The author of Investing with She’s on the Money shares her advice to help you financially prepare for the holidays.
Are you one of those people who freezes up at the mere thought of Christmas? Does the idea of gift shopping send you spiralling, dreading the toll it’ll take on your wallet?
On the other side of the spectrum, you might be one of those who strategically avoids any (and all) thoughts of Christmas spending, blindly tapping your card and vowing to look at the expenses later.
Sure, you might fall somewhere in the middle, but I’ve found that those who can spend well during the holidays are rare unicorns. As few and far between as they may be, however, we could all take a few notes from those who push pause on the holiday mindset while reaching for their wallets.
After all, is one season of frivolity really worth the months of stress that can arise from spending beyond your means? Even when you spend with the best intentions, be it on Christmas gifts or New Year parties, digging yourself deeper into debt is NEVER a good idea.
To keep you on track like the fiscally responsible individual I know you can be, I’m sharing my top three tips for smart spending during the holidays.
3 tips for smart spending during the holidays
1. Save now
If I could go back in time, I would rewind to last year and tell past you to start setting aside some money for holiday spending. But realistically, most people don’t do that. If you don’t have a chunk of change set aside already, however, don’t be dissuaded. Start saving NOW. While it might sound like a huge undertaking, cutting out some non-essential expenses can help you save more than you’d imagine. While I’m not advocating for skimping on bills and rent (those are essential, after all), I do think that there are a few areas we could all use to cut back on. Do you really need all of those subscription services? How regularly do you actually use your gym membership? Can you make coffee in the morning instead of buying an oat cappuccino on your way to work? If you’re not sure where you’re overspending, try printing out three months of bank statements. Once you’ve got them laid out in front of you, it’s time to pick up a highlighter and highlight anything that wasn’t essential. Notice if you spot any trends. If you do, consider whether these are areas where you could cut back to save for the holiday season ahead.
2. Budget
Ugh, the dreaded b-word. Budget.
I know it might sound drab, but trust me when I say that budgeting is key to empowered spending. By allocating a certain sum of money to the holidays and staying within that range, you’ll not only enjoy the money you do spend – you’ll also be helping your future self feel finically secure for the new year ahead.
When planning your Christmastime budget, I recommend budgeting for more than gifts alone. Food and booze for holiday parties, new outfits for social gatherings, and even transport and accommodation are all expenses that can easily pile up at this time of year. Pull out a notebook, jot down your plans, and try your best to estimate how much money each will cost. If you need to say no to something – do it! There’s a lot of pressure to attend every single Christmas party you’re invited to, but you’re not obligated to do anything that isn’t in your best interests.
3. Do Secret Santa
Speaking of budget . . . let’s consider the gifts. Giving presents at Christmastime is a lovely tradition, but it’s also an easy way to blow your entire holiday budget in one go. This year, consider whether you can suggest a secret Santa. If you’ve never heard of secret Santa before, it’s a pretty simple concept. Instead of each person giving everyone else a gift, each person draws a name from a hat and buys a gift for their selected recipient only. You can even set an upper price limit to keep the gifts relatively equal and keep spending in check. As an added bonus, this means that everyone gets a better, thoughtful gift instead of a bunch of useless nick knacks.
Interested in more money tips for the holidays and beyond? Check out Victoria’s books, She’s on the Money and Investing with She’s on the Money.
Penguin Random House (PRH) has been made aware of people impersonating our authors, including Richard Flanagan, and contacting members of the public by email or through social media.
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