November 28, 2022

Because of inflation, many of us are shopping much earlier for the holidays this year. And that means it’s a great time to think about your budget, your plan, and your current situation. It is in that spirit that we share these tips to get a handle on your holiday budget.

1. Use mindfulness to have more peace during your holiday shopping.

When it comes to gifts, setting your total holiday budget is a good place to begin; however, you should break down your total holiday budget by person. Setting a per-person spending limit will help you stay mindful of your spending through the holidays.

2. Rethink receiving gifts and saving for gifts.

If you’re hoping to cut down on your seasonal spending, you can communicate that with those you love so that they may follow your lead. To help your friends and family stick to minimal holiday purchases, offer gift recommendations that avoid high spending. You could also ask your family to forgo material gifts this year and instead focus on experiences. This way the holiday will be focused around enjoying each other’s company, rather than on gifts.

3. Improve your spending habits and scope out purchases in advance.

In order to break spending habits that you may regret later, it’s important to consider how they make you feel. In the moment when you are standing in front of the item you want to buy, pause, breathe and imagine how you will feel about the purchase the next day? Try to envision your life after the purchase and ask yourself these questions: Will it really bring me the joy I am hoping it will? Will I have to make other sacrifices to get this? Will I feel stress about my money and meeting other obligations?

Need help in creating a financial plan for the holidays?

Our partners at GreenPath Financial Wellness can help you assess your financial situation. GreenPath is a national nonprofit organization that helps people pay off debt, improve credit, and lead financially healthy lives. Get started at www.greenpath.com/nepa or call 877-337-3399. The call is free and confidential.

Read the full article by GreenPath Financial Wellness: 3 Tips to Spread Joy While Saving Money Through the Holidays