During the holiday season, it is tempting to throw caution to the wind and spend money on gifts, gatherings, and entertainment with the I’ll deal with it in January attitude. Spending without a budget can be fun in the moment, but when January rolls around and the bills start to come in, it can be overwhelming. Having a plan for holiday spending will make sure you have a great time with friends and family, and you will be able to keep your budget in check as we start the new year.
Stay on top of your holiday spending with these three tips:
#1 Know Your Limits and shop local
Create a list of everyone you want to include on your gift-giving list, and then assign a budget to each person. The gifts can range from personalized socks to jewelry to a wine-tasting tour. There are so many options when you start to think creatively. Spending time at local Christmas markets will give you plenty of ideas for unique and local gifts. A thoughtful gift is often more memorable; after all, a gift is a gesture of gratitude and appreciation, not a contest on who can spend the most.
#2 Group Gift Exchanges
If you have a big family or a large group of friends who exchange gifts, suggest picking names and each buying one gift for the person you choose. This way, you can dedicate a larger sum to purchasing one special gift. Getting together and having fun is what we all crave during the holidays, so making a gift exchange a joyful activity is a great way to spread holiday cheer without breaking the budget.
#3 Get Creative with Holiday Fun
The holidays are about creating warm memories together. Stretch your imagination to do something you might not normally do. Rent out a movie theatre and watch a beloved holiday movie as a private group, plan an escape room adventure where everyone who participates brings a bottle of wine. After you work together to escape the room, you each take a bottle of wine home as a treat. Go to a holiday concert together to experience live music, dancing, and hot cocoa. Each of these activities is rewarding and a gift on its own, as spending quality time together is what we all want to do.
Being creative will allow you to see your loved ones, create memories, and stay within your budget. Your January bank account will thank you!
If you need help planning your next home purchase, are seeking a pre-approval, or want to review your budget for ways to save money, call us today. At Gail Sylvester Mortgages, we are MORE than just mortgages. We will review your financial picture and goals and devise a plan together. Being smart with money doesn’t mean missing out! Call us today to review your situation and start planning for your future.