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It’s Not Too Early to Make Your Holiday Spending Plan

October 16, 2023 By MelissaB Leave a Comment

Presents and ornaments in front of a Christmas tree

Did you overspend last holiday season? When January rolled around, did you face credit card debt with no real plan to pay it off? If so, don’t despair—you’re not alone. My husband and I had one holiday season like that, and we quickly learned to make a holiday spending plan that we stuck to.

If you want to rein in your spending, now is the time to make that plan and talk to your loved ones. Although the conversation might be awkward, you’ll feel much better in January 2024 when you’re not facing new debt from the holidays.

How to Make Your Holiday Spending Plan

Christmas is about ten weeks away, so don’t waste time implementing a plan.

Decide How Much You Have to Spend

The first step is deciding how much you have to spend on gifts. If you only have 100 dollars to spend on gifts this year, that’s all you have, and you’ll need to plan how to maximize that money or make more money before Christmas.

Once you have your holiday spending plan, you can find creative ways to stretch those dollars.

Make Some Gifts

If money is tight, plan to make some gifts. If you’d like to give a gift to your mail person and your child’s teacher, but you don’t have cash, consider making something like a yummy dessert or a canning jar filled with the ingredients for bean soup, cookies, or brownies.

Make a Plan for Extended Family

Likewise, if your extended family typically exchanges gifts, now is the time to talk to them about that tradition. Some families decide not to give gifts to the adults, but if you still want a gift exchange, consider drawing names and putting a price limit on the presents.

I come from a large extended family (I have over 30 cousins on my mom’s side), so we would draw names every holiday. Each person was responsible for only one gift, and the price limit was 10 dollars. Talk with your family about a cap on the gifts at an amount everyone in the family is comfortable with.

Have a Talk with Your Immediate Family about Fewer Gifts

Once you determine how to handle gifts for the outsiders in your life and your extended family, it’s time to look at your immediate family. If your kids are older, reducing their gifts may be difficult. Instead, you may need to tell them that you must cut back this year and why.

If the kids are still young, this is the perfect time to start a tradition of only giving a few gifts. Many families give four gifts—something to wear, something to read, something you need, and something you want. I haven’t gone that minimalistic, but over the years, we have gradually reduced the number of presents the kids receive.

If you don’t want to cut down on the number of gifts your kids receive, remember, there’s no shame in buying secondhand gifts. You can often find items in a secondhand store that haven’t been opened yet, but their price is much lower than retail.

Final Thoughts

Each of us would like to give our family members everything they want for the holidays, but that isn’t realistic. Instead, develop a holiday spending plan, then make a Christmas buying plan based on your budget. Although you might give fewer gifts, you’ll be happy to be in the black in January rather than facing credit card bills.

Read More

9 Ways to Get Your Child a Christmas Gift If You Can’t Afford to Buy One

What Christmas Expectations Are You Setting for Your Children?

How I Plan to Have a Low-Cost Christmas

MelissaB
MelissaB

Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in New York, where she loves the natural beauty of the area.

www.momsplans.com/

Filed Under: Holidays & Vacations Tagged With: christmas, gift giving, holiday spending, holidays

What Will You Do with the Final Days of 2021?

November 22, 2021 By MelissaB Leave a Comment

What Will You Do with the Final Days of 2021?

I’m on several personal finance and healthy eating groups on Facebook. Routinely, right about now, newbies to the groups post about their big plans in January. In January they’re going to start paying down their debt, saving more, eating healthier. They jump right to January even though, as of today, there are 39 days left in 2021. That is 5.5 weeks left. Don’t throw in the towel on your goals just because we’re approaching the holiday season! You can still make a positive impact on your life in the next 5.5 weeks!

How We Self-Sabotage at the End of the Year

Let’s be honest. Many of us can do some significant damage to our lives in the last few weeks of any year. We tend to lose control and let loose. Then, we have to pick up the pieces in the next year. I used to exhibit that kind of behavior every year!

For instance, one year, my husband and I overspent on Christmas gifts. Our budget was extremely tight, and we needed three months of the new year to get out of the hole we had dug! Three months for one night of Christmas Eve shopping.

What Will You Do with the Rest of 2021?
Photo by Food Photographer | Jennifer Pallian on Unsplash

I used to do the same with my food consumption. Starting at Thanksgiving, I would give up and eat all of the good things with abandon. One year, I gained 10 pounds from Thanksgiving to New Year’s Day. I was gaining at a rate of two pounds a week for five weeks. That’s ridiculous!

