Financially Survive the Holidays
Are you afraid that your pockets will be low while attempting to enjoy the holidays?
The joyous holiday season is approaching, which means its one of biggest times of the year when people go crazy buying gifts and spending money. If you're like many people, like old-self, the holidays can cause more financial stress than ever before. Buying gifts, figuring out who is going to receive which gift, the decorations, the dinner/ seasonal party preparations, and anticipating guests may often seem overwhelming.
While it may be hard to digest, you are able to enjoy this holiday season without emptying out all of your pockets and coins.
Here are some ways you can financially survive the holiday season without stress.
Set a Strict Budget & Planning Your Shopping🛒
Put your yearly or monthly budget worksheet to use! Analyze your monthly income and expenses to further decide exactly how much you want to spend during the holiday season overall. This is including all expected spending such as gifts, decorations, food, etc. Many financial planners suggest spending no more than 1.5% of your annual income on holiday spending. Suggestion: After analyzing the amount you wish to spend during the holidays, make a list and research the cost of expected gifts you wish you give and assign each item.
Setting a budget comes with planning your actual shopping trip. Whether you are going to the grocery store or the mall, the primary goal is to always have a list ahead of time of what you wish to buy and the assigned person. In addition, compare prices ahead of time as well before you go into the stores. Creating your list and sticking to it will help you alleviate the fear of overspending. One of the main causes of overspending is the behavior of acting on impulse. It is quite easy to purchase gifts on impulse without looking at your list, which will further result in unexpected overspending. By planning your shopping trip and setting a strict budget, you'll prevent yourself from falling into the economic trap. Get what you only need and stick to your plan!
Don't Be Scared to be Thrifty
Let go of the stereotype of being thrifty! Our mission is to be on the mission to financial freedom. A part of financial freedom is leveraging the financial opportunities around us - including thrifting. Hunt for shopping deals online, shop early and utilize the coupons that are sent to your house.
Bring Out Your Creativity! 🎁
"It's not about the cost of the gift, it's the thought that matters". Over and over again we hear this phrase when we give a gift a to someone, well sometimes. As we sometimes jokingly say this, it is often true. Go back to your younger years when you used to make hand-made gifts for your parents and when you gave them their gifts, they were much appreciative. Handmade gifts are generally the most thoughtful. Expand your creativity during this holiday in multiple areas. Bring out your creativity by hand making a gift, give the gift of time, cook a meal, or host a potluck dinner. Think outside of the box! 🤔
Using your creativity and thinking outside of the box will cost you the bare minimum.
Remember the Purpose of the Holidays 👨👩👧👦
Don't fall into the capitalistic pressure in this economy! It is so easy to fall for the pure capitalism trap of spending your money all over the place. Occasionally, people forget the meaning of holiday season and become materialistic. The holiday season actually has nothing to do with buying gifts, the Christmas tree, the decorations, or all the above. It has all to do with enjoying time with your loved ones. Stop stressing over the financial burden of the season holidays and keep in mind the purpose of the holidays.
Minimize Use of Credit Cards 💰💳
Goal - Preventing debt & be on the journey to financial freedom! This also includes the use of your credit cards that you are tempted to use. Try to limit the amount of use of your credit cards. If you are using your credit cards for holiday shopping, use the card that has the lowest interest rates. After usage, try to pay off the credit card IMMEDIATELY!
Key Takeaways: Want to alleviate the financial stress during the holiday season? Take into consideration of creating a strict budget, be creative, and avoid the economic pressure. Don't forget to remember the reason for the holiday!
Always have the mindset that it is possible to get through the holidays without creating debt or emptying your pockets.
Take away stress and Enjoy the Holidays!
