Scary Spending Habits That Haunt Your Wallet
On this episode of Financially Naked: Stories from The Financial Gym hosts Garrett and Sara B dive into budgeting for fall and the spooky season. They share their love for Halloween and fall festivities while offering tips to avoid overspending, as costs for decorations, costumes, and school supplies can quickly add up. From setting up holiday sinking funds to curbing impulse purchases, they share their favorite ways to enjoy the season while staying true to your budget.
Podcast Notes
Autumn Budgeting: Navigating Sneaky Expenses
Garrett and Sara start by sharing their love for fall and the festivities that come with this time of year. As the season shifts, some costs come with celebrating Halloween, going back to school, or participating in fall sports.
Halloween is a holiday that has become bigger in the last few years, with more decorations and elaborate costumes. Garrett and Sara remind listeners that you don’t need to “keep up with the Adams Family, aka the Jones,” or have the most decorated house to enjoy the holiday.
It’s easy to get lost in the excitement and feel like you have to purchase all of the new decorations or fall items. Instead, prioritize what you value the most. All of the new clothes, decorations, and school supplies can sneak up on your wallet, so be mindful of spending money on things that you may not value.
For non-essential items, curb impulsive spending by putting them in your cart and waiting 24 hours before buying them. This can help you make sure you’re spending money on things that will truly bring you joy.
Sinking Funds and Budget-Friendly Fun
Planning for holiday expenses can help you stress less and enjoy this time of year more. Set up a holiday sinking fund and contribute to it throughout the year. Once October hits, there are holidays every month, so it tends to be a spendy time of the year for most.
There are frugal ways to enjoy the holiday, like hosting a DIY costume or pumpkin-carving party at home. These can be a great way to keep costs low while still creating fun memories with your friends and family.
Be open with your friends and family about your goals and budget for the holiday. This can help ease financial pressure for you and encourage others on a budget to feel more comfortable about being frugal or picking the budget-friendly option.
The memories you create don’t need to come from extravagant spending. Kids will remember the feelings and memories, not how much money was spent. Focus on creating experiences rather than purchasing material items.
Balancing Fun & Financial Goals
You can absolutely enjoy the fall season without overspending or going over budget. It’s not about spending no money, rather, making sure your spending is aligned with your long-term financial goals.
You will spend more money during the holiday season. The goal is not to avoid spending altogether but to spend within your means and find ways to save while creating joy. There are plenty of opportunities to make memories without spending a lot.
Fall and holiday spending, in general, is a part of life and happens every year. A little bit of mindfulness and being proactive can go a long way. Saving a little bit of money every month allows for guilt-free spending when the holidays arrive.
Social media can amplify the comparison game, but it’s important to focus on your own journey. Stay true to your own financial goals rather than trying to impress others. The goal is to enjoy
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