The Holidays are here!
I’m excited about Rebecca’s gingerbread cookies, hanging out around the fire, and yes gift giving.
As a financial coach, I’m not immune to all the sales and promotions, but I do make a plan every holiday season so that Rebecca and I continue to make progress toward our financial goals.
In my opinion, giving is one of the best ways to use your money. So I’m not going to tell you to cancel all your gift exchanges because you want to reach Financial Freedom.
I just want you to spend money this holiday season in a way that aligns with your goals.
That’s why this week I wanted to share some of the ways I plan on saving money this holiday season.
# 1. 📝 Create a Budget
Pretty original concept coming from some financial coaches, right?
To make sure you don’t accidentally spend too much without realizing it, first determine how much can you afford to spend this year. Make a list of everyone you need to buy a gift for and decide how much you can afford per person. By planning ahead it will be easier to stay on track and avoid debt.
# 2. 🚫 Avoid financing your gift-giving
Sure you can use your credit card and pay off your balance every month. But believe it or not, studies have shown that people who pay cash are more satisfied with their purchases.
Consider cash flowing your holiday, so you get to enjoy those special moments instead of stressing over how you will still be paying for Christmas well into the new year.
PLUS 👉 One reason people choose to improve their finances as a New Years Resolution is that they overspent during the holidays. So walk into 2022 on track or ahead of your financial goals, not behind.
#3. 🗣️ Talk to friends and family about your plans.
Expectations for gift giving can be pretty high, but it’s only that way because no one talks about how much everyone is comfortable spending.
This holiday season, make sure you set and maintain personal boundaries around your finances. Talk to your friends and family about how you would like to celebrate and how much money you are comfortable spending. This way you set expectations and avoid awkward gift exchanges altogether.
#4. 📱 Use Tech to Save Money
Get the most out of every purchase by using web browser plugins like Honey that search the web for available coupon codes. Not only that, but you will also earn Honey Gold! The rewards program gives you points for every purchase that you can then redeem for gift cards or even cash!
It’s by far our favorite app for online shopping – Sign up for Honey and we’ll both get 500 Gold!
# 5. 🧠 Be Money Mindful
Here’s the deal about all those great deals…You’re only saving if you planned on buying something. Just because something is 25% off doesn’t mean you are saving money. You’re still spending 75% more than you planned. Make sure you’re checking in with yourself often and know the difference between smart shopping and impulsive shopping.
#6 🕰️ Spend Time – Not Money
When we think back on holidays in the past, we don’t think about the gifts, we remember the good times of being with the ones we love. That’s why one of our favorite things to do during the holidays is to plan an activity or an adventure with everyone in the family. Whether it’s a short hike, a trip to the ice skating rink, or a cookie baking/holiday movie marathon, these are the things that make the holidays truly special. Spend quality time together and instead of purchasing gifts, make memories that will last a lifetime!
What ways can will you try to save money this holiday season?