The holidays are fast approaching. The wonderful season of celebration, gift-giving, and spending time with our families is almost here. And this year, excitement is at an all-time high as we anticipate meeting our families face-to-face again after two years. Everyone is looking forward to Thanksgiving and Christmas. While that’s exhilarating, holiday spending can be particularly risky to your finances.
The inflation rate is still pretty high, and kids haven’t changed their expectations. They are still adding more items to their Christmas wish lists. Maybe your family doesn’t have to worry about anything I just mentioned. But you understand what I mean if you are an average family or the primary breadwinner.
During the holiday season, it’s easy to get carried away with your expenditure. So, as much as I’m about enjoying the festive season to the fullest, it shouldn’t be at the cost of accumulating debt from overspending and impulse buying. That’s why this article will discuss holiday spending tips that will make your holiday season brighter and easier on your wallet.
1. Set Gift Expectations and Cap the Maximum Spend
Rather than exchanging multiple gifts with everyone in your family, set gift expectations for the kids, significant others, parents, siblings, nieces, nephews, and in-laws. This year, it’s worth doing a Secret Santa. You can create a family group chat and put someone in charge of getting everyone’s top two or three gifts.
Besides being a fun holiday activity with your family, it ensures everyone gets a gift or two. But while at it, remember to put a cap on the maximum spend. Since you are celebrating with your immediate family, it’s not a bad idea to set some expectations around the number of presents everyone gets.
You can even decide to forego the idea of gifting entirely and focus on togetherness. Just make sure you set these expectations early.
2. Shop Early
Start working on your list as early as now, and get your holiday shopping done as soon as possible. After all, the best holiday deals are expected to be posted earlier than usual, as there might be some last-minute delays again this year due to supply chain choke points.
Also, getting a head start on your shopping will help if you get swamped by any last-minute holiday spending. At least then, you will have already taken care of the essential things.
3. Replace Hosting with a Potluck Party
With everything costing nearly twice as much, hosting Thanksgiving, Christmas, or both will require you to reach deep into your pockets. But just because you are the host doesn’t mean you have to incur all expenses.
Including the guest in the choice of meals may be a great idea. Ask them to bring their favorite meals and side dishes or make a vote for the kinds of food you wish to serve. That way, you won’t have too much leftover and may not have to throw anything away.
4. Consider a Family Fundraising for Christmas and Thanksgiving
Another cost-effective way to spend the holiday would be by doing a family Thanksgiving and Christmas fundraising. If you are hosting, list what dishes will be served and ask for goods or monetary contributions from the family members.
In Summary: Holiday Spending Tips
The holidays should be enjoyable, but that doesn’t mean you have to spend all your money to relish the season. So, as you go about your holiday spending, keep these four tips in mind to help you manage your money. At the same time, remember the holiday season is about gratitude, love, and giving. As the saying goes, “All you need is love.” Everything else is a bonus. So, let’s enjoy this season responsibly.
