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The holiday season is fast approaching. It is a wonderful time to spend with family and friends, time to give, share and help others. The holidays are supposed to be filled with joy and happiness — but they can also cause stress and severely harm your finances if you’re not careful.
Ideally, you have planned and budgeted for these holidays all year long. If you haven’t done it, you still have a chance.
In order to make sure you have fun during the holidays and don’t overspend, Financial Readiness Program at Army Community Service has these tips for you:
Plan and save in advance — If you still haven’t paid off last year’s holiday expenses, be sure not to repeat that again this year and plan ahead.
Find extra money — If nothing else, look around the house. Now is a perfect time to cash in your piggy bank, penny jar, all the change you can find in your couch or even your laundry room jar. You might consider selling a few items you no longer need.
Think outside the box — Here are some creative gift ideas. A “white elephant” gift exchange is very popular in the workplace. Why not bring it up with your family? Give coupons for free services you can do that you know people need, such as babysitting, cooking, yard work or dog walking. Make a goal to spend quality time with family and friends, something that doesn’t hurt your budget or put you into debt. The best gifts don’t cost much money. Sometimes, a hand written card with sincere wishes is more appreciated.
Stick to a gift budget — Buy the most important gifts first, so you aren’t tempted to overspend using a credit card or drain your budget on lower priority gifts. Be realistic with what you can afford and stick to the plan.
Don’t buy a gift for yourself — You can reward yourself after the holidays for being successful at making your plan work. Of course, this is part of your plan.
Start early — Keep your eyes open all year-round for items friends and family would like. Then, inventory what you’ve already purchased and how much you’ve spent before shopping for more gifts.
The act of giving is an important aspect of your financial plan. Want to make a difference? Consider giving a gift to a stranger — somebody who really needs it. As always, ACS is holding a toy drive that benefits less fortunate people in the KMC. With your assistance, they too can enjoy the holidays. Look for boxes around the KMC and consider donating a new, unwrapped children’s gift.
For more information on managing your money, try a workshop offered by ACS’s Financial Readiness Program.
You can also set up a meeting with a financial counselor, who can work one-on-one with you to improve your financial skills. Follow these tips and you might hear that extra change jingling all the way to the bank.
