With or without Forman Mills! Planning holiday spending can free your mind to focus on joy and connection instead of financial regret in the new year. Forbes magazine shares these tips to keep holiday spending from breaking the bank.
- Manage gift spending. Set a total amount of money to spend on gifts. make a list of people you plan to buy for and set a spending cap for each individual. Consider homemade gifts (get ideas from etsy or pinterest). Suggest a secret santa gift exchange for family and friends vs individual giving. Give the gift of time or service.
- Shop only sales and seek out discounts. Plan shopping around upcoming sales and find promo codes for online purchases. Identify gifts to buy and research specific promotions. Go to stores with a gameplan to curb impulse buying. Download big retailer apps to be notified of unadvertised deals.
- Get Creative with Decorations. Make your own decorations or swap decor with a friend for ‘new to you’ items. Shop thrift stores for holiday decor. Look for holiday decorations on FB marketplace or similar online platforms.
- Budget For Non-Gift Expenses. Include costs of travel and dining out in your holiday budget. Anticipate these celebratory expenses to prevent going over bugdet. Consider hosting a potluck instead of a dinner out or volunteer with a friend group and go out only for dessert afterwards.
- Use A Cash-Only System. Take out the total amount of money you’ve allocated for holiday spending and place it in envelopes according to categories such as gifts, social events, and decor. Seeing and physically handling cash vs using a card forces you to be mindful of spending.
- Earn Extra Cash During The Holidays. Consider a part time seasonal job. Sell already purchased items that aren’t being used. Look for short term gig opportunities like pet sitting, cleaning, or home organizing. Pick up an extra shift.
- Utilize ‘free’ money. Do you have points on credit cards that can be used for purchases? What about gift cards that may have a balance? Check your accounts for loyalty points at favorite stores. Use earned savings on daily expenses like groceries and gas to offset gift purchases. Cancel some automatic subscriptions.