Managing Your Money During the Holidays with White Mountain Partners

Tuesday, October 22, 2019

That’s right, the holidays are coming and chaos will surely ensue.  I’m not just talking about with your social schedule but also with your finances.  The holidays can wreak havoc on your finances if you aren’t careful and mindful with managing them so today I’m covering a few ways to manage your money during this time of year. 

Stick to A Budget
The key to manage your money without losing control is to stick to a budget.  This goes for gifts, food, event attendance, and even charitable donations.   You need to take a long hard look at what you can afford with your holiday expenses and then set a budget limit and stick to it.  It really helps if you put money aside all during the year so that by the time the holidays roll around, you have money set aside for everything.  

When it comes to gifts, it can be hard to limit yourself because we tend to get carried away with the spirit of giving and that’s why gifts of experience are better than purchased gifts.  You can take a relative somewhere for the day that has free or very cheap attendance rather than spend money on a physical gift for them. Make sure you set price limits for each person on your list and keep track of how much you’ve spent. 

Cut Costs When Possible
You may have to bring a dish to a holiday party but before you go spend money on expensive ingredients, look at what festive food you can throw together with what you already have.  And even though it’s convenient to buy dishes that are pre-made, it can be much more expensive because stores know that you’re desperate to get something. Don’t forget, a lot of parties also ask for someone to bring the disposable plates and dinnerware.  You can get that stuff for very cheap at discount stores or by buying the store brand, so that’s always an option for your contribution as well. 

Re-Gifting Saves
Do not be ashamed of re-gifting something you’ve never used or hardly ever used.  We tend to accumulate so much “stuff” much of which we don’t even want or need. Instead of throwing it out or letting it take up room in your home, consider donating it or putting it in a gifting box that you can “shop” throughout the year when events come up that you need a gift for.  There are plenty of things that are great re-gift items like candles, scarves, books, etc. Be as savvy as you can when it comes to saving money on gifts. 

Keep Saving
Saving money year round is very important but unfortunately we get so caught up with the holidays we stop worrying about saving money until next year.  It’s important to keep up the habit of saving money even if it’s just $5 here and there. Setting your bank account up to automatically deposit money in your savings every payday is a great idea, especially around the holidays! 

And remember, a firm like White Mountain Partners can help you manage your money ALL year round! 

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