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Being Financially Smart During the Holidays

Being Financially Smart During the Holidays

December 04, 2020

Does Your Gift Giving Line Up With Your Financial Goals?

With the Holidays right around the corner, we can all use a few tips and reminders on how to better manage the season and still keep our financial goals on track.  According to the National Retail Federation, Americans will reportedly spend an average $1,047.83 on gift buying.1

We all love to find and give the perfect gift, but we can also cause financial stress if we don't plan ahead a little. With all of the sales and discounts offered this year, it is easy to find yourself getting a little off track from your normal budget. Recently shared their top 8 tips for how to successfully navigate the challenges of Holiday spending.2

Below I have summarized their list of 8 strategies to make sure that you don't get too caught up in the spirit of giving. To read the full article, you can access it here.

  1. Set Holiday Spending Limits 

Make sure you stick to your budget. If you haven't made one, do it now! It's not too late. Don't be tempted to put all of your gifts on your credit card, set a limit on your spending and don't run up your balance.

  1. Make Your Own "Naughty" or "Nice" Lists

Although we'd love to buy gifts for everyone, it's not always possible. Take a look and see if you can cut down on the store bought gifts and try making some homemade cookies (or even buying a small cookie gift set if you're a terrible baker!)

  1. Be Realistic About Your Budget

Set a realistic amount to spend on the people on your list. Don't feel like you have to keep up with someone else's gift budget if you need to cut back a little. Sticking to a budget is sound financial advice you should follow all year long.

  1. Become a Coupon and Coupon Code Collector

Buying gifts on sale is a very easy way to stretch your spending dollars. Use to the money you save to make your gift giving go even further.

  1. Give the Gift of Your Time

Try giving a “coupon” for babysitting services, a home cooked meal, or even just set aside time to spend with family. Sometimes the best gifts are the ones that don’t cost anything.

  1. Build Better Spending Habits

Make sure that you set and stick to your budget for the holiday. Try creating a gift budget item line in your monthly savings to cover the cost of the Holidays before you even get to December 2021.

  1. Provide Personalized Gifts

Instead of thinking big, go for a small thoughtful gift. Anything that is thoughtful is always appreciated especially when the gift is a reflection of how well you know the person and what they like.

  1. Organize Group Volunteering vs. Holiday Parties

Why not try and get your friends together to join you in supporting a cause rather than buying each other gifts? After all, it's always better to give than to receive.

To wrap this all up, the bottom line is with a little bit of planning ahead, you can truly make the most of your Holiday Season.

If you feel like you need a conversation about your financial goals, please reach out. I am here to help you visualize and implement a comprehensive solution tailored to your individual needs.

Happy Holidays!

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