Focus on what brings joy during the holiday season
Although consumers haven’t heard the BC Clark jingle yet, it’s not too early to start planning for the holiday season. Special meals, travel, decorations and gifts add up quickly, but putting a plan in place now will help alleviate some financial concerns later on.
The holidays are both joyful and stressful, said Mengya Wang, Oklahoma State University Extension finance specialist.
“We still have some time to get a plan together, to set a budget,” she said. “The important thing is to focus on what makes the holidays meaningful. It’s not about the money you spend; it’s being together as a family and creating lasting memories.”
Wang said one place to start is to think about how much money was spent last year. Did you overspend, and if so, why? Consider the different categories in which families spend money and set a budget, but make sure it is realistic. One way to boost the holiday budget is to start saving small amounts every day.
Skip the coffee shop and brew a cup at home. Pack a lunch for the office instead of dining out. Watch a movie on television instead of going to the theater. Figure out how much these activities would have cost and set that aside. By doing this every week, consumers can set aside a good amount of money.
“It’s amazing how quickly small amounts of money can add up,” she said. “Another tip is to start watching prices and do some shopping now. Sometimes the sales advertised closer to the holidays aren’t always the best price. Some items may be in short supply closer to the holidays. Plus, shopping ahead of time will help reduce impulse shopping or buying a gift simply because you’re out of time.”
Consider changing the gift-giving part of the holidays. Instead of buying for everyone, draw names or give a family gift instead. Another option is to give gifts of time. Older family members may need help with chores around the house. Give coupons for running errands, homemade baked goods, house cleaning, leaf raking or mowing.
“These are the kind of gifts that are appreciated, and it gives an opportunity to spend time with a loved one,” Wang said.
While it can be easy to shop with a credit card, that tactic can lead to overspending. When possible, pay in cash or make the purchase with a credit card and set the cash aside to pay the bill when it arrives.
Every family has traditions, and for some, it may not feel like the holidays unless those traditions continue. Although everyone loves the foods prepared for this special time of year, given the cost of groceries, some dishes may be too expensive to make.
“Some of those dishes call for special spices that may be used only for that dish. Try searching online for spice alternatives so you don’t have to spend money on something you’ll use only once,” Wang said. “Get creative with protein options, too.”
Food waste tends to be higher around the holiday season. Make sure the foods prepared are the ones the family truly enjoys. Avoid making something if it’s not a favorite just because it’s a tradition.
For the family who hosts the holiday gathering, turning it into a potluck can cut costs. If everyone brings a dish to share, that will cut down on expenses.
“The holidays will be here quickly, and putting a plan into place now will help lessen the stress we often feel during that time of year,” Wang said.
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