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‘Tis the season of saving!
December 3, 2019
The holiday season shouldn’t be about spending money, but sharing moments with the ones you love. With these tips and tricks we hope you can have a winter break you enjoy while staying on track with your budget.
- Determine your budget. Once you know how much you’re allowed to spend, we recommend you put that money onto a visa gift card or into a separate bank account. Once the money runs out, you’ll know you have spent all you can on holiday items!
- Give personalized gifts. Think about gifts you can make instead of purchasing. For example, put together a family photo album for your parents or bake treats for your friends.
- Gift your time. The winter break is a great opportunity to take advantage of your free time and give it to your friends or family. Have a movie night at home, go for coffee, or go for a walk and check out the holiday lights. Even better, try giving back your time by volunteering in the community.
- Create a gift budget. Many people try to purchase gifts that have a similar dollar value to the gift they will be receiving from that person, but you don’t need to take on debt to match the gift you might receive. It’s okay to be in different places in your financial journey. If this makes you uncomfortable, talk to that person ahead of time and set a maximum price on gifts that you can both afford.
- Make a plan. Write down who you need to buy for and allocate a dollar amount to each person. This will allow you to keep your spending on track while you’re out gift shopping.
- Work together as a group. If your group of friends usually buys gifts for each other, why not do a group gift exchange, a potluck, or just an affordable group activity instead? You can also ask your guests to bring their own drinks if you are hosting a party.
- Start your gathering after dinner. If your party starts later, people will have already had dinner and you will only need to put a few snacks out.
- Shop generic and discount. If you’re hosting a get-together, go for no name brand chips and crackers - no one can tell the difference! Check your local flyer to see what’s on sale and use coupons.