How to Start Saving for the Holidays
The holiday season is coming. It does every year. It kicks off with Thanksgiving and doesn’t stop until sometime in January. A little planning now, will really add to the joy of the season and eliminate the usual money crunch. Believe me when I tell you, that the last thing I want to think about today, is Christmas, but I refuse to go into debt to spread joy, because I wasn’t prepared for something that happens at the same time every year.
Regardless of what holidays you celebrate, it is likely that you will buy gifts, decorate your home, attend parties, or throw parties.
I think what we are looking for every day, is magnified during the holiday season. We want meaning. We want joy. We want to share and connect. Unfortunately, just like everyday, those things are overshadowed by stress, debt and confusion. By turning the focus to gifts, buffets, and too much of everything, we lose sight of what is really important. Having a plan will make this holiday season crystal clear.
Be More With Less Get Your Joy On Holiday Plan
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Budget – Now is the time to figure out what you will spend over the holidays.
- Make a list of holiday spending. Include detailed gift lists, postage, decor, events, extra contributions to charitable organizations, special food, and whatever you typically spend on during that time. Don’t hold back. Make it a big fat holiday list from turkey to trips and whatever comes in between. I want you to see the price tag on what you would normally spend.
- Cut the list by at least 25-50% - Chances are you are not the only one that wants to spend less this holiday season. Who knows, your friends might be aspiring minimalists too! Think about how you decorate. Do you really need a wreath on the back door? What about the different dresses you buy for formal events. Could you cut back there? Maybe a minimalist fashion project will help. Examine and re-examine your budget. Make the necessary cuts, and figure out the overall budget. If you really do this today or this week, divide the final number by 15. If you normally spend $3000, you will have to save $200 per week. You will start spending this before you save it all, but nothing will have to come out of your regular budget, and you will not have to use a credit card.
Meaning – Like our budget, our search for meaning seems deeper during the holidays. Through prayer, meditation, and volunteer work, do a little soul searching and soul giving. You may develop habits that last year round.
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Obligation – Between parties at your child’s school, your office events, family gatherings and other festive happenings, the holidays can be exhausting. Make a commitment to stay energized with regular yoga classes or sticking with your simple exercise plan and by saying NO. I know you want to be the hero and Santa to the world, but this year, focus on just being present for you and your family. Focus on the most important things. Pick and choose the other stuff very carefully, or say no to all of it.
Spending – This seems like the time of year where anything goes. Credit cards come out, excessive spending begins and all in the name of giving. Christmas is not an emergency. There is no excuse to start racking up credit card debt in the name of love and joy.
Material Giving – There are many ways to give and it doesn’t have to come in a box. I made a list of gifts for minimalists that may help. Have conversations with your close friends and family. Agree to exchange gifts under a certain dollar value, or not at all. Even better, agree to work collaboratively to give to someone less fortunate or volunteer together at your local food bank, or an organization that you care about. If someone asks you what you want, be honest. It’s ok to say, “I honestly don’t want anything, but if you plan to buy, I would love passes to a local yoga studio” (family – take the subtle hint!)
Commit to a budget this holiday season and find true meaning. Think about spending less time at the mall but more time creating memories with your friends and family. Think about giving fewer gifts to those of us who have so much and give to someone less fortunate, or pay off your debt and start an emergency fund. To experience a truly joyous new year, don’t let the last two months of 2010 derail your big picture of being more with less.
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16 Responses to “How to Start Saving for the Holidays”
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Really good ideas! I try to make (knit, sew, crochet) a lot of my gifts, and this year I’m canning relishes and jams to give. My budge is extra tight this semester, and I simply can’t afford to be extravagant.
I rarely think to budget for things like wrapping paper and stamps, though. I do usually purchase cards at the end of the season for the following year. Interestingly, though, I sent no cards the year my ex-husband and I were separated, and I only received about 15. It showed me that most of the people to whom I sent (over 80!) only returned out of obligation. Now I think much harder about why I’m sending a card to a particular family or individual. If I can’t think of a message to write that is personal for the recipient, then the card is probably not necessary.
I like to decorate with the cards I receive, and I save them to make gift tags for the following year.
