The holiday season has begun, and it’s time for gifting and giving. By creating a list for your budget, you can avoid getting wrapped up in holiday expenses. Being realistic around this time of the year is a great start for your finances. Prioritize how you are going to give back and how you want to gift your friends and family.
You don’t have to match the gifts others give you. Your friends and family do not want you to go into debt for you to get them a fancy gift. If you are purchasing gifts for multiple friends, narrow your list down. “Naughty vs Nice”, if you’d like. This way you can decide how to spend your money wisely. If you have a large group of friends you want to gift, but it doesn’t meet your budget, think about creating home goods or personalized gifts.
One of the best tricks I try to stick by when purchasing gifts is to use cash. That way it doesn’t affect my credit card spending and it is way easier to keep track of. A lot of stores offer special sales, especially the closer we get to Christmas. Do your due diligence and research before making a purchase to see if you can save a few extra bucks by snatching up a coupon. If you decide to splurge a little extra on someone special, think about cutting back on that latte you purchase every day. Saving a few extra bucks can add up quickly and be used towards that special gift you want to give.
When it comes to giving back in the community, donating toys and money is wonderful if you can. But if you are in a different place in your financial life, there are several ways to give back to those during the holidays. Organizations like Feed my Starving Children, St. Mary’s Food Bank Alliance, Halo, and St. Vincent De Paul allow you to help those in need. Donating blood is also a way to give back without having to spend money. Toys are great, but packing food, helping with animal shelters, and donating blood make huge differences in communities.
At the end of the day, the holidays aren’t just about gifts, it is about spending time with the ones you love the most. If you remember some of these tips this holiday season, you will ring in the New Year with a very happy wallet. If you need help with your finances, Henry+Horne Wealth Management is right around the corner and can help you create a plan that fits your lifestyle.