The holidays can stretch any budget, but with smart planning, you can enjoy the season without financial stress. Christmas is the same day every year!! Many people shop early, but others procrastinate until the last few days. Ideally, we should be saving throughout the year for the holidays so that when the time comes, the funds are ready to use.
If you have not saved throughout the year for this year’s events, that’s okay, here are some tips to help for Holidays 2024.
When it comes to groceries for Holiday meals, canned foods and other staples can be purchased well in advance. Even your Holiday turkey can be purchased earlier and kept in the freezer. Purchasing these items a few things at a time can prevent stress on your finances and your mental stress as well.
Gift giving brings on an entirely different strain on our budget and our mental health. Start by making a list of who you plan to purchase gifts for, then determine a gift budget. If you aren’t sure what amount is best, first sit down and determine the total you have available to spend that does not interfere with your regular household budget. That may sound easier said than done, but it’s important to keep that extra spending within your means. Charging these gifts on credit cards or making Holiday loans to cover these expenses is only adding more debt to your plate. If things are tight now, how will adding additional debt help? Do comparison shopping – search for the online ads or the old school newspapers! Many retailers offer early Black Friday sales, but again, compare!
- Do comparison shopping – search for the online ads or the old school newspapers! Many retailers offer early Black Friday sales, but again, compare!
- Don’t let the advertising rush you into making purchases. Do your homework to be sure you are getting the best bang for your buck.
- If your credit cards earn points, see about cashing them in for gift purchases.
- Be cautious of By Now Pay Later – it may be convenient, but the interest rates are generally very high on those purchases.
- Gift experiences instead of material things. (Movie tickets, tickets to sporting events, a weekend getaway, a fun crafting experience you can do together.)
Once Holidays 2024 comes to an end, start to prepare for 2025! Take advantage of after Christmas sales, purchase decorations, wrapping paper and maybe even gifts for next year at a reduced price. If your bank or credit union offers Christmas Club, start that account in January. That way when it’s closer to November and December you have funds already set aside. If your financial institution does not have Christmas Club, then start a separate savings just for Holiday and Special Events. This way when the holidays approach or that special someone’s birthday or anniversary rolls around you are prepared.
(An informative health and wellness article from the Chamber’s Live Better St. Tammany Committee member Brenda Whitney with Pelican State Credit Union.)