For decorations, decorating can also be DIY. You can buy ornaments to decorate with your family and create tree decorations with supplies at home.

With many people spending Thanksgiving and Christmas this year with a smaller group of people, it may be possible to save both time and money on food by coordinating with family members and neighbors to split ingredients or share dishes.

Holidays should be about loved ones and holiday spirit. We look forward to them all year, and there’s no better way to end 2020 on a good note than to focus on what really matters. With enough planning and creativity, we can avoid the stress and focus on our family and friends. 

Learn more about planning a budget by reading this article or  learn about  financial coaching.