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5 Smart Spending Tips for a Successful Holiday

I hope that you are well during this holiday season. As a Financial Coach I talk with many clients regarding the stress of holiday spending. We have all had the struggle at one time or another, right? The challenge is to balance having a holly jolly Christmas season, and spending responsibly so you have a solid financial future. There are so many pressures, expenses, gifts, decorations, and so much more. But, all of those things don’t have to be in charge of your budget. You can be. With this in mind, I want to share with you 5 Smart Spending Tips to Make it through the Holidays.

5 Smart Spending Tips for an Affordable Holiday

1-     Start with a plan

Holiday spending can easily get out of control, especially when no budget has been set. Set a realistic budget based on the cash you have available. Write it down so you can keep it handy.  Keep a list of who you are buying for , and what you have spent so far so that you are aware of how much you have left. If you need ideas on how to start a budget, check out this post on 5 Steps to creating a budget. 

Christmas Money

2-     Shop Sales

Once you have created a budget, ensure you get the most out of your budget by shopping sales. Businesses often offer deep discounts during the holidays so focus your buying on items that are discounted. You can also shop alternative sites like Ebay and Poshmark. I personally sell on both platforms to earn extra money specifically for holiday spending. You can find my stores at Lil Hometown Store and Poshmark. 

Thrift Stores, yard sales, and stores like TJ Maxx are great places to find items that are of higher value, but for lower cost. Once you have written out your Christmas List, brainstorm ideas on how you can find the best price for the item and make the purchase.

Sales

3-     Have uncomfortable conversations early.

Do your extended family and friends typically spend quite a bit on Christmas? Write out where your money will be required early in the month. Include teacher gifts, secret Santa at work, the church gift exchange, gifts for the postal worker, and garbage men, and so on. The list can get very long when you include it with family. Plan to share with family and friends that your spending limits are lower than usual. Although this can sometimes be an uncomfortable conversation, my guess is, that your friends and family will be thankful that they will have less to have to spend as well.

And truthfully, not everyone has to be on the list this year. Maybe this year teachers receive hand made cards, or a baked good. Honestly, I think this is a great idea. A few years ago I helped a retired teacher move out of her home. I found a closet that was full of “teacher” gifts. Plaques, pictures, Knickknacks. She had kept them for 20 years past retirement because her students have given them to her, but there are only so many places in the house to put them. I have also found over the years that instead of an expensive box of candy, postal workers, garbage men and others have been pleasantly happy with a big bag of M&M’s tied with a bow. It is the thought that counts. I wrote a post about easy simple giving ideas that are affordable. 

5 Money Tips for a Successful Holiday

4-     Have a plan to avoid over shopping

It is so easy to get sucked into online spending when browsing. Choose to stick to your list and budget by deleting promotional emails. Also, have a few alternatives to focus on when the temptation comes. Do you enjoy crafting? Keep craft supplies close at hand. Do you love to read? Keep a book nearby. And when all else fails, put your phone in the other room.

Another suggestion is to not save debit card or credit card information onto shopping websites or your computer. Having to take the time to find your card, and then input it on the website, gives us time to be able to really think through what we are doing, and that their is a financial component to what we are doing. Also, plan to write down each time you spend so you can see the total growing, and the available spending amount dwindling.

Shopping Bags

5-     Plan early for free, or nearly free, holiday fun!

Gather the family, heat up some hot cocoa, and drive through town looking at lights, sipping chocolate, and singing a few Christmas Carols! Or take a walk on a walking trail or in the nearby mountains. You might get an amazing photo op as well! Plan a white elephant gift exchange where family members exchange items they already own. It is the ultimate regifting! You can get more ideas in my blog post, 12 Virtual Days of Christmas .

One more thought I want to share. If it turns out that you have extra in your budget, remember to share with those in need. Plan to give to those in your community who don’t have enough. You can check out ideas for Building a Holiday Giving Plan and you can read about my Best Christmas Ever and how giving made that possible.

Whatever you choose to do, choose to spend wisely and stay focused on future financial goals. January is coming, don’t allow the holidays to threaten your financial peace in January.

If you are in need of financial coaching, schedule a free consultation through my calendar link here. You will be able to share some of your financial goals and challenges, and I will share how I can help you along your journey to financial peace through financial coaching.

5 Smart Spending Tips for a Successful Holiday

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