Anyone that has been plagued with credit card debt of any size knows that outside of unexpected expenses, the holiday season is the leading culprit of ballooning charges and the subsequent anxiety.
With Christmas right around the corner, let’s make an effort to keep our financial goals on track by keeping these things in mind as we celebrate the ones we love!
Set a budget!
We don’t care if your budget is $20 or $20,000, just setting one in the first place is the best way to protect yourself from over spending. Making sure this is realistic number is in place will guide you through the next few steps.
If you want to take your budget even further, define how much you’re going to allow yourself to spend on each person. Use this fun Christmas Budget Printable to get your started.
Have a budget of $0?
Thats okay too. 2020 hasn’t been easy for anyone, so getting back to the basics of the holiday will be on the forefront of everyones minds!
If you’re climbing out of debt, or have simply had a year that doesn’t afford an elaborate Christmas, DON’T put gifts on your credit cards. Instead, let’s get creative and find ways to gift that don’t involve swiping that plastic.
Make your own gifts.
We often forget the power of a great, handmade gift on Christmas – be that in the form of a batch of self care goodies like body scrubs or baking something. These little labors-of-love show are often more thoughtful than just another silly gadget someone will use once or twice before retiring it.
Shop pre-owned.
Facebook marketplace, second-hand boutiques and antique markets are great places to find unique gifts for cheap. Tap into services like ThreadUp and Schoola to find quality second-hand clothes for the fashion focused people you know, or visit a local used book shop to load up on lightly used books.
Do Secret Santa.
Instead of buying for everyone, get your family and friends into a Secret Santa pool where everyone can join in on the fun of gift giving, together – without having to feel the guilt of not bringing something small for everyone.
There are also some AMAZINGLY fun Christmas party games, like White Elephant Gift Exchange!
Now that Your 2020 Christmas is handled, Start Saving for Christmas in January.
Our biggest (and best) piece of advice is to simply plan ahead for next time. You can implement a new savings strategy (like the 50/30/20 rule) to help you get where you want to be – or tuck money away in an envelope labeled “2021 Santa Stash”.
If you have a budget for this year that feels comfortable and covered everyone on your list, or if you need to increase the amount you want to set aside – simply figure out what the Christmas spending needs to be and divide it by 12 to start putting cash away for the holidays!
