Five Ways to Manage Your Holiday Spending

Summary:

1)     Get Creative – Make your own presents

2)     Plan Ahead – food and presents

3)     Look for the deals, do your homework!

4)     Get the Children involved!

5)    PRESENCE OVER PRESENTS

It is HERE! The holiday season: shopping mall Santas, busy checkouts, roast turkey with all the fixings…and of course Mariah Carey music! Most wonderful time of the year (well, mostly!)…but also no tougher time on the bank balance! So how can you manage your spending this holiday season to avoid racking up the debt?

First off, always try to plan ahead, on AVERAGE, approximately $1,300 CAD is spent per year on holiday spending (decorations, food and gifts/presents). At a macro view, you can look to manage this spending as you would any spending - plan ahead and start saving beforehand so you will have funds in your account when needed. If you haven’t saved ahead, or even if you have, then here are five ways you can look to manage your spending through the holiday season, while still enjoying the “MOST WONDERFUL TIME OF THE YEAR”!!

 1. Get Creative.

Think about the best presents you received as a child. I am guessing they were experiences and memories of things you did with family and friends? I find that often, the best gifts are the ones we put some thought into and get creative ideas that are “tailor-made” for the recipient. Make that dinner for someone, treat them to something they love to do (and maybe you go along with them!). It doesn’t always have to be that high-ticket item…maybe its just as simple as being intentional and spending time with loved ones – taking a walk, or maybe a road trip to a “childhood” favourite. Get creative – you don’t have to buy items all the time for gifts to be meaningful.

2. Plan Ahead.

While planning ahead to save up a “Christmas fund”, is always the best approach, the next best thing to doing so 3 months ago, is to plan ahead TODAY. Make a list of everyone you are looking to buy presents for, what you plan to spend on decorations, and of course food and entertaining. If you add it all up (take your best guess), and its too much, then course-correct. Perhaps you can use last years decorations, or go to a thrift shop, or perhaps you make Christmas dinner into a pot luck or have family bring over dishes to take the burden off.  Whatever it may be, by planning ahead and executing to that plan, you will surely be further ahead and maintain control over your budget.

3. Look for deals. Do your homework!

Let’s face it, if you are in a rush and buying things “last minute”, you have a far greater tendency to spend more than you had planned.  To prevent this, do your homework, plan things in advance and keep an eye out for deals.  When you’ve “made your list”, its far easier to keep those items top of mind and snatch a deal up when it presents itself! Regarding food, I love to leverage local farms for great, high quality meats and items at rates cheaper than grocery stores – use facebook marketplace to look in your area – build your local network (and cut out the middle-men – this translates to fresher product, with less markup – win win!).

4. Get the kids involved!

Whether its baking those Christmas goodies, or maybe making a homemade craft for the grandparents, have your children get involved – memories for years to come, not to mention life skills for the kids! The gifts will also be much more meaningful too when they have those “personal touches”.

5. PRESENCE over PRESENTS.

When all else fails, just remember – your PRESENCE is the greatest gift you can bring. We are all made as unique and special human beings. Even if you have very little (or nothing) to bring, bring yourself. You are the greatest gift to others around you, and just being there (your PRESENCE), can lighten someones day. We all need each other in these times, and we ALL have value.

Overall, when you look at ways to “curb your holiday spending”, the key word is MODERATION. Its ok to spend in some areas, but you can’t spend everywhere. So do your homework and plan ahead…you will be glad you did, and far more equipped to end the season on budget.

If you want some help navigating your budget and spending this holiday season, reach out and chat! I would love to help you, and am in the “business” of helping families get control and confidence in managing their money so they can live the life they want!

You can setup a FREE consultation by clicking on the “Financial Freedom Session” button in the top right corner. If you’ve been putting off reaching out or digging into your finances, don’t delay – there is no better time than the present to take control of your future!

EDUCATE. MOTIVATE. INNOVATE.

In YOUR Corner.