Budget Coaching

Holiday Reminder–Don’t Go Broke

I’ll start with, yes of course underconsumption and not buying things, is the ultimate way to save money. If you choose to have a giftless holiday, I congratulate you, but this is for people who choose to buy gifts.

Imo the worst part of the consumerism concept surrounding the winter holidays is this practice of going into debt to buy gifts.

As a SAHM that’s not doable or possible. I know lots of you are SAHMs too, so I want to share a big tip that has worked for me the last year or two.

It seems like the vast majority of people wait until November/December to do all of their holiday shopping. Unless you’re saving up intentionally ALL year specifically for buying gifts, gift shopping in one to two months will bleed your bank account dry!

I’m not talking saving money in your savings account and then using that money to buy gifts.

Your savings account ideally builds cash whilst it sits and you only touch it in emergencies (holiday gifts aren’t emergencies).

If you want to save money all year, make a “gifts” specific savings account. Put money into it each month—never more than the amount you’re putting into your actual savings/investments. This gifts account could also be used for buying experiences vs gifts.

The amount you choose to save in all of your accounts is based off of your goals financially. If you decide you only need 10k in your savings and you’ve hit that already, then sure you can save more for gifts if that works for your financial goals.

If you’ve not saved all year for holiday gifts, no sweat! Start buying sooner! At least a few months before the holiday season (November-December).

This year I started in July because there were some deals and sales that I could not pass up (I’m talking PaperPie books and games for a dollar!). Right now, in the “off season”, there are a lot of sales going on with products at ”normal “ prices.

During the holiday season they raise prices on things then put them on “sale,” you’re still paying more than you would have if you bought it now. Take advantage of these sales now—smartly.

Another suggestion is creating! Are you good at something? Cooking, baking, sewing, embroidery, painting, building, etc Hand-make them something! If you’re sitting here reading this thinking, “I’m not good at any of that.” Nonsense. It’s August, you have plenty of time to learn a new skill and make something. I’m not talking learn how to sew a wedding dress between now and December, but learning and mastering a cake recipe and tweaking it to make it your own IS doable.

Don’t feel like learning a new skill? Then make something easy and dress it up. One year I made goodie bags for some people at work. One of the items was homemade vanilla extract. The sooner you get vanilla extract going the better. Ideally you’d wait 6-12 months, however if you made some this weekend you’d have almost 4 months of brewing and honestly that’s good enough! Head over to my blog post on making vanilla extract to learn how to (its easy I swear).

Not much of a maker? Head over to the thrift store or Facebook marketplace to find items that your friends and family would love to have. Not only are you saving money you’re also keeping things from going to landfills or clothing deserts.

Some ideas:

-Grab a basket and fill it with a cooking book, some type of kitchen utensil/gadget like a rolling pin or cutting board, and an apron. For the baker in your life.

-Find another basket (it doubles as the gift box/wrap), a nice small ish blanket, some crystal/glass cups, a fancy butter or jam knife then head to the grocery store for a fancy looking jam, crackers and sparkling grape juice. Boom a picnic basket for the whimsical one in your life.

-You guessed it, get a basket, this time a larger fluffy cozy blanket, a few books, a cute mug, then head over to the grocery store and grab some powdered hot cocoa or instant coffee. A bookish basket for the bookworm in your life.

-Yes, a basket, fill with kids books and puzzles from the thrift store, then take advantage of the back to school sales NOW and grab boxes of crayons, glue sticks, and markers, then head over to the dollar twenty five tree and grab some colouring books and construction paper! A fun craft basket and learning basket for the kids!

Don’t sleep on stores like the thrift store, $1.25 tree, Ollie’s, TJMaxx, etc. obviously you don’t want to gift things that will break in .02 seconds (looking at you $1.25 toy section! Although I’ve seen Barbie and Minecraft toys at our $1.25 tree), but these stores usually have brand name toys and craft items at a cheaper price than Target or Walmart.

Over the next few months you’ll be able to gather and create plenty of gifts for friends and family and you won’t be going into debt doing it!

Other than “not buying gifts” what holiday tips do you have?

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