What Will You Do with the Final Days of 2021?

Luckily, I’ve gotten older and wiser. True, we are entering the holiday season, which can make reining in our budgets and our food consumption a bit more difficult. However, Thanksgiving is only one day as is Christmas. We’re talking two days in the remaining 39 days of the year.

You still have time to make this year different.

Mind Your Budget

Imagine that, for the next five weeks, you stick to your budget. You don’t overspend. Then, when you start 2022, you’re starting with a clean slate. You’re not in the hole from overspending. How great would that feel?

Enjoy on the Holidays

Likewise, feel free to celebrate on Thanksgiving and Christmas. Enjoy the drinks, the food, the company. But just enjoy the food and drinks on that day. If you love pumpkin pie, eat a slice (or two) on Thanksgiving, but then eat normally the rest of the days. Your body can handle one day of indulgence. It can’t handle 39 days of indulgence!

Final Thoughts

Far too many of us self-sabotage as we enter the holiday season. We worry that we’ll miss out. We think that we don’t have any self-control during the holidays. But that’s not true. Instead, we need a mind shift. Indulge on the actual holiday, but the rest of the days, live your normal, typical life. You’ll be so much happier on January 1st if you do.

Read More

9 Ways to Get Your Child a Christmas Gift If You Can’t Afford One

4 Frugal Ways to Keep Kids Busy During Christmas Vacation

What Christmas Expectations Are You Setting for Your Children?

MelissaB
MelissaB

Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in New York, where she loves the natural beauty of the area.

www.momsplans.com/

Filed Under: Frugality, Saving Tagged With: budget, christmas, finances, health, new year, new years resolutions

4 Ways to Make Money for Christmas Presents this Year

December 18, 2016 By MelissaB Leave a Comment

You may have started with the best intentions.  You didn’t want to go in debt to pay for Christmas presents, so this year you resolved it would be different.  This year you’d set aside money every month, so when November came, you’d be able to buy Christmas presents with cash on hand.

But then, you’re car broke down and the repair was more expensive than you thought, so you had to dip into your Christmas savings.

It happens.  Sometimes Christmas is only weeks away, and you don’t have money to pay for the presents.

Don’t worry.  There are still ways you can make money to buy presents for Christmas.

Consignment Shops

4 ways to make money for christmas this year
Make Money for Christmas Presents

Do your kids have clothes they’ve outgrown?  Do you or your spouse have clothes in the closet that you don’t wear anymore?  Why not take them to a consignment shop?  When the shop sells your clothes, they’ll give you a portion of the sales price.  Or, they may just offer you a flat fee upfront.  Either way, it’s money in your pocket for items you weren’t using anyway.

Pantry Challenge

Take a minute to go look in your freezer, refrigerator, and cupboard.  Chances are you have a lot of food there, probably more food than your family will eat in a week.  Why not have a pantry challenge?

There are several ways you can do this.  One idea is to just take a week off completely from grocery shopping and just eat up what you have in the house.  If you normally spend $150 a week for groceries, that’s $150 you now have for Christmas gifts.

Another idea is to do a pantry challenge for a month.  That doesn’t mean that you don’t buy any groceries for a month.  Instead, it means that if you normally spend $600 a month for groceries, try to mostly eat up what you have in the house.  Give yourself an allowance, say $200 for the month to buy perishable essentials like fruit, veggies, milk, etc.  At the end of the month, you’ve saved $400, which you can use for Christmas presents.

Credit Card Rewards

If your credit card offers cash back rewards, start saving that money now.  You won’t make a lot this way, but you can use that money to help supplement your Christmas fund.

Swagbucks

Swagbucks is an online search engine.  You use it just like other search engines, but you’re sometimes rewarded with Swagbucks.  Earn 2,200 Swagbucks, and you can get a $25 Amazon gift card.  With diligent effort, using Swagbucks every day and doing other activities as well as meeting your Swagbucks daily goal, you should be able to earn enough points for the $25 Amazon gift card in a month.

If you need money for holiday presents, a pantry challenge will give you the most reward for your effort.  However, the other three strategies will help you make additional money.  By combining all four strategies, you may have enough money to purchase your gifts in cash.  Take some effort now, and you won’t have to go in debt this holiday season.

What other strategies do you use to raise money for Christmas presents?

 

MelissaB
MelissaB

Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in New York, where she loves the natural beauty of the area.

www.momsplans.com/

Filed Under: budget, Giving, ShareMe Tagged With: budget, christmas, frugal, Giving

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