Smart Money
“The budget is not just a collection of numbers, but an expression of our values and aspirations.”
Hello Friends,
The holiday season is here, which means shopping season is upon us! This year has been challenging for everyone for different reasons, and stress is at an all-time high. Today I will discuss some tips for holiday shopping that can reduce additional stress with proper planning, self-trust, and a focus on savings.
Plan ahead
We need to plan to reduce spending and increase savings during the holiday season. First, I will list people I am buying gifts for, charity, and other miscellaneous holiday expenses. Next, I round up rewards, gifts, or promos I have received throughout the year that have not expired. Take a look at your costs and decide on the items you can temporarily do without if you want to stretch your dollars. As a reminder, no matter how little the amount is, it can help in the long run. After I am armed with all my information, I work on a budget.
Set a budget
After collecting all my data, I will determine spending budgets for each category which may include having conversations with family and friends about setting a spending limit on gifts. If others choose to spend more, don't feel embarrassed or ashamed for not spending as much, and you may have to remind others that everyone cannot afford or want to participate at the same level. Setting a budget ensures staying on track and not spending money you do not have. Treat yourself to something nice if you pay less than what you had initially budgeted. When you reach the desired result of keeping your eye on the prize and saving money, reward yourself!
Gift-giving alternatives:
An excellent way to save a few extra dollars is to consider other gift-giving alternatives. Examples include doing a White Elephant Gift Exchange, Secret Santa, or making handmade/DIY gifts. Doing this cuts the budget significantly by not having to buy a gift for everyone on your list or purchasing only materials. I love handmade gifts, and it brings joy to know someone puts love and energy into something they give me. It makes me treasure it much more and even makes it priceless!
Services:
Lastly, utilize available services to help you during the holiday season. Layaway is excellent for not wanting to pay interest rates or not having funds available at once. It can alleviate the stress of buying gifts by paying a small fraction or fee to start and paying off the remaining balance over time. Many companies offer layaway or a form of buy now pay later. Take advantage of these when needed to help your finances in the long run. Also, find apps or platforms that allow you to keep track of your budgeting and spending. Using these apps helps save time keeping track of expenses and is easily accessible from your phone. These apps also allow for more accountability to reach your budgeting goals. My secret weapon has always been heading to the clearance aisle/section of the store or website first! You may be surprised by what you can find on your shopping list for a fraction of the price.
Let go of the stress that will affect life during the holidays by adequately planning the things you can control and establishing a good sense of trust within yourself. Remember to plan, determine spending budgets, consider other gift-giving alternatives, utilize services that can help you during the holiday season, and last but not least, save money!
If you enjoyed this blog, I would be very grateful if you would subscribe below and help spread the message to your friends, family, or anyone you have on social media!
Many blessings, and remember, you are a miracle!