Are you feeling stressed about the expenses that come with holiday spending? Holidays are a time to celebrate with loved ones while cherishing holiday traditions. One of these traditions may be shopping. This is the time of year when we spend a staggering amount on winter holidays. The National Retail Federation estimates that we will spend around $900 per person on gifts, decorations, food and other key seasonal items.
As you are preparing to shop for the holiday season, how can you be smart about your spending?
Communicate with Family and Friends
Do you feel like you’re spending too much? Consider talking to your family, children, friends and neighbors about the options regarding holiday spending. What are your annual traditions and what are your priorities? Are you able to have an open and honest conversation with family members?
Instead of purchasing something pricey, find other ways to give thoughtful presents. Are you able to create homemade items? Are homemade gifts considered meaningful to those you are giving them too? What special holiday foods can be prepared to highlight past traditions?
Consider thoughtful gifts that can make life easier. For example: certificates of time for babysitting, house cleaning, help with chores, spending quality time with a child or preparing a homemade meal?
Is there another option such as drawing names or having a gift exchange instead of buying something for each and every family member? One way to stay within your budget is to put a dollar limit on the amount to put towards this gift.
Gift cards are another option and convenient for you to purchase. These cards allow someone to purchase something that they want, especially teens or people that have nearly everything. Consider asking the recipient what their favorite store is and purchase a gift card for that store.
Remember, when purchasing them, get a receipt. Also, understand the rules of the cards such as expiration dates, fees and replacement cards so the recipient will not be disappointed.
Control Spending to Reduce Stress
The number one strategy to reduce stress is to set aside a specified amount each month to put towards shopping for the holiday season. It may be too late for this year, however, this can be a strategy for the next holiday season.
The smartest thing any shopper can do is to save in advance for upcoming holiday seasonal events or shopping. Set aside a specific amount of money that you want to spend on the holidays. Managing your money and resources through the entire year will help reduce stress. This will help keep your financial obligations under control.
Consider beginning your shopping early to help you save time, energy and money.
Create a Spending Plan for Holidays
- Decide how much you can spend.
- Create a list of gifts you want to give and use it as a guide while you shop.
- Be sure to include all gifts, gift wrapping, postage, decorations, special foods, holiday entertainment, etc.
- Stick to your holiday spending plan once it is developed.
- Exercise self-control, especially with on-line shopping. Understand the shipping charges and the rules for returning anything.
- Avoid impulse buying, grabbing those last minute stocking stuffers and gifts is tempting yet, it becomes a financial drain on your plan.
The holiday season can be stressful enough. But holiday spending that is uncontrolled, creates additional stress. Planned and controlled spending can provide you with that joy and peace that the season is meant to bring. Wishing you a cheerful holiday season and a Happy New Year!
