How to Prep for the Holidays Financially: 7 Ways to get through the season without using credit & being a scrooge
I want to share some ways to keep your from crying into your Ramen in January, when your credit card bill arrives.
The holidays are a time of family, joy, and gifts… but seems like, mostly gifts. Or the expectation to buy everyone you know a gift.
Oh yeah, and then there’s the holiday meals, hosting dinner for 8, even with “food at home” isn’t cheap.
None of us want to be a scrooge and no one likes to admit that they don’t have an extra couple thousand lying around for the holidays, so what do we do? We pretend, and do all the things anyway.
Then we wake-up in January with a new list of resolutions, and right below “lose weight” is “get out of debt”
Here are 7 ways to keep from adding to your debt this season:
1️. Decide who is & (more importantly) who isn’t getting gifts. This may require a few conversations, “Hey, I’m not going to be exchanging gifts this year” or “I am only buying for the kids this year” You don’t owe anyone an explanation. Just set the expectation. Besides, if we are honest, we don’t even want half the stuff we are given anyway. (if I wanted Bath & BodyWorks lotion, I could buy it myself)
2️. Do a White Elephant, Secret Santa, or Yankee Swap. In larger families or at work, picking a single name or purchasing one gift with a limit is a fun way to save money and make gift buying a lot less stressful.
3️. If you’re hosting a meal, ask your guests to bring a dish, beverage, or dessert. Having everyone pitch in makes it fun, and won’t put all the pressure on you to purchase all the food. You can make it even more fun by having a contest and judging the best dishes.
4️. Go in on an experience! Unwrapping gifts takes 30 mins tops, why don’t you look at fun activities like movies, sledding, a hike, staycation, short trip, or looking at Christmas lights to do together instead?
5️. Challenge Tradition & get creative! Why does everyone have to buy everyone a gift? Because that is the way it’s always been done? Try suggesting new traditions: buying stocking stuffers only, planning a fun trip, buying a game that everyone can play. Making your own traditions is a great way to change patterns and everyone can get involved.
6️. Look for deals. If you’re purchasing large ticket items like electronics, sports gear, or appliances, check out places like Groupon, eBay or Facebook Market Place for new or refurbished items for less.
7️. DO NOT USE CREDIT and do not fall for the “TAX RETURN TRAP”. This is where you tell yourself, “When I get my tax return, I’ll pay the card off.” If you don’t have the money now, don’t spend it. Set a limit and stick to it. Playing with and spending money you don’t yet have is never wise. Your future self will thank you.
I would love to hear how you have planned for the holidays?
When your relationship status changed, did that change how you celebrated?
#FindTheMoneyProject Challenge starts now if you want to find extra money for this time of year, sign up now!
