Regardless of if you’re enjoying the single life or busy with a family, the holiday season can bring quite a few costs to your plate. From fancy meals to thoughtful gifts, these expenses not only seem necessary, but also unavoidable at times.
When you have fear of inflation and income limitations, it can seem hopeless to successfully manage your money during the holidays. Though it can be tricky, we’ve put together a few ways to keep your holiday finances in check. It starts with getting yourself into the right money mindset and taking time before spending to set a plan and—as best you can—stick to it.
Start Your Efforts Early
For a lot of people, the holiday season starts the day after Thanksgiving. But thanks to the festivities even before Turkey Day, your holiday expenses may seem to begin earlier each year.
Keeping this extended timeline in mind, your holiday saving can never start too soon. Save early and often—pre-planning and delegating your money can go a long way towards adding to your comfort and overall peace of mind.
Establish Your Financial Boundaries
Before you even spend a penny, take some time to sit down and set some financial boundaries with yourself. Then, help hold yourself accountable by talking about it with your friends, family, or even a money coach. Ensure that you’re clear about who you want to buy for and how much you plan to spend. It can be easy to get carried away, tapping into your credit card for one too many things.
If you aren’t careful, that debt can become quite burdensome to the point where it seems impossible to pay off. Practice mindful and intentional spending, using only the money you have today, to avoid exhausting your available credit.
Find Meaningful Gifts
The pressure of finding the perfect gift for everyone on your list can be overwhelming. Before you give up and go the gift card route, spend some time thinking about gifts that are more meaningful than costly.
Finding the balance can be stressful, but you can get started with financial apps that encourage you to spend on more worthwhile purchases.
Split Your Costs When Possible
When you’re in the holiday spirit, you might want to be generous beyond your wildest dreams (and budget). But if you end up spending your whole paycheck on Thanksgiving dinner or Christmas gifts, it could land you in a financial hangover come January.
To help keep costs in check, try to strike a balance with approaches like potluck for Thanksgiving dinner and secret santa for Christmas presents. By sharing your costs, you can easily lower your burden without walking away from holiday joy.
Devise a Spending Plan and Stick to It
Last but not the least, once you set your spending limit, stick to it. Decide on your priorities and plan ahead so you’re not tempted while wandering the aisles or shocked by your credit card bill later.
It just takes a little extra thought and planning to manage your finances during the holidays with ease. Besides adding to your own comfort, it allows you to enjoy the season without fretting over your funds.
Through Stackin’, you can get a personalized assessment of your money goals and your current spending habits. You’ll also be able to chat with a money coach to set an action plan that fits your spending needs for that special time of the year. Setting and discussing your goals not only helps you improve your relationship with money, but also provides you with the tools to strengthen your finances for years to come.
To get ready for your holiday spending, you can sign up for Stackin’ and embrace financial wellness on your own terms.