How to Keep from Overspending This Holiday Season
Written by Nicole Smithee
‘Tis the season for gift giving, but this year your trips to the mall and carts on Amazon don’t need to be overshadowed by financial stress. Below are some practical ways you can spread love and cheer without having to feel a severe case of buyer’s remorse come the new year.
Determine your budget for the holiday season.
If you are anything like me, you love making the most of this season and can’t wait to decorate, host parties, plan your travel, and go shopping! But before you dive head first into the festivities, why not set aside an hour to look over your finances and decide your budget for the season? If you are married, be sure to include your spouse in the budget planning and talk honestly about what you can afford this year. Make sure your budget supports your personal financial goals and still allows you to enjoy the holidays. No one wants to start the new year with new debt or money problems, especially when it can be avoided with a little planning.
Decide who gets a gift and who gets a card.
In a perfect world, you’d love to give everyone a gift and see the joy it brings them. I feel ya! When reality sinks in though, we will most likely have to release ourselves from our Santa aspirations. Take some time to write a list of who you will give purchased gifts to this season. This may mean that your co-workers get a handwritten card from you instead of purchased items this year or that you talk with your friends about opting out of a gift exchange.
Be honest about what you can reasonably afford and don’t feel guilty about it. There are so many other ways you can spread holiday cheer without including everyone you know on your shopping list.
Opt for a Secret Santa gift exchange with your family or friends.
Secret Santa gift exchanges provide an easy and fun way to give gifts without going broke. Instead of feeling the pressure to buy everyone in your family or friendship circle individual gifts, host a secret Santa and place a limit on how much can be spent on presents. Not only will everyone give thought and effort into the gifts they give, but also no one will have to worry over their finances come Christmas day.
Dabble in homemade gifts or home baked treats.
This holiday season homemade gifts are having their moment. Do you enjoy baking? Gift your neighbors with delicious sugar cookies this year. Are you a bit artistic? Let your creativity shine with homemade ornaments for your friends. For more inspiration, check out this article with 97 DIY Christmas gifts that will mean so much to your friends and family.
Consider buying gifts from local and small businesses.
It’s not the quantity that counts, but the quality. Sure you may be tempted to order half a dozen gifts from Amazon for your siblings because the Cyber Monday deals were so enticing. Instead of more gifts this year, why not opt for one much more personalized and unique gift from a local or small business? It’s always a good idea to shop local and small, but during the holidays especially you can find wonderful and meaningful gifts at a price that’s equally as charming. You can check out Iridescent’s Holiday Gift Guide here for our stand-out gifts from female-led brands and businesses we love!
I hope your holidays are free from money woes and worries. Make the most of the season while also making smart financial decisions. Trust me—both your bank account and peace of mind will thank you!
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