Keeping on budget during the holidays
With Covid still looming, the holidays might look different again this year. This is why most people will try harder to make the season brighter. This might include spending more. But, you don’t have to dip into the kids’ college savings to create a memorable time! Here are a few ways to help you keep on budget during the holidays.
The most important thing to remember is to plan ahead with a set spending amount for gifts, wrap, entertaining, donations and travel.
Make a list and check it twice.
Once you have your gift-recipient list, figure out a realistic amount you can spend on each person. Then, jot down a couple of gift ideas in your price range for that person.
Try a budgeting app like Mint to keep your spending in check. You can use Mint for your regular monthly budgeting, but it also allows you to allocate more funds for holiday purchases. Using graphs and reports shows you how much you’ve spent and how it will affect your budget in the months ahead.
Shopping
Due to the pandemic, holiday shopping is already in full swing. So naturally, most people want to avoid crowds, so they are already hitting malls and Amazon. Retailers are well aware of this and are offering pre-Black Friday sales and discounts.
Some other money-saving tips:
- Spread out your holiday shopping over several weeks.
- Shop with a list.
- Shop the sales and find/use coupon codes for online purchases
- If you’re shopping online, avoid shipping delays and higher shipping costs by shopping at stores that offer “buy online, ship to store” service, which is accessible and free at most retailers.
- Get the best deals on cards, decorations, and gift wrap during the days right before and after Christmas. Discounts of up to 75% off can shave a lot off your holiday budget for next year.
Entertaining
Still reeling from the effects of the pandemic, most folks will host smaller holiday gatherings this year, saving tons on food, treats, and adult beverages. Keep costs down by asking everyone to bring their favorite side or dessert and include festive recipe cards with the chef’s name.
Use DIY decor containing natural items, like holly and pine cones. Then, gather the kids and go on a hike to find outdoor holiday decorations.
Save more by partying without plastic. Disposable plates and dinnerware are not great for the environment or your budget.
Travel
If you must travel home for the holidays, don’t forget to figure in incidentals beyond basic travel costs.
If you’re traveling by car, gasoline prices have sadly seen a steady increase. And, don’t forget to figure out tolls and any emergency costs that may come up.
If you’re flying, consider baggage fees, parking, shuttle costs, and ground transportation expense once you arrive.
Charitable giving
The holidays are a time for goodwill toward all. But if your budget cannot accommodate a monetary donation, volunteer your time. If you are able to make a financial donation, be sure to check that the charity you are supporting is legitimate by consulting Charity Navigator.
Keep your holiday dollars in check, and you may have some holiday spirit left over even after the last elf is packed away and the January bills start rolling in.
We at Elevate Credit Union wish you all a happy, healthy, and stress-free holiday.
