Helpful miscellaneous articles
regarding our retirement plan and planning.
Like you, I review my retirement nestegg and plan from time to
time. Recently, I went though some
continued education for some credentials I maintain and it occurred to me that
we all could use a review about these issues.
So with your help, we will share and post articles and info that may be
helpful and of interest to many of you in this section.
25 Tips to Save Money This
Christmas
If you want to keep rocking around the
Christmas tree without racking up the Christmas debt, be more thoughtful in
your spending and saving this season. How? Good question. We’ve got 25 answers
for you right here. Keep reading for money-saving Christmas tips.
Christmas Tips to Save Money
1. Develop a gift-giving
philosophy.
Normally, our first suggestion in every
instance of life is to budget. And we’ll get there. But before you budget,
our very first Christmas tip is this: You’ve got to create your Christmas
gift-giving philosophy.
What does giving mean to you? Is it about
finding the perfect presents? Do you hope to impress others with how much you
spend on them? Or do you feel obligated to buy for people? These motivations
(and others like them) can really shape how you view the season.
Be honest with yourself and think about why you’re buying
presents before you think about how you’re going to pay for them all.
2. Budget.
Now, the way you become the hero of the holidays is by budgeting.
That’s right—if you want to stay on Santa’s nice list, set a limit for how much
you’re going to spend and stick
to it. Use our Christmas Present Planner as a guide, and download your free EveryDollar budget to help.
3. Track your spending.
So, lots of people spend like crazy throughout December and
never check in on their budget. They just think, I’ll worry about it in January. Future
you has some advice here: Don’t. Do. That. Track your expenses as you go so you don’t end up overspending and ruining this
month’s and next
month’s budget.
And you know what makes that easier, right? The premium features of EveryDollar. You’ll connect your budget to your bank account so
transactions stream straight in. You just have to drag and drop them into the
right budget line. It’s simple and it
gives you more time to do the things that really matter to you, like whipping
up a batch of figgy pudding.
Hmm? Upgrading your budget sounds like the perfect present to give that special someone on
your list—you!
4. Rein in other spending.
According to our State of Personal Finance, American families plan to spend $1,300 on Christmas this year.
First of all, you don’t have to spend that
much. We want you to know and own that truth. Don’t spend outside of your
comfort zone this season or any season.
But what about the money you do need for Christmas? If you’ve been shopping all year or stashing cash into
your Christmas sinking fund, you might be set. But if not, you’ll have to
find that money somewhere else. The first step here is to move money around in
your budget—spending less on some categories in December to make up for the
extra Christmas celebrations.
(Check out our Christmas Tips to Get More Money for other ways to help here!)
Christmas Tips to Save Money on
Gifts
5. Choose time over money.
There’s an old saying that goes, “It’s the
thought that counts.” For some people, the thought of spending time together
really is better than the joy of a physical gift. You can save money this year
by being intentional about being together—in whatever way you can, whether
that’s in person or virtually. This year, value experiences over accessories
and conversations over clutter.
6. Shop early.
Don’t wait for Black Friday to start Christmas shopping—look for sales all year long.
Grab that stuffed Sasquatch on clearance in July for your bigfoot-loving
nephew. When you’re mindful of your list throughout the year, you’ll spread out
both the spending and the stress (and maybe even get rid of the stress altogether).
If you missed the chance to jump on the early shopping train
this year, remember it in January when you’re budgeting for the next Christmas
season!
7. Give fewer gifts.
As you’re in the spirit of trimming the
tree, trim down that Christmas list while you’re at it. Of course, you do have
a bit of holiday-induced obligation to deal with. You can’t pass around gifts
at family Christmas and be like, “Uh, sorry, Cousin Scott . . . You’re the only
person I couldn’t find anything for.”
But not everyone needs a gift—this year,
send your tidings of comfort and joy to some people on your list through a
thoughtful card.
And if you want to save even more money,
have a kind chat with your family members. Are you all giving just to give? Do
you all want to cut back? A clear conversation about skipping presents this
year for a shared meal (if you’re able) and stocking stuffers instead could be
just the thing both your family and your finances need.
