5 Ways to Make Your Budget Holiday-Ready
Ho ho ho, here we go! It’s that time of year again and I don’t know about you, but 2022 was a super-expensive year for me with all the outrageous cost of living increases. We’ve been seeing prices go up all year for everything from food to housing to gas and more, at a clip that hasn’t been seen since the late 1970s and early 1980s. It’s pretty crazy out there, and some financial analysts (notably Greg Jensen of Bridgewater in this interview from September) are predicting that these inflated prices could stick around for awhile.
With this in mind, let’s make sure the holidays aren’t the final nail in our financial coffins for 2022, shall we? Not to have a lack mindset, but we’ve been through a rough couple years here with a global pandemic, supply chain issues, war, and now crazy inflation (did I miss anything?? what a list), so we can’t expect everything to be back to normal just yet. Here are the 5 top budget tips I’m using this holiday season: I hope you find them helpful, and please add what’s working for you in the comments below!
Pay off any outstanding credit card balances you might have right now (as best you can), before the holidays hit. That way if you do get a little carried away with all the Black Friday sales, at least you won’t be adding insult to injury.
Only give gifts to the grateful. How many times have you spent a lot of money on a nice Christmas gift for someone, only to never receive a thank-you of any type (text-messages count here)? Does it leave you wondering if you just wasted your hard-earned money? Don’t make the same mistake again this year. If you didn’t get some kind of acknowledgement of the gift, just assume that a) the carrier lost it or b) the person in question didn’t like the gift enough to thank you for it, and it ended up at the thrift shop in January. Also, pay attention to those people (you know who they are) who you give presents to every holiday season, but who literally never give you anything back. This is officially your sign to stop giving them gifts, okay? Okay.
Have an honest conversation with your family (and extended family/friends) about gift-giving expectations this year. I’m not saying to go all Grinch on people, but at the end of the day the holidays are all about sharing good food and fun memories with loved ones, not about the presents. And this is coming from someone whose primary love language is gifts…I know. If you’re very lucky, your friends and family have other love languages and won’t care about gifts at all, whatsoever, and will be happy to just hang out with you this holiday season. If you still want to give gifts, especially to children for whom the magic of Christmas is NOT magical without a couple presents under the tree, fine. Just consider your budget and prioritize who you give what, and how much you plan to spend on each person. I’m someone who typically gives Christmas gifts to literally everyone in my life so if you’re like me, maybe this is a good year to try sending heartfelt cards instead. There are many other ways we can express our appreciation for others that cost a lot less money.
Scale back your holiday decorating this year. I know, I know. This post is really starting to sound like the Grinch is writing it. Seriously though, is it the best use of whatever money has survived 2020-2022 to buy a bunch of holiday decorations you’ll be either throwing away in January or end up having to store in your attic or basement for the remainder of the year? I always get completely swept up in the glitter and glitz every time I walk into Target and see the gorgeous holiday displays, but I already have enough Santa coffee cups and wrapping paper to last me the rest of my life and so do you. Consider repurposing holiday decorations from previous years, and if you do buy anything new, keep it streamlined and remember that there will be other Christmases to deck the halls when stuff isn’t so insanely expensive.
Use 2022 as a wonderful opportunity to redefine what the holidays mean to you. I discovered Beth Kempton’s fabulous “Calm Christmas Podcast” last year, and can’t wait to tune in to Season 3 on November 25th! She inspired me to use the holiday season as a time to rest, practice self-care, and connect with all the holiday traditions I love best. This is also a good time of year to practice my top tips for having an abundance mindset, despite inflation and economic uncertainty. Beth also has a lovely book out on a peaceful Christmas if you’re looking for further inspiration; you might also enjoy reading A Chic and Simple Christmas by Fiona Ferris.
I hope these little budget tips were helpful, please share how you get your budget holiday-ready in the comments! If you enjoyed this post please be sure to subscribe to my newsletter for more.