By: Rachael Doyle
As soon as the clock strikes twelve on November first, Halloween is forgotten and our minds begin to swell with the joys of the holiday season. Mariah Carey plays on loop in everyones’ subconscious (or maybe that’s just me) as they plan gifts for their friends and loved ones, a tone of excitement in the air. It is often normalized for people to spend thousands of dollars during the holidays, knowing that they can rely on their New Year’s Resolutions to pick up the slack in their savings accounts afterward. However, for some the holiday season is not that easy. The “season of giving” can be full of difficulty and even embarrassment for those unable to afford the extreme costs of the most popular gifts of the season. I am sure we have all experienced the disappointment of finding the perfect gift for someone, only to find that it is simply out of budget. This year, there is no need to worry. While it seems impossible, there are ways to show those we love just how much we care about them- without breaking the bank!
Savings are Your Best Friend!
If your bank account is not looking its holiday best, now is the perfect time to plump it up in preparation for some hardcore shopping. It is never too late to begin saving, so do not be discouraged if you feel as though you are late to the party. I have a few saving tricks that I have used for the past few years that will help you get on the right track. First, when receiving your income you should save your hundreds and stretch your 20’s. For example, say you receive 240 dollars in your next paycheck. You should put the 200 in your savings, and keep the 40 dollars in your checking for any weekly purchases. This trick has definitely worked for me to boost my bank account while also keeping my weekly spending in line. Another trick I use is setting “spending priorities” to prevent any unnecessary purchases. If I know I need to fill my gas tank this week, I will obviously do that instead of buying a new sweater or getting my nails done. I am certainly not perfect at this one, but even practicing this every once in a while can help save on small costs that will add up quickly.
Set a Game Plan (and stick to it)
Going holiday shopping is stressful enough, so try to make it a little easier on yourself by making a shopping game plan. It seems unnecessary but you will definitely be thankful for it once you hit the crowded shops. Before large holiday shopping trips I make a list of who I am shopping for, what my target budget is for each person, and any notes on gift ideas I may have. Shopping during this time of year can become really overwhelming really quickly, and it brings peace of mind to me that I can glance down at my little cheat sheet at any point to get myself back on track. For those who may procrastinate their holiday shopping (myself included) this is especially helpful, as you cannot afford to forget anything when the clock is ticking. Trust me, making a last minute trip to the pharmacy on the day of a forgotten Secret Santa party is a nightmare everyone should try to avoid. Make a game plan that works for you to put your wallet and your mind at ease.
Homemade Gifts- Tacky or Treasured?
If you are really struggling through the holiday season, remember that a homemade gift is a great way to show someone you care without breaking the bank. Simplistic gifts such as a mug with their favorite candy inside, a DIY snowman kit, or even a collage of your favorite memories with someone can go a long way to show what they mean to you. Think of The Office- for Christmas Jim found an inexpensive teapot Pam wanted and filled it with some of their favorite memories and inside jokes. To the others it did not seem like much, but Pam found it more valuable than the latest iPod. This is also a valuable gift giving method if you want to be more environmentally conscious this holiday season. Buying gifts for everyone can add up quickly, and as much as we don’t like to think about it some of our gifts may end up in dumps and landfills. By using your creativity to come up with a repurposed and thoughtful gift, you will be giving back in more ways than one.
Hopefully these tips and tricks will help you (and your bank account) survive the holiday season and lead you into a more productive new year!!
Source:
https://www.discover.com/online-banking/banking-topics/6-tips-to-save-money-during-the-holidays/