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Rein in Your Holiday Expenses

Image via Unsplash by matthiascooper

Reconciling a tight budget with a generous heart at this time of year can lead to stress and take the cheer out of the holidays. Consider the following suggestions for staying sane with your finances so that you can enjoy the holidays with your family.

Accept the reality

A struggling economy amid the coronavirus pandemic has led many families feeling the effects of having less discretionary income. Examine your finances now compared to a year ago. Determine how you may need to change your holiday spending to reflect your current financial reality.

Keep your spending in the light

Work with your spouse and agree together who you’re buying for and how much you can spend. If you want to deviate from your plan, talk with your partner first before moving forward.

Consider alternatives

If you have a large family, consider alternatives for your spending. You may decide to draw names out of a hat rather than buy gifts for everyone in the family. Consider also requesting a spending limit on gifts to keep holiday expenses in check.

Create new traditions

Put your holiday budget toward an activity that the entire family can participate in together. Document what you do using photos or videos. The best gifts you give don’t always have to be centered around material objects. Experiences that you can give your family, the giving of yourself and your time, are just as, if not more valuable than, physical presents alone.

Plan to budget

While this suggestion may not be possible this year, it’s something to consider going forward. Strive to set aside funds monthly, earlier in the year, toward your holiday budget. Try shopping earlier to lessen the strain of carrying a significant amount of expenses in December. Ask about monthly payment plan options for any large purchases you may want to make.

If you keep these suggestions in mind, you can make holiday a less stressful time for you and your family.

Image via Getty Images

About Michael Vyskocil

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