Finally, the holiday season is upon us! It is the time for comfort, joy, celebrations and spending a lot of money. Yes, this is the time most of us will be spending copious amounts of money in the spirit of celebration and giving.
However, with everything going around the world right now (think inflation, after covid impact, etc.) it can be a stressful time if you are not well prepared for this season. Having a good budget for this season is one way to get prepared. However, budgeting during the holidays doesn’t mean staying home and skipping out on the fun. Here are three budgeting tips to help you enjoy the holiday season without blowing through your entire savings account.
- Review your finances
You cannot pour from an empty cup. So now is the time to review your financial situation and understand how much you need/ normally spend for your basic needs and lifestyle sustenance. Not only is this a good habit to begin with, but it will help you to be realistic of how much you need to save or budget in order to have the best time during the holidays.
Tip: Consider adjusting your budget now so that you can have extra money to spend during the holidays.
- Make a list
If you know me, then you know how much I love making lists! Now, the holiday season is one of those times that we are giving gifts a lot and hosting or attending various events. If you are going to be gifting others, make sure you have a list of the people you will be gifting and what you will be getting them to avoid overspending. Normally family and friends are the ones who will occupy our lists, however if you can, you can also think of gifting your colleagues, neighbors or other people in your life.
Tip: To save money try to find gifts that have sentimental value, make them yourself or treat your friends to experiences.
- Reduce, reuse, and recycle!
The holiday is one of the times that the spirit of consumerism is at its highest! While buying stuff for your loved ones is considered as an act of love try to find a balance and overindulge in the name of giving. Even though you might want one, you don’t need a completely new outfit for every work party, family dinner, and holiday celebration. When it comes to reusing, it is not only about your clothes. You can do the same with decorations, gifts and other holiday accessories. If something does not fit for this occasion, you can resell it or save it for another proper occasion.
Tip : Try building new looks out of things you already own, adding a new trendy piece here and there to bring a fresh feel.
At the end of the day, holidays are about having a good time with friends and family. It is time to reconnect and enjoy some time off for relaxation after working hard for a year. Hope these few tips can bring you extra joy as you celebrate this holiday season!
