Did you know the average American spends $1,000 during the Holidays plus travel costs, totaling $1,500! In my “Women Talk Finance” virtual chat I discuss six considerations for slashing your holiday budget, so you don’t avoid opening your credit card statements in January. Check out the full recording on Dropbox here.
- Set a Budget and Stick to It! Budget for gift giving; travel; entertaining & decorations. List who you are giving gifts to, how much you will spend, gift idea, and track actual expenditure. A spreadsheet works well for this and you can use it for a starting point next year.
- Review Your List. Are there people on the list to be deleted? Do you have to give gifts to all of them? How about drawing names, or entertaining a smaller group this year?
- Give Gifts People Actually Want! Did you know 3/4 of Americans admit they don’t like the gift they’re given and either return it or re-gift it. Use coupons like RetailMeNot for coupon codes online.
- Consider Non-Monetary Gifts. The gift of time is always appreciated, as are home-made gifts. How about giving an experience vs. a trinket? I don’t know about you, but I don’t need another thing to dust!
- Focus on the Kids!
- Start Saving Now! Take advantage of Black Friday Sales, but don’t buy an item just because it’s on sale. Download money-saving apps and monitor prices using the Honey app. Consider shopping with cash and leave the credit cards at home. Cash in credit card reward points for gift cards.
Save a portion of your Holiday Budget monthly so you don’t bust the bank next year! Need help establishing a budget, let me help you! Schedule a free 20 minute consultation here.