How to Plan for the Holiday Season Now
It may seem crazy to start thinking about planning for the holiday season, but holiday planning is starting even earlier than ever this year! This is partially due to “COVID escapism”. It’s always great to plan for the holiday season; we want our clients to be prepared for the influx of expenses, and enjoy the time rather than stressing about their finances. Here are some tips to get ahead of the ball this holiday season!
1. Create a list, check it twice
Before you go on a spending spree, create a list of who you want to buy gifts for and set a budget amount. You already know it’s a bad idea to go to the grocery store when you’re hungry. Similarly, it’s dangerous to go shopping without a plan regarding who you’re going to buy for and how much you can reasonably afford. Now, we all want to be generous but not everyone needs gifts. And if you want to buy gifts, they don’t have to be expensive. A nice plant, a journal, or book can all be nice, affordable gifts.
2. Use cash, not credit
If you want to have a smart holiday spending strategy, here’s a simple secret: use cash. Credit card rewards can be enticing but it can also be super easy to keep charging more on your card. Using cash forces you to spend only what you have available to you in your bank account.
3. Look for the deals ahead of time
A little research can go a long way when it comes to holiday shopping. Do a quick online search for coupons or deals from your favorite stores. Do a quick scan of any coupons and deals in the paper. If shopping online, see if you score free shipping with codes from RetailMeNot or get cashback from Ebates. There’s nothing worse than buying something and then seeing there was a deal or coupon that you didn’t take advantage of.
4. Track your spending
Smart holiday spending starts with Budgeting for the Holiday shopping. But it’s not enough to just create a budget. You must track your spending to actually make sure you’re staying within budget.
Of course you can track your spending online but create a little more acknowledgement — and a hint of pain, and write down every holiday purchase and how much you spent on a piece of paper. Use an old school pen and paper. Having the feeling of writing down how much you spent with your hands can make it more real. This can help you stay more accountable instead of mindlessly spending and checking up on your budget later.
Smart holiday spending starts with you
Typically, come January 1 it can feel like a hurricane hit your finances. But that only happens because you’re not engaging in smart holiday spending. Use these four tips while you budget for the holiday season and feel good going into the new year.
Ready to take your finances to the next level?
To get started schedule a free 20 minute consultation call to speak to a member of our team. We will ask you a few basic questions to get to know you more, walk you through our financial training program steps, and of course answer any questions you may have. No pressure to join!