Holiday Fun Can Be Affordable

Sponsored Post by Benedetti, Gucer & Associates

Traditionally, the holiday season is a time of indulgences.  Any combination of gifts, travel and entertaining can result in big end-of-year expenditures.  But many American consumers will be looking for ways to toast the season without breaking the bank.  If you, too, want to avoid over-spending, here are some tips to celebrate more frugally:

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Set proper expectations

It helps to make sure everybody in your family is onboard with the cost-conscious approach. If you are married, have a frank discussion with your spouse about spending limits. If you have children, make sure they understand that your plans for the holidays will focus on fun that can be had without spending a lot of money. If your children are old enough, you may even use this as an opportunity to explain the fundamentals of household economics and involve them in setting holiday spending priorities for the family. The lessons they learn from these conversations will help them to build wealth later in life.

Plan ahead

Take time to write down a list of possible gifts you hope to purchase for family and friends. Knowing what you want ahead of time may help you avoid making poor decisions and impulse purchases once you hit the stores. Gifts that are thoughtful can be more impactful than expensive gifts without much meaning. If your husband is a Yankees fan,  pair of cufflinks made from an actual baseball used in a Yankees game will have a lot more impact than spending five times as much on a pair of cufflinks from Tiffany’s.

Invest time to save money

The best deals can be found by shopping around. Check out stores in your area and investigate what’s available online. The emergence of online shopping has made it much easier to do your homework before you buy. Web retailers will help you determine best prices for the products you are looking to purchase.

Track your spending

One of the best ways to keep spending under control is to set a limit. Within your family, this can be on a per-person basis, or you can set a budget that dictates your maximum holiday spending. Once this number is chosen, see if you can come in under budget. Track all of your purchases and be certain to hold onto receipts.  You might also request gift receipts where available and tuck them inside cards or gift boxes.

Be smart about gift cards

Gift cards have become increasingly popular and more widely available. Make sure you understand the terms of a gift card (such as expiration dates) before making a purchase.

Get a jump on the season

Given the forecast for below-average consumer spending, many retailers are cautious to avoid stockpiling large inventories this holiday season.  If you shop early, you will be more likely to find what you’re looking for at a reasonable price. Conversely, last minute shopping could result in spending more than you planned, particularly if you are determined to buy specific items.

And finally…

These tips are about gift buying. But rather than making gifts and packages the center of your holiday celebration, try putting more emphasis on spending quality time with family and friends.  Encourage games and conversation; you may be surprised to find how little you miss the excesses of years past. True wealth is not about accumulating the most material possessions, it is about having the financial means to live a meaningful and rewarding life.