The latest from our Heart and Soul
The holiday season is a wonderful time to reconnect with family and friends, eat TONS of great food, drink way too much and simply have fun everywhere you go. The drawback of the holidays however is not felt until AFTER the fact - once you have spent too much money!
If you are like many people out there, you swear to yourself that next year will be the year that you’ll stick to a budget - you won’t go over AND you won’t have any financial regrets or outstanding bills. Well, I hate to be the bearer of bad news - but next year is here. Don’t panic - You can do it this year!
Firstly, there are many variables that you need to consider. The most obvious one is of course budget, but bear with me here while I break it down further. Yes you need a budget, but your budget is most likely always blown; leaving you questioning “why?”
Budgeting the Gifts. When it comes to gifts, think about whether you are aiming for QUALITY or QUANTITY. More often than not, you think quantity (especially for kids) and quality for your adult gifting. Quantity is easy; set a reasonable budget $20 per person and head to your nearest dollar-type store. You can find super deals for any age that will allow you to stay within your dollar range. Wrap each item up separately and you are done!
If quality is your goal, then you need to give a little bit of thought to the person receiving your gift; the key to quality is not the amount spent in dollars, but the amount spent in thought. For example, are you gifting a coffee lover? Again, set a reasonable dollar amount ($20) and think of things a coffee lover would appreciate; a handcrafted mug, a few special blends of coffee and a chocolate dipped spoon all wrapped in a nice box is a great quality gift.
Budgeting the Food. The second thing to focus your budget on is food. A few things to consider here; are you hosting or are you attending a function elsewhere? If you are hosting, obviously you need to provide food, drink and décor, but don’t forget that your guests are there to visit with you, not your tablecloth or centerpiece! Keeping these things in mind will allow you to scale things back a bit without any guilt. Consider hosting a potluck or have a brunch/lunch instead of dinner in order to stay on budget.
Budgeting your Time. Timing can make or break a budget simply because the closer your deadline looms, the more likely you are to succumb to impulse buys. If you give yourself time (at this point you have 3+ weeks) you have time to scan fliers, store hop to find sales, compare prices and be thoughtfully creative overall.
So you’ve found your deals, you’ve arranged a potluck and you’re just about to sit back and enjoy your savings but remember, you need to send out holiday greetings and you’ve been invited to a small gathering at a friend’s place. If you’ve nailed your budget, these incidentals will most likely be your downfall and because you’ve overlooked them, you will go over.
Budgeting the Holiday Cards. It’s great that you want to send out greeting cards, but once you factor in the cost of a nice card and the price of a stamp, a greeting card can be just as pricey as a gift! With all these wonderful digital imaging programs available, try sending a digital card this year; make it extra special by designing it yourself or by including your family photo. You’ll save the postage, the cost of the card and a tree in the process.
Budgeting the Parties. If you’ve been invited to a gathering at a friend’s house, you most definitely need to give a hostess gift, but you do not need to give a pricey bottle of wine or expensive chocolates. How about mixing it up a bit and giving the hostess a gift card to their local coffee shop? It will be much appreciated while she’s running around finalizing all of her holiday preparations, and it’s affordable too.
The bottom line in all of this budget talk is to make sure you are organised, realistic and thoughtful. Maintain these traits while you treasure hunt for goodies this holiday season and you’ll have your budget and savings all wrapped up in a pretty little (affordable) package!
