Community Chatter: How do you keep your budget under control during the holidays?

Did you know that the average American spends about $1000 a year during the holidays?   It's easy to let control of your budget slip a bit this time of year, but if you are anything like us, you are probably looking for a few ways to keep costs down this holiday season.   

Here are some of the ways that the team are keeping an eye on spending this year:

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@LisaNullar 

I have a few different ways that I monitor my holiday budget, but my biggest change came a few years ago when I switched over to only buying presents for my immediate family (mom and sister,) and for the kids in my life - generally a mix of cousin's children and my friends' kids who I see the most.   This helped keep my holiday budget smaller, and let me focus on presents for the ones who still get that huge thrill of opening presents on Christmas day.   

Instead of presents, I usually invite my friends out to lunch/brunch sometime in December, and while that isn't really an option this year, I do plan on making some gift boxes of cookies and other homemade treats to be dropped off on doorsteps.   

I have been buying a bottle of wine or a specific treat with my friends in mind for the past two months and have a nice little treasure trove of items to put into gift baskets.  An extra $10-15 tacked on to the grocery bills over 2 months is much easier to absorb than one giant haul in December and let me take advantage of sales and coupons too.  

While it's less useful this close to the end of the year, one thing I can't recommend highly enough is the use of a price tracker for those bigger ticket items.   If I know that I am going to want a new computer/stand mixer/etc, or am looking to get a new electronic item for someone, I will set up a tracking alert on a price-tracking app and then let it do it's thing.  When I get notified that the price has dropped or hit my preferred range, then I can purchase without worrying that I overpaid in the excitement of the moment.   

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@Ami_D 

I am notoriously bad at keeping my budget under control any time of the year, but this year, with all that is going on and some major changes in my own life that necessitate a bit more caution in the finance department, it’s more necessary than ever to keep a strict budget for gifts.

One thing I’ve focused on this year is foregoing the big fancy stuff for smaller more meaningful gifts from independent makers and small businesses. I set the precedent with my family and friends early: Your gift may not be big, but it will be impactful to someone who really needs the support this season.

Not too surprisingly, everyone was excited and more than open to the idea. Some even adopted the practice for themselves this year. Handmade holiday ornaments, jewelry, grooming products, and more were all available just a few miles from my home, or virtually on Etsy.

It’s easy to go overboard with all of the selections available in big box stores or the almighty Amazon, but I had a lot of fun being very deliberate in exploring and selecting the perfect gifts nearby. I hope they hold special meaning and memories that go beyond typical wishlist items.

The one exception I’ll admit to making was for the kiddos in my life. Their awfully specific holiday wishlists leave little room for creative interpretation, so I made good use of post-Thanksgiving sales and tried my best to go through local retailers vs online for the things they wanted.

Ultimately, I’m just about done and have spent only about 60% of what I did last year! I’m happy calling it a win.

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@CoreyDenis 

Experiences are gifts of time. In these extraordinary times, experiential gifts seem to carry a little more meaning. While crafting gifts using my own two hands is a favorite activity, time is also limited this year as shipping times are delayed, and work hours seem longer. I’ve had to make a few adjustments to accommodate for 2020.

This year, for my partner, family, and friends who travel, I am taking time to create travel experiences using Zoom. I am organizing virtual excursions using my own travel videos and photos. Thanks to social media, I am also pulling from their own photos and interjecting a few “this is your life” moments into the tour. A virtual card using paperless post serves as an invitation to the virtual excursion, while I spend time brushing up on my tour guide skills. I am gifting 8 virtual excursions & “this is your life” tours for friends and family, one for each night of Hanukkah.

Last but not least, a tried and true budget hack is mind-trickery, but usually leaves me with a few extra bucks. When I plan my budget, I round up all of my cost estimates, and round down the amount of money available to me. This hack isn’t for those who crave a perfectly balanced budget. For me, rounding estimated costs up, and available funds down, simply provides me with a chance to give myself a small experiential gift at the end of the holiday season, such as a pedicure. This year, “something nice” won’t be a pedicure, but perhaps a spa item such as a bath pillow will suffice.

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What do you do to help you budget for the end of the year?  Let us know your suggestions and if we get enough we can pull them together for a best of budgeting solutions post in January.