Wednesday, November 26, 2014

5 Ways to Save Money During the Holiday Season

The holiday season can be great for many reasons. It’s a great time to be with friends and family, throw company parties, and attend religious gatherings. While the holiday season can be great it can also be very stressful. Naturally there are a lot of reasons for this, but it seems the one main reason is financial obligations. With so much going on during the holiday season, it is quite easy to lose track of how you are spending your money until it is too late. Here are five ways to save money during the holiday season…

1. Know Your Budget

The biggest piece of advice we can give is to know your limitations. Figure out what is worth purchasing and doing and what is not. We’re not saying that you should limit your holiday activities, but we are encouraging you to be smart with your money. By setting a budget of how much you can afford to spend during the holidays, you will be putting yourself in a position to stay #FinanciallyFit. Your budget should include: gifts being purchased, food costs, travel costs, event costs, and anything else you plan on doing over the holidays. Create this budget, then be prepared to stick to it. It won’t be easy, but it will be rewarding.

2. Homemade Gifts
Some of the best gifts are not ones that cost a lot, but rather those that come from the heart. Instead of spending your money on gifts for family and friends, invest your time and talent into creating their gifts yourself. To most people, family and friends mean more than anyone, so think of something that they would enjoy. Here are some possible gifts to make:
  • Blankets 
  • Hats & scarves 
  • Toy chests & jewelry boxes 
  • Artwork 
3. Do Activities That Don’t Require Money

An outing with friends and family is a great way to spend time with those closest to you. However, not everything you do needs to cost money. There are plenty of things that don’t cost money, such as:
  • Iceskating 
  • Sledding/Skiing 
  • Caroling 
  • Snowshoeing 
These are not only examples of creative family gifts that they will remember forever, but also a good way to stay active and get outside during the winter.

4. Potlucks
The typical holiday feasts are definitely something that most people look forward to. The holiday season is sure to be filled with delicious meals. However, these meals can be quite expensive for one person or family to host. Consider pitching in and having a team effort. A potluck is a great way for everyone to join in on contributing to the feast. Through a potluck, you might be able to enjoy foods you would perhaps normally be hesitant to try.

5. Save your money
Earlier, we covered setting a budget and sticking to it. Have you ever thought about the best way to use the gift cards and financial gifts you receive during the holiday season? It seems as though our natural impulses tell us to instantly spend it, but that is not acting #FinanciallyFit. Rather, resist your natural urges and save your money. Think about what you would spend money on if you had not been given the money as a gift. Once you are absolutely sure what you want and CAN afford it, go ahead. You will be in a much better situation to enjoy your purchases.

Hopefully these five tips help you better stay ahead financially and enjoy the holiday season!