Guest Contributor: Andrea Schmutz USU Extension Assistant Professor “It’s the most wonderful time of the year” croons Andy Williams on the radio. When Christmas decorations started appearing while I was still debating on which Halloween candy to buy, instead of feeling frustrated that people were leapfrogging Halloween and Thanksgiving to get to Christmas, I felt my spirits lift. COVID could alter life in many ways, but it could not take away the positivity and joy that I feel during the Christmas season. However, one thing started to tug at my thoughts, threatening to dampen my spirits. With so much time to think about Christmas, would it be harder to stick to my holiday shopping budget? As I pondered my dilemma, I had a most bizarre thought: the words to a Christmas song started dancing in my head and I realized they had some great advice that would help me in my efforts to not overspend this season. I started looking at other Christmas songs and found that there were hidden budgeting messages in many of them.
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Guest Contributor: Callie Ward USU Extension Assistant Professor Guys, it is WRESTLING SEASON at our house!! Wrestling was always big in my high school and with my family, and now with a son that loves it, the tradition continues. Like many sports or extracurriculars, wrestling has some cost associated with it: Registration / Team Fees, Uniform and Gear Costs, Tournament Registration, Travel, Concessions or food (This one is a HUGE cost!), Team Swag for the participant and the family support, Fundraisers (every parents favorite). These add up fast and so do the collection of team t-shirts too! (TIP: For a cheap and fun way to save your t-shirts here is a step by step guide for a t-shirt quilt.) As a parent, I can see the benefits of any kind of extracurriculars for my kids, physically, socially, and emotionally and make sure to plan for them each month within our budget. Researching how to save on this cost, I have come up with some tips to get you through the season: Guest Contributor: Andrea Schmutz USU Extension Assistant Professor Knowing that most everyone appreciates a little more green in their wallet, especially as we head into holiday season, I’d like to share my most recent epiphany. I was reading about “America Recycles Day”, where each year, on or near November 15, the U.S. Environmental Protection Agency (EPA) recognizes the importance and impact of recycling to our nation’s economy and environment. The EPA’s website, epa.gov, provides fantastic information about greener living, recycling and reducing waste. As I perused an infographic on the website titled “Think Green Before You Shop”, I suddenly realized that the three R’s of environmental sustainability: reduce, reuse, and recycle, could also be called the three R’s of budget sustainability. Guest Contributor: Christina Pay USU Extension Assistant Professor Needs vs wants. Who hasn’t fought that budgeting battle? Tough as the struggle may be, it is a fight that can be won. The reasoning is pretty simple, right? A need is something that is essential for you to be able to live and work. Needs include housing, transportation and food. Wants, on the other hand, are expenses that help you live life more comfortably. Wants include entertainment, travel, and toys. It seems straightforward enough, but what about those gray areas where needs and wants overlap? On occasion, our wants may seem so powerful that we can’t imagine living without them. Consider an item such as housing. Shelter is a need; however, it may become a want if you’re paying more for rent or a mortgage in order to live in a larger home or upscale area. And clothing? That, too, is a need, but if you buy expensive brands or are buying clothing just because it’s on sale, it can quickly fall into the want category. There are several strategies to help you win the needs vs wants battle. Amanda H. Christensen, AFC USU Extension Associate Professor; Utah Money Moms Editor I know you've seen it...many retailers are already promoting Black Friday deals and will continue to bombard us with a barrage of ads all month long. I've already started to feel a little FOMO. But before we jump the gun and dive in to holiday spending in 2020, I'd recommend a few things to help us stay savvy shoppers this season. Tip 1: Starting early can help you spread holiday costs out over a few months rather than everything hitting your bank account in December or January. This also helps with our efforts to give thoughtful gifts-which is always our intention-but sometimes we run out of time and simply pull the trigger on something less meaningful or more expensive than we'd have hoped. Start early, check things off your list and unplug from the holiday hub-ub to enjoy the reason for the season. Tip 2: Create a holiday spending plan. Don't forget to include the gift exchange at work or any neighbor gifts you'd like to give out. Traditional activity's may have costs associated with them so don't forget that either. Once you've listed everything, set a per-person (or per activity, etc.) spending limit. I like to use a free app like Santa's Bag (or something similar) because it helps me easily track my per-person spending and visually shows me my progress. What a per-person spending limit does is helps me focus on getting the best bang for my buck within that spending limit. Tip 3: Keep good records such that if an item you’ve purchased goes on sale at a better price later in the season, you can be a savvy consumer and return the item or ask for the difference in store credit. As for physical receipts, during the holiday season I make space for them in my coupon/gift card organizer that’s in my purse and always with me. Digital receipts can be difficult to track as they can get buried in your email. It’s as simple as creating a “Christmas 2020” email folder and dragging all online order confirmations into that folder. Tip 4: A savvy consumer takes advantage of the sales and knows when to stop spending. The "good deals" will keep coming. We'll be bombarded all through December as well so once you've reached that per-person spending limit and checked everything off your list, be done. Unplug. Last-minute impulse buys can be budget busters! The sale season is only working for you if you don’t continue to buy, buy, buy. |
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