The holiday season is one many of us look forward to. It’s a time of togetherness, sharing, and family fun. However, it can also be an expensive time of year, which can place families and individuals under immense financial pressure. How do you manage those extra costs on top of your everyday ones? The following information may assist.
Rely on the Experts
Learning how to get out of debt and manage your finances is easier with the help of experts. You might like to see a financial advisor, budgeting genius, or experts who can negotiate with creditors on your behalf.
These financial gurus can help you work out where your money is going, how you can spend less, and how you can pay off debt without sacrificing life’s necessities. As a result, Christmas can end up being a far less stressful time of year.
Make it a DIY Christmas
Do you usually hire a decorator to put up your Christmas lights and decorate your tree? Do you purchase most of your gifts instead of making them? If money is tight, bring up the idea of a DIY Christmas with your family.
Homemade gifts and Christmas hampers come from the heart, and they can also be far more affordable than ones you purchase from retail stores. If you’re not much of a crafter, thrift store shopping for Christmas can also be a fun option for the family.
Most items in thrift stores are one-offs, which means you’re unlikely to end up receiving the same gift as you purchased. Everyone has something to unwrap, but without a high price tag.
Adjust Your Gifting Rules
Families grow over time. Immediate family members enter relationships, kids are born, and the cost of gift-giving rises. Rather than rack up massive bills on your credit card with high interest, consider introducing a family gift-giving rule.
This rule might include a Secret Santa-style Christmas, which involves giving a gift to one person anonymously. No one misses out, but you don’t have to buy something for everyone.
Alternatively, you may like to put all your focus into the kids rather than the adults. If everyone is on board with this new family rule, your entire family can be relieved of a significant financial burden.
Holiday at Home
Given the rising number of COVID-19 cases, holidaying at home may have been your preferred option.You don’t have to purchase flights and accommodation or come up with extra cash for food and entertainment.
Though, that doesn’t mean the holiday season is going to be boring. You can camp in your yard and visit local attractions that allow for safe social distancing. There are plenty of things to explore in your own backyard while saving money and keeping your family (and the community) safe.
Spread Out Spending
If Christmas day is usually quite a lavish affair in your household, then consider spreading out the costs over the year. Why wait until December to start shopping? On average, Americans spend $846 on gifts. Spreading this bill out over as many months as possible can prevent you from being left short at the end of the year.
Not everyone wants to spend a fortune during the festive season. More to the point, not everyone can. Fortunately, there are plenty of ways you can take stock of your financial situation and save money at the same time. Christmas may look different this year, but it can still be a fun and exciting day that everyone in the family enjoys.