8. Resist retail marketing.
Friends. Americans spent $886.7 billion on the holidays last
year.1 That’s
a lot.
Don’t let yourself get wrapped up in all
the sales and spending. You may think these retailers are posting deals from
the goodness of their hearts to help you—but their real goal is to get in on a
part of that $886 billion holiday “magic.” Stick with your budget—and shop
wisely.
9. Use old gift cards.
Think about all the money you have left on
old gift cards, as well as the cards you’ll never use because they’re to places
you never shop, eat or visit. Consider the partial cards as discounts and use
them to buy presents. Regift (which is not a dirty word, as we’ll explain
later) the other cards to people who’ll appreciate them. Don’t let those little
pieces of plastic go to waste this Christmas!
10. Order online early.
Ordering online means shopping from the convenience of your very own couch
as you roast chestnuts on an open fire. That’s the kind of multitasking we’re
all about. Cross-check the price on that plush puppy across multiple stores
without ever putting on real pants.
But make sure you do this early enough to
get the cheapest online shipping options—and remember shipping is taking way
longer this year. The last thing you need is a budget ruined by all those
additional rush order costs. (Prancer doesn’t deliver in a day without a hefty
fee, after all.)
11. Combine your orders.
Speaking of shipping, plenty of stores
offer it free of charge if you spend a minimum amount. So, do that! If you see
the perfect superhero-themed sweatshirt you know your dad would love, but
you’re below the minimum amount for free shipping, keep shopping inside that
store. Is there anything for your brother or cousin on that same website? Don’t
buy just to buy—but be thoughtful and combine orders to lower shipping costs.
Also, here’s a quick Christmas tip: Check
out that ship-to-store option. A lot of retailers offer this free and don’t
even require a minimum order. You’ll have to brave the cold to grab the gift,
but if you ship several things to the store together, you’ll just need to
bundle up in your hat and gloves once.
12. Live by the list.
There’s a reason Santa checked his list twice, and it’s not
because he’s absent-minded. When we go off the list, we
overspend. Now, if you realize you forgot a friend, of course you add them in!
But once you’ve got your philosophy and budget set, don’t get swept up in the
Christmas spirit and start buying every snowflake-themed item you find for
every person you’ve ever met.
13. Say no to random gift
exchanges.
Here’s a hot Christmas tip: Put an end to
the white elephant or junk-for-junk gift exchanges at your work, small group or
book club. Christmas is expensive enough without these social pressures. Be
kind, but just say no (thank you).
14. Go in on a group gift.
A bigger, more expensive gift doesn’t have
to be off the table just because you’re on a budget this year. Just go in on it
with someone else. Get all your siblings to chip in and buy one big gift for
your parents. Ask teammates to go in for a nice gift card for the coach. Email
all the parents in your kids’ class to donate small items for a gift basket for
the teacher.
They say sharing is caring, after all. And
sharing the cost of one big present is a great way to give well—while still
caring for your budget.
15. Regift.
Regifting has
a bad reputation, but it’s time to move away from that. Maybe you should say
you’re working in the “present relocation program.” It isn’t catchy—we’ll work
on the title while you work
on the concept.
Seriously, it’s okay to regift! But there
are ground rules. You don’t want to hand Dad the motivational poster your
great-aunt gave you. Mostly because she’s his aunt too.
But the brand-new slow cooker your well-meaning
in-laws gave you when you already have two could easily be regifted to your
newlywed bestie. Be smart, but there’s nothing wrong with this kind of thrifty
regifting. It saves money and keeps a gift from going unused.
16. Make presents.
If you want to give something personal, memorable and one of a
kind, make it! Seriously. Pinterest
has a ton of ideas and instructions. If you aren’t super crafty, try baking a
sweet treat, putting together a gift basket of someone’s favorite things, or
whipping up some DIY sugar scrubs. Nothing says Happy Christmas like something
homemade.
Christmas Tips
to Get More Money
17. Sell your stuff.
It’s almost that time again—time to get more
stuff. So, why don’t you get rid of some of your old stuff? Not only will you
make room for new things, but you’ll also make some money to buy other people
stuff.