One thing that I started doing about 2 years ago is making a contribution to a charity in honor of my children’s teachers, coaches, bus drivers, etc. One thing that you hear from so many teachers is that they just don’t need another thing given to them during the holidays, but of course they don’t want to hurt a child’s feelings. So, I decided to give money instead to a favorite charity and I let my child share in the decision. For instance, my daughter was adopted and she usually wants to give something to the orphanage where she was adopted from. So, we do this in honor of her teacher. She likes to write a little bit about why she likes to give back to the orphanage and does so in a Christmas card to the teacher so she has something to “give.” Most charities will let you print out certificates or small cards confirming your donation or offer to send gift cards to recipients. You could note in the card that they should be receiving a gift card from the charity soon. We have gotten a wonderful reception from this by teachers and coaches — they were very touched by the heartfelt sentiment and the fact that someone in need was helped. I did hear the comment that this was more precious than another bauble as well as the comment that one was going to do something like this for that “hard to buy for” person on their list. We’ve also given to World Vision on behalf of teachers, too.
LOVE LOVE LOVE this topic! I’ve been married for more than 4 years and every year my husband and I budget for Christmas… we start in January! We plan what we will spend on everything at Christmas and then work that out to weekly payments. Our age, we move just $15-20 per week into another bank account. By November (when we start to shop), we have our lump sum ready and everything is paid for before most people even start shopping! I keep a log of what I bought and spent, wrapping, stamps etc so that I can plan even better for next year! The holidays bring no stress to us and there is no scary Visa bill in January! We also give donations as half of the gifts to the ones we love (e.g. mother-in-law may get some quilting things and we’ll make a donation in her name to a cause that is important to her). Everyone loves it and it keeps costs down and the meaning of the holidays present!
Our family (husband, kids) agreed a couple of years ago to draw names and purchase ONE nicer gift for ONE person. We all loved the idea and result: less stress in buying, less stuff in the house, more thought in the buying, more time spent hanging out just talking not opening presents. (The little one was exempt but we consulted with his mama for appropriate gifts.)
Another idea we’ve tossed around is to set a price limite and buy something for yourself you’ve always wanted, keep it a secret and wrap it, then open it on Christmas Day. The fun is seeing what the person really really wants but has never bought for him/herself.
thank you for the wisdom!
Thanks for your great, thoughtful comments! I knew you would add lots of helpful suggestions and ideas to planning for the holdidays. Keep em coming!
Lisa, I love your donation idea for teachers. I am an elementary teacher and I get lots of “gifts”. I don’t need anything and feel bad when I get the “gift” home and I’m not sure what to do with it. The children mean well and they are being thoughtful. A donation is a much better use of money and educates children on the world around them and how to give back.
I spent Christmas in Canada for the first time in 3 years. While it was wonderful to be with family and friends, I had forgotten how crazy it could be. Spent way to much money and time at the malls agonizing over finding the perfect gifts. I had forgotten how conditioned we all were to focus on the holiday that way.
Christmas on Roatan is way different. It is still an important holiday but it has nothing to do with buying stuff, and racing around. It’s about pot-luck meals and being together…period!
There are usually a few fund raising events going on (but those happen all year round) and everyone gets involved. And the funniest thing to see was a couple of years ago when somebody brought a huge inflatable snowman (like you would find at a Walmart) and put it on their front lawn under a palm tree. Very funny!
Genny! I refuse to have a holiday full of shopping. I have had too many of those, and it is exhausting and depressing. I just want to soak in the magic of the season. Perhaps I will put a giant blow up palm tree on my front lawn!
I just discovered you today, and I am excited to follow this. I am actively trying to “live simply” and limit my possession count to 200 by the end of this year. I hope to be down to 150 next year! My family is not religious, and we all have too much stuff. The very last thing we need is gifts for Christmas. In 2009, we decided to take an affordable trip as a family and split costs. NO GIFT EXCHANGE, NO STRESS. We had a blast, and maybe even saved some money.
Experiences are more valuable to us. Consumption can be embarrassing sometimes. Not preaching, and not stuffing a “time capsule” either.
Beky,
Glad you found me. Keep me posted on how it goes!
Courtney, thank you for posting such great ideas for saving during the Holidays. I’ve mentioned you in my Coupon Mountain blog as I like to share tips to saving as well. You can check it out here if you’d like: http://bit.ly/sFl3Sv. I look forward to reading more of your posts.
All the best