Earlier this month, the FPG Education team hosted a holiday-themed education session – check out the replay here! Read the helpful tips below for more information on this topic.
- Set a budget before shopping. Determine which individuals you will be shopping for this year and how much you are planning to spend for each person. The goal is to have a realistic idea of the total cost of the holiday season!
- Don’t forget to include the cost of travel and entertaining in your budget. While most of us think about our budget for gifts, it’s easy to overlook the cost of traveling to see family, buying ingredients to host that perfect holiday dinner, or getting that perfect outfit for New Year’s Eve. Make sure to leave wiggle room for these expenses in your overall budget.
- Consider how you will cover the costs. Will you save a little bit each month? Do you regularly get a bonus that you allocate towards gifts? Have a plan in place that incorporates the increased spending around the holidays into your annual budgetary plan.
- Start shopping early for gifts. If you have gifts in mind for those on your list, keeping an eye out throughout the year for gifts can help you get a great deal during a sale, spread out the spending, and prevent the stress of waiting until the last minute.
- Get creative. Showing others you care about them doesn’t have to mean expensive gifts – thoughtful cards, homemade gifts, or shared experiences can be extremely meaningful without breaking the bank.
- Plan your travel early. If you know you will be traveling around the holidays, planning can pay off with lower plane ticket and hotel prices. Within the United States, the cheapest days to fly are usually Tuesday or Wednesday.
- Save on groceries. Traditions vary, but the holidays often include special meals and additional treats. If you haven’t already, look into downloading a grocery app that works best for you. Some offer cash back on purchases, while others act as digital coupons or direct you to the best deals.
- Don’t forget to treat yourself. Your future self, that is. The end of the year is a good time to assess your savings accounts. Perhaps you can max out contributions on your retirement plan or increase your emergency savings to go into the next year a little more secure!
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