HOPE’s Holiday Spending Tips

Habitat Hope

Not a Day Too Early to Start Saving for the Holiday Season

By: Jeanette McDonald

According to a Gallup Study, American adults will spend approximately $920.00 on gifts this holiday season.  This is up from $885.00 in 2018.

 

So how do you enjoy the holidays and not put yourself at risk of running short on money to pay your bills?

  1.  Discuss with the family how much you can realistically save from your monthly budget for gift giving and holiday items. Multiply this by the months left until Christmas. That is your gift giving budget or the year.
  2.  Make a list and then prioritize that list. If you run out of money before the end of the list you will know what to cut.When making your list include people  you want to buy for, but don't forget to include items like cards, food for gatherings, decorations, gift wrap, etc.
  3.   Next to each item on your list write down how much you can spend.  Keep adjusting until you hit your target amount.
  4.  GET FRUGAL! Creative D-I-Y gifts are a fun experience and make for a more personal gift. Studies show that experiences, rather than materials, benefit children. Look at your local library, parks, or community calendar for free/or low cost holiday activities and events.
  5.   Shop early; don’t leave all your shopping for the last minute so that you are using one whole paycheck to buy everything and then have nothing left over. 

A good rule of thumb is to budget for an amount that won't keep you up at night fretting about credit card bills in the New Year. Having a plan will help you avoid jeopardizing your financial well-being and reach those financial goals in 2020

Sources:  growingslower.com americasaves.org

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