Here comes the holidays
We are a little over a week away from September. It is really the last month of the year you can relax and plan (assuming your whole family does not have birthdays that month). After September you are thrown into Halloween Season which morphs into Thanksgiving and before you know it, its next March!!!!!
Why am I bringing this up? Because other than larger purchases such as cars or large appliances, and of course those annoying emergencies, the holidays are when there tends to be a trend in increasing consumer debt.
According to an article by Lending Tree in 2021 36% of Americans went into (or more in) debt during the holiday season.
How do we avoid doing that?
We need to plan and budget. Consider your holiday expenses, and I am not just talking about gifts for your family.
Are you hosting any parties?
Do you know what parties you will most likely be invited to? (Work, family, etc)
Do you have to buy gifts or is there an option to make something/give secondhand?
How many people do you have to buy gifts for?
Do you have a budget for each person/couple/family you are buying for?
Do you plan on buying decorations?
I posed the question “Do you have to buy gifts or is there an option to make something/give secondhand?” because I have a friend who throws a party each year and she always comes up with ways to not make you spend a ton. For instance, 3 years ago she had everyone “make” their gift. Most people were not crafty so we ended up laughing more than anything else. Last year she had everyone bring something from home. The idea was that “one man’s trash is another man’s treasure”. I got some really cool books because of that!
Once you have asked yourself questions about all the ways you might spend money this holiday season then you should create a savings and budgeting plan. Once you have a budget in mind you should be able to determine how much you need to save per pay period between now and your holiday deadline.
If you develop this list and budget with the intention of sticking to it, you should be able to curb impulse spending and give your gifts with more intention because they will have been thought out and spent.
This week to help you make this plan and budget I am including a free printable to help you determine what your savings goal should be and trackers to help keep you focused!