Money Moves: How to Not Go Broke This Holiday Season
Tis the season to spend money! Seriously, who else feels like time of year your wallet is just bleeding cash? Between entertaining, going out to holiday events, travel, and shopping, it’s so hard to keep your finances on track. This year I’m really being tough on my spending because I’m recovering from the cross-country move, being in between jobs, and of course wedding expenses. Even if you aren’t in my position, it can never hurt to be mindful of your spending! This year shoppers are planning to spend an average of $1,047 according to the National Retail Federation!
In the spirit of belt-tightening, I wanted to share a few ways I’m planning to keep my spending down this season so I can focus on my financial future. Stay tuned for my tips to not go broke this holiday season!
Skip the New Dress
During the holidays there are a ton of social occasions and you may feel tempted to get a new look for every event. That is going to be a huge financial strain and if you are trying to cut back that is the place to start! Shop your closet for old favorites, pick up some low-cost accessories to spice up your look, or think beyond the cocktail dress. Style your separates in a more formal way, and use hair, makeup and accessories to elevate your look. If you do happen to have a month of jam-packed events, clothing rental services like Nuuly or Rent the Runway are a great alternative to shopping traditional retail.
DIY Your Beauty
If you find yourself having regular appointments for hair, makeup, manicures etc, think about what you can do yourself before you enlist the pros. There are thousands of tutorials you can watch for free on YouTube and practice before you have to nail a look for a big event. And if you aren’t confident in your abilities, you still have options! Hair accessories are trending this year, so you can always do a slick bun and embellish it with hairclips, or pop on a chunky glitzy or velvet headband for a look that makes a statement. And you can rely on the beauty counter at most department stores or Sephora for a free makeover! Usually you’ll have to buy product or be a member of their loyalty program, so take the opportunity to pick up a gift for someone on your list.
Get Thrifty With Your Decorations
I love decorating for the holidays! I don’t go as far as a lot of other bloggers, but I like having a nice stylish Christmas tree and a few stockings. I always go for a synthetic version since it can be reused for years to come, and I keep about half of the ornaments each year. I give myself a little bit of wiggle room to style my tree based on my mood that year, and only shop for ornaments on sale! Michael’s pretty much always has stuff for 40% off and Amazon has an amazing selection of décor pretty much at any price. You can also check out your local dollar stores for some goodies on the cheap. Give yourself a budget that makes sense and stick to that! And remember, everyone cares more about the presents that are under the tree than how the tree looks!
Do Your Shopping Online
Shopping online requires you to plan your purchases more carefully and reduces impulse shopping. When you are in a store there is product everywhere you look, and they trap you even further with lines and lines of merchandise (usually at jacked up prices) as you wait to checkout. Shopping online requires a little more planning, which is critical when you are trying to stay on a budget. Plus, you can take advantage of coupons and cash back programs to maximize your savings. Almost every site offers a discount code for signing up for emails, and you can always do a quick search for codes for that site to see what works. Just be sure to double check return policies so you don’t end up stuck with something that doesn’t fit or is lower quality than you were expecting.
Limit Your Gift List
There can be a lot of social pressure on how many people get gifts and how much you spend, but at a certain point you have to draw the line. Establish what you can reasonably afford to spend on gifts this holiday season, making sure that number includes wrapping and shipping if need be! Then split it up accordingly. You can also encourage friends and family to have a secret Santa or white elephant style party instead of bringing individual gifts for everyone. Everyone knows how expensive the holidays can get so no one should be surprised that you want to keep expenses down!
If you start getting discouraged or need better direction, keep a financial goal in mind that will help you stay motivated. It can be something big or small, just make sure there is a number associated with it that you can keep top of mind. It will be difficult but worth it in the end!
