Financial Wellness Over the Holidays
With the holidays fast approaching, below are a few budgeting tips that will help you achieve financial wellness over the holidays.
Money and budgeting are one of the number one causes of stress. Even though you take the time to eat better and move more, your health can still be impacted by high levels of financial stress. Financial wellness is about having a good headspace when it comes to your finances. Planning ahead, especially during the holidays, is key to ensuring a relaxed holiday season.
Tip # 1 Set a Budget
Make a list of all the people you care about and want to show gratitude toward. From there, take a realistic look at how much you can spend overall. Next, really think about what each person will appreciate. Is it a material gift? Is it an experience you can share? Do you have a special talent? Gifts don’t always have to be material. The gift of time and the thoughtfulness of a handmade gift can be more impactful than a store-bought item.
You may also wish to account for impromptu expenses such as decorations, party food, and nights out with friends. This will set you up for a season of gift buying without the stress.
Tip # 2 Start Early
After your budget is set, plan out the locations (physical or online) where you will be shopping this year. From there, look at your schedule and pencil in when you will shop. Add in extra days to account for out of stock items, delivery if needed, and delays.
Tip # 3 Get Creative
If your budget is small, there are many things you can do to show your loved ones you care.
1) If you have a special talent or service you can provide that as a gift. If you are an artist you can paint a picture. If you enjoy cooking, cook a special meal.
2) Frame a meaningful photo of your family or better yet compile your favorites into a photo book or calendar.
3) Cards and a small gift like a bottle of wine or box chocolates need not be expensive but show that you are thinking of them over the holidays.
The most important thing is to enjoy the time spent with friends and family. When you plan early and budget appropriately you will be able to relax and enjoy the moment.
Happy Holidays Everyone!