Financial Wellness
8 Smart Tips for a Stress-Free Holiday Season
November marks the shift from autumn traditions to the excitement of the holiday season. Along with celebrations, travel, and gifts often comes the challenge of keeping costs under control. A little preparation now can help ensure your holidays bring more joy than financial stress.
Here are a few planning tips to prevent the holidays from making more debt than memories. And if you need any financial help as you navigate your holiday planning, consider our limited-time Holiday Loan to help cover your costs.
Here are a few planning tips to prevent the holidays from making more debt than memories. And if you need any financial help as you navigate your holiday planning, consider our limited-time Holiday Loan to help cover your costs.
Make lists and stick to them. Make a roster of names and gift ideas for each person you plan on buying for this upcoming holiday season. It's wise to ask them for gift ideas to save time and ensure what you buy matches their wish list.
Pro Tip: If you have a budget in mind, it may be appropriate to communicate that to avoid awkward over-budget requests. Also, it's a great idea to make a list for yourself that contains varying price points to give to friends and family who ask for ideas.
Get creative with your gifts. Do you still have that blanket your grandmother made you? Do you treasure the scarf your best friend knit for you? Handmade gifts come straight from the heart and should not be overlooked, especially when money is tight. There are many low or no-cost projects found with a simple search of the internet. The gifts of time and shared experiences are also priceless, but you don't have to break the bank.
Pro Tip: Choose projects that do not include costly supplies and look for sales at your local hobby shop. Check out dollar stores as well. A perk of saving for the holidays year-round is you will have the money available when sales happen!
Compare in-store and online shopping prices. As online shopping continues to become everyone's go-to method, brick-and-mortar stores offer more enticing prices to lure customers back to in-person shopping. The prices offered can be significantly lower, especially when factoring the shipping price into the total cost.
Pro Tip: Many brick-and-mortar stores are matching the prices of their online competitors. Be sure to ask. If the store declines to match the price, the option to purchase online is still available.
Set gift expectations for kids. Not only will this help shift the focus of the day from gifts to the meaning of the holiday, but it is a teachable moment for kids about the value of money. Many households ask children to prioritize their wish list, putting the most wanted items first.
Pro Tip: Give your child a budget and ask them to ensure their requests fit within the budget.
Get creative with wrapping paper. Wrapping paper is expensive and will only be ripped off and thrown away. Being creative with the materials already in your home could save quite a bit in packaging. For example, colorful ads mailed to your home make fun bows, and newspapers can be an interesting way to wrap a gift. For an added touch of creativity, save fall leaves or clip some greenery to add to the ribbon.
Pro Tip: Save cereal boxes or boxes from shipments throughout the year as budget friendly packaging options. Ask kids to decorate the box with their own art and drawings for gift-giving.
Make the holiday meal a potluck. One of the hardest parts of hosting a gathering is deciding what to serve. The host can get stuck in the kitchen all day, creating the feast everyone will enjoy together. By hosting a potluck, you share the responsibility of the meal with others.
Pro Tip: A fun potluck tradition to start could be a family and friends bake-off challenge. Let the children be the judges.
Be flexible with travel and bookings (especially for last-minute plans). Travel is one of the biggest holiday expenses, but smart planning can make it more manageable. Keep an eye out for deals, be flexible with your dates, and confirm your bookings as early as possible. Even if you're finalizing last-minute plans, taking a thoughtful approach can help you save money and reduce stress.
Pro Tip: Carefully read the cancelation policy for any booking—you may find the flexibility you need without extra insurance.
Take Advantage of Pre-Black Friday Sales. Many retailers begin rolling out their discounts in early November, so there's no need to wait until the last minute. In fact, you might find deals on 11/11 (sometimes known as "Singles' Day" or early Black Friday sales) that rival the actual Black Friday offers. These early sales give you the opportunity to:
Pro Tip: Open a club savings account and set up an automatic monthly payment to make saving easier and more convenient.
Pro Tip: If you have a budget in mind, it may be appropriate to communicate that to avoid awkward over-budget requests. Also, it's a great idea to make a list for yourself that contains varying price points to give to friends and family who ask for ideas.
Get creative with your gifts. Do you still have that blanket your grandmother made you? Do you treasure the scarf your best friend knit for you? Handmade gifts come straight from the heart and should not be overlooked, especially when money is tight. There are many low or no-cost projects found with a simple search of the internet. The gifts of time and shared experiences are also priceless, but you don't have to break the bank.
Pro Tip: Choose projects that do not include costly supplies and look for sales at your local hobby shop. Check out dollar stores as well. A perk of saving for the holidays year-round is you will have the money available when sales happen!
Compare in-store and online shopping prices. As online shopping continues to become everyone's go-to method, brick-and-mortar stores offer more enticing prices to lure customers back to in-person shopping. The prices offered can be significantly lower, especially when factoring the shipping price into the total cost.
Pro Tip: Many brick-and-mortar stores are matching the prices of their online competitors. Be sure to ask. If the store declines to match the price, the option to purchase online is still available.
Set gift expectations for kids. Not only will this help shift the focus of the day from gifts to the meaning of the holiday, but it is a teachable moment for kids about the value of money. Many households ask children to prioritize their wish list, putting the most wanted items first.
Pro Tip: Give your child a budget and ask them to ensure their requests fit within the budget.
Get creative with wrapping paper. Wrapping paper is expensive and will only be ripped off and thrown away. Being creative with the materials already in your home could save quite a bit in packaging. For example, colorful ads mailed to your home make fun bows, and newspapers can be an interesting way to wrap a gift. For an added touch of creativity, save fall leaves or clip some greenery to add to the ribbon.
Pro Tip: Save cereal boxes or boxes from shipments throughout the year as budget friendly packaging options. Ask kids to decorate the box with their own art and drawings for gift-giving.
Make the holiday meal a potluck. One of the hardest parts of hosting a gathering is deciding what to serve. The host can get stuck in the kitchen all day, creating the feast everyone will enjoy together. By hosting a potluck, you share the responsibility of the meal with others.
Pro Tip: A fun potluck tradition to start could be a family and friends bake-off challenge. Let the children be the judges.
Be flexible with travel and bookings (especially for last-minute plans). Travel is one of the biggest holiday expenses, but smart planning can make it more manageable. Keep an eye out for deals, be flexible with your dates, and confirm your bookings as early as possible. Even if you're finalizing last-minute plans, taking a thoughtful approach can help you save money and reduce stress.
Pro Tip: Carefully read the cancelation policy for any booking—you may find the flexibility you need without extra insurance.
Take Advantage of Pre-Black Friday Sales. Many retailers begin rolling out their discounts in early November, so there's no need to wait until the last minute. In fact, you might find deals on 11/11 (sometimes known as "Singles' Day" or early Black Friday sales) that rival the actual Black Friday offers. These early sales give you the opportunity to:
- Beat the crowds: Shopping early means less competition and a better chance of scoring the deals you want before they sell out.
- Spread out spending: By shopping over time, you can avoid a large one-time hit on your budget, making it easier to manage your finances.
Pro Tip: Open a club savings account and set up an automatic monthly payment to make saving easier and more convenient.
References: BALANCE, A Healthier Michigan
