When it comes to the festive holiday season, we can identify two groups of people. The first group, let’s call them the festive, are the ones who go all out every year, cleaning, painting and decorating everything in sight. Then, there is the second group, the caught off guard. They are the ones you are certain to hear exclaiming, “Christmas is next week already?!”
There are, of course, overlaps between the two groups, but whether you’re one of the festives or find yourself always caught off guard, getting ready for the holiday season can be overwhelming when it comes to your finances.
That’s why we’ve put together a few tips to reduce the anxiety around overspending this holiday season.
Start early
It’s never too early to start putting things in place for the holidays. Get a head start on the planning by making a list of all the things you need, and want, to do. What do you need to do to get the house ready? Do you need to paint, pressure wash, cobweb the ceilings, or get new curtains and cushions? Add it all to your list.
Then, think about the events and activities you’d like to attend over the holidays and add those to the list too. Don’t forget the gifts! Your list should also include the people you’d like to give gifts. Finally, add your grocery shopping to your master list.
Make a holiday budget
Using the master list as a guide, make a detailed budget for your holiday spending and try your best to stick to it. Depending on your circumstances, you may have to forego some things and get creative. For example, do you need to buy new curtains, or can you repurpose an older set? When it comes to gift giving, instead of buying gifts for everyone on your list, you can try a gift exchange or ‘Secret Santa’ with your family and friends. If that’s not possible, set a budget for each person and aim for gifts that are meaningful and memorable. This could mean making the gifts yourself or choosing experiences that allow for quality time with your loved ones.
Once you have an idea of how you will approach your holiday spending, try to get your shopping done as early as possible to avoid the rush in the days leading up to Christmas.
Take advantage of sales and specials
Many businesses will soon announce their Christmas sales and holiday specials that you can take advantage of. You’ll have to be strategic and shop around to find the best deals that align with your holiday budget. Remember, just because it’s on sale does not mean you have to buy it.
Be on the lookout for holiday scams
The holiday season is a prime time for scammers looking for unsuspecting victims. Stay vigilant and don’t click on any suspicious emails or text messages promoting amazing deals. If it looks too good to be true, err on the side of caution and delete and report the message.
These tips should help alleviate some of the anxiety around holiday shopping and overspending. Start early, stick to your holiday budget, take advantage of the sales, don’t fall for any scams so you enjoy the season with your family and friends.
