The goal of Christmas shopping is to make Christmas an enjoyable day without spoiling your new year by going into debt. Below are some tips for decking the halls without ruining your finances.
- Set a budget in advance and stick to it!
- Ask yourself how much you can afford to spend this Christmas.
- Take that number and do the best you can with it.
- Spread this amount as far as it can go. You will be surprised to find out how far your money goes.
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Start saving early to spread the cost
How much did last year’s Christmas cost you? According to a Gallop poll, a typical family spends $830 on Christmas gifts. Many Americans struggle to afford Christmas from December’s paycheck alone and use credit cards to make ends meet. Start saving earlier to prevent yourself from going into debt. For example, if you plan on spending $830 this Christmas, put approximately $210 a month aside for September, October, and November to spread the costs.
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Make a list – and check it twice
Christmas shopping on impulse can be dangerous to your wallet. I recommend making a shopping list and sticking to it! The retail industry spends a fortune banking you will become a victim of impulsive shopping.
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Chat with family and friends for free
Christmas should be a time for family and friends, but if your family members are a long way away, save money on the plane ticket by having a scheduled holiday phone call. Even if your family is out of town, most smartphones have apps to video chat with your friends and family. This is not an ideal way to spend the holidays, but the money you save on plane tickets can go a long way to paying down your debts.
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White elephant game
If you want to stay in the holiday spirit with your friends, play the white elephant game. Set the gift limit to $5-10. This will keep everyone in the giving spirit and on a budget.
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Is it time to BAN unnecessary Christmas presents?
Consider not giving this Christmas. Christmas is not a retail festival – we should not feel obligated to give. Gift-giving creates an obligation on recipients to give back, whether they can afford it or not. For some, the gift of “not requiring you to buy for me” and peace of mind is the best gift you can give.
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I hope this article provides practical tools to stay financially fit this holiday season.
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Randall Avery
Financial Advisor │ Author │ Public Speaker
R.S.A. Deasil Advisors, LLC
Office: 531-333-2745
Email: Deasil@rsadeasil.com
Website: www.rsadeasil.com
P.S. If you would like me to speak at your next event, please click HERE
Hacking The System
While working with clients, Randall realized there was a missing process that individuals were not performing when choosing to use their money. Motivated to fill this gap, Randall developed three models to ‘Hack The System’, allowing individuals to Create Your Own System (CYOS). Randall hopes effectively using these modes will help individuals identify the best moral and ethical use of their money.
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