Yes, we’re making a little light of it. You
know the season isn’t supposed to be about stuff. But really—try clearing out
some things you never use and make some money in the process!
18. Make more money.
If you’re able, make extra cash to cover the extra costs of
Christmas. We’re talking side hustles like driving for
Uber or Lyft, delivering food, picking up holiday hours at a seasonal job, dog
sitting while people are traveling for the holidays, or wrapping gifts in your
community. Seriously, offer that last service on your Facebook neighborhood
group or work forums. Have people drop off their gifts, and you can wrap
them for a fee!
But remember, if money’s tight this year, and you’re having
income issues already—don’t put pressure on yourself to make more or spend a
lot. And do not fall
into the temptation of going into debt. That’s making this year’s spending next
year’s problem. It isn’t worth it.
Instead, know that Christmas is not a competition, and focus more on the
other joys of the season.
Christmas Tips for Other
Holiday Spending
19. Spend less on traditions.
Why do you send Christmas cards to everyone
you’ve ever met? Oh, because your mom always did? Why do you purchase the
overpriced, annually released Waterford Crystal ornament? Oh, because your
grandmother always did?
You can save money this Christmas by cutting extras—starting with expensive traditions that don’t actually mean
much to you. We aren’t suggesting you stop making paper chains or going
around the table sharing your favorite Christmas memories. Those sound like
beautiful traditions. But making a 20-layer, authentic German chocolate cake
for Santa? Maybe drop that. Santa doesn’t need the extra calories anyway.
20. Get thrifty with stocking
stuffers.
The stockings are hung from the chimney with care in hopes that
you’ll fill them so they don’t stay bare. Yikes.
That would be a Christmas catastrophe. You definitely don’t want to leave your
stockings bare, but there are easy ways to fill those oversized socks without
spending all your holiday budget.
Buy your candy on sale. And don’t feel
pressured to fill the stockings with expensive gifts. Hit up the dollar store
for gel pens, coloring books and those character-themed washcloths that are
folded up into tiny circles until you just add water. Hold the excess spending
and give the people what they (affordably) want and need.
21. Donate to charity.
What can you get for the hardest-to-buy-for
people on your list? Nothing.
Instead, give money in their honor to their
favorite charity. Create a card or get one from the organization explaining the
donation. If it feels a little off to not give something, find a charity that
specializes in selling fair trade goods that give jobs to people in developing
countries. That way, everyone is blessed.
22. Have a virtual party.
If you can’t get the time off or get it in the budget to travel home for Christmas this year, a virtual party is a budget-friendly way to
still celebrate the season. So, put on that ugly Christmas sweater and group
call your friends and family, because ‘tis the season to be jolly, in person or
online.
23. Don’t shop at the mall.
Avoiding the mall means also avoiding every
single pushy kiosk salesperson. Plus, you won’t have to worry about the
millions of distractions, including (but not limited to) creepy mall Santa, the
delicious scents of cinnamon-sugar pretzels, and all those tempting retail
window displays. Oh, and the parking lot jams. And the crazy crowds. Save
money, stress and time—don’t go to the mall.
24. Wrap gifts creatively.
You don’t have to spend half of your December income on colorful
or character-covered wrapping paper—it’s just going to end up torn to shreds in
piles on your floor Christmas morning anyway. Get creative! Pick up some
reusable bags at the dollar store, and you’ll be giving a gift inside a gift.
Or try wrapping presents in newspaper and topping them off with red twine. That’s
eco-friendly, wallet-friendly and festive.
25.
Be a sentimental spender.
Be sentimental as you spend. Don’t grab
Cousin Scott a random, ugly ornament (unless that’s something he specifically
collects). Get presents that line up with the interests or needs of those on
your list.
Or give them a gift that can make a real difference in their
life—something an ornament just can’t do. Our online store is full of ideas in
all sorts of price ranges.
Budget, spend and give with intention—and
enjoy good tidings for Christmas and a happy new year!
(As with any of these informative articles,
anyone who needs someone to talk to about
this
very subject contact me and I can direct you to a knowledgeable
advisor).
No comments:
Post a Comment