AFFORDING THE HOLIDAYS

GUEST BLOGGER: LIZ VANCE

October is a fun month because it marks the beginning of the end of year holidays! So many fun things come our way the last few months of the year which, unfortunately, can mean a lot of expenses! I know it may seem early to have a post about affording the holidays, but preparation is key to several of the tips I want to share. So, here is a list of things you can do to make the next few months more affordable.

• ​First things first, set a gift giving budget for yourself. It is so easy to want to be generous this time of year, which is a very wonderful and gratifying thing to do! However, don’t let your generosity break the bank! Set some limits for yourself. If you find yourself wanting to give more, try find things you can give without spending money. We’ll talk more about that in another tip. (Setting a budget also applies to holidays without gifts like Halloween and Thanksgiving!)
• Spread out your holiday spending. There is no rule that states you must wait to buy holiday things in the month of that holiday. For example, things like Halloween costumes and artificial Christmas trees generally have huge price reductions once the holiday has passed. You can plan ahead for next year, spread out your spending, and get great deals by jumping on those sales! Just make sure you remember you already bought your kid’s next Halloween costume once October rolls around again!
• Shop Sales. This tip can go hand in hand with spreading out your holiday spending. Of course, Black Friday and Cyber Monday are great sales for the holidays, but have you ever thought to buy holiday gifts during Labor Day sales? I can remember a time when my mom bought a Christmas present in July because that was when it was on sale! At the time I thought she was crazy but now I appreciate her example! Utilizing year round sales can really help you stick to your gift giving budget. But again, don’t forget what you already bought and who you already have a gift for! It may be helpful to keep a list on your phone of what you have and for whom. 
• If your funds are light this year, try a no (or low) spend holiday. It may sound hard, but it is possible to spend little to nothing extra in the holiday season. Don’t believe me? Check out this article by The Penny Hoarder on practical ways to cut out spending for the holidays!
• Find alternatives to gifts. A few years ago, my siblings and I decided we’d forgo Christmas gifts and instead do something together. One year we played a board game while grandma and grandpa babysat the kids. Another year we did an escape room. It can be as extensive or as simple as you make it! I’ve found that this means much more to me than the gifts I used to receive from them. See if you can arrange for less gifts and more quality time! It’s fun and saves money, too!
• Last but not least, set up a holiday revolving savings. The idea here is to look at what you spent last year on the holidays or on the gifts you gave, divide that number by 12, and save that amount each month. This should mean that by the end of the year (or throughout the year, if you’re shopping sales) you’ll have the amount you need all ready to go! Be sure to keep that money in a separate account so you don’t spend it on something else. 

The holidays are supposed to be full of love and cheer and not debt and stress. Hopefully some of these tips will help you keep your holidays running a little more smoothly this year!

Happy Holidays!
Liz