Financial tips for the holiday season
The holidays are quickly approaching, and so are all the fun things that come along with them! Baking cookies, building gingerbread house, observing Christmas lights, hosting parties, ice skating, and watching cheesy Hallmark movies are some that I look forward to every year. Of course, you can’t forget about the shopping and gift-giving! It’s a huge aspect of the season, and while it’s fun to shop, it can sometimes be difficult to balance treating others while staying within your budget. Here are five tips to staying within your means this holiday season!
Make a list of who you are going to give gifts to.
It’s important to know beforehand who you are going to buy for. Make this list intentional. You do not need to buy a gift for your cousin’s ex-girlfriend’s dad’s uncle. It’s very easy to let your list of people get out of control, which in turn is more money out of your pocket (money that you may not be able to afford)!
Have an idea of how much you can afford to spend on each of those people.
Something I try to do before shopping for gifts is have a limit of how much I will spend. By having an idea of a number before searching for a gift, I’m saved from attaching myself to gifts that are out of my price range and can focus on gifts that are in it. Budget what you can afford to spend, while considering all of your regular (rent, gas, food, bills, etc.) expenses.
Focus on intentional gifts, rather than expensive gifts.
Whether you are shopping online or in person, focus on gifts that will be special and meaningful to the recipient. Put thought into if they will actually like and use the gift. Or pick out something that has sentimental value to them. Often times, it’s important to consider if this particular item is something that THEY would like as a gift, rather than just something YOU would like as a gift. Intentionality with gifts goes a long way and means more than how much they cost.
Shop early and shop around.
One way to cut back on costs of your gifts is to start shopping early. The earlier you start, the earlier you can catch an item on sale. It also helps to know all of the different stores that you could buy the gift at. You can allow yourself time to shop around for the lowest price. For example, you could buy a pair of sneakers for $100 from Nike’s website but pay a $10 shipping fee or you could buy the same $100 sneakers at a shoe store right near your house. Obviously, you’d choose to buy the shoes at the shoe store near your house since the total price is cheaper! However, if you had never done your research to know where you could buy the shoes other than Nike’s website, you’d be spending an extra $10 that could have been put towards another gift or just left in your wallet!
Even those its cliché, remember the reason for the season!
Lastly, remember that this season isn’t about how much money you spent or the expensive gifts that you yourself received (or may have wanted), it’s about spending time with family and friends and cherishing the special relationships you have with one another. Don’t let yourself get caught up in the hustle and bustle, and focus on your time spent with others.
Make good financial decisions this season, and have a happy Thanksgiving, a merry Christmas, and a great start to 2025!
