Alicia Nelson-Bell, Empowering Financial Wellness Program Coordinator

It’s Christmas in July! Yep. You heard me right! You may be thinking to yourself,  “How can I be thinking about the holidays right now when my budget is already being squeezed so tight"?  But really, it's a good reason to start thinking about a plan for holiday spending sooner than later this year. Creating a plan and being a bit more prepared financially will pay off big time.

Why the friendly reminder?
In the 3rd quarter of 2021, AKA when most people did their holiday shopping, Americans added over $74 billion to credit card balances. Over 80% of those who put holiday expenses on their credit card carry a balance for an average of 3 months after the holidays and are paying an average of 18% interest. This makes those “good deals” you scored not so great when you pay 18% or more interest on them for multiple months! 

Shauna Barfuss, Empowering Financial Wellness Program Coordinator

Have you been feeling FOMO = the fear of missing out? Maybe this December you have a constant running list in your head, of all the things you feel you need to do, i.e.: stockings by the chimney with care…sugar cookies…decorating…family parties…friend parties…work parties…neighbor parties…shopping...gifts for neighbors...grandparents...teachers…check check check…oh yea and the kids! 
 
Do you feel the fear of missing out might just be leaving you missing out on the JOY of the season?
 
How about another acronym instead of FOMO...JOMO = the JOY of missing out?
 
A friend of mine, who is a bit older-and a bit wiser, mother once said to me, “You know we try so hard to give our kids everything we didn’t have, but are we forgetting to give them everything we DID have?”
 
So hold on Rudolph let’s reign in the season with some JOMO! Instead of all the shopping, parking lots, eating out, walking through malls and big boxes, what if we chilled and gave our kids things we had, the things we don’t want them to miss out on which easily fit in any budget:

• Take time to read a bedtime story
• Sing their favorite Christmas song at bedtime
• Build a snowman
• Drink hot cocoa with a side of crispy buttered toast
• Play Christmas music
• Sit in the dark under the lit Christmas tree telling stories of when you were a child at Christmas
• Watch the FREE Christmas episodes as a family on the couch wrapped up in blankets.
• Write love notes of appreciation

Elizabeth Davis, USU Extension Assistant Professor

Initially, I intended to write about how to save money for special occasions like anniversaries and birthdays. But in light of what is happening right now, I'd like to focus on celebrating, especially during hard times. I've learned during the Covid-19 pandemic that despite the uncertainties that we are experiencing... life goes on. There continue to be weddings, anniversaries, births, and other special occasions. Valentine's day is right around the corner. So, how do we celebrate in times of financial uncertainty? Here are three tips to help you prepare to celebrate Valentine's day (or any special day) during economic uncertainty.  

Wishing you a happy and safe New Year holiday!

A very Merry Christmas to you and your loved ones from everyone on the Utah Money Moms Team! We're grateful you're here!