It happens to the best of us. The holiday season sweeps us up and with it we spread joy to the world. Part of the delight often includes buying gifts, celebration parties and family dinners. It's fun while it lasts. But when January arrives, the joy can turn to anguish when the credit card statements come in.
We spent too much. How could it be?
It's easy to get caught up in the holiday hype and over-extend ourselves. But it's just as easy to have a very happy and memorable holiday season without the needless expense. Here are a few creative ways to cut expenses without cutting out the holiday cheer from Yes, You Can... Afford to Raise a Family.
Start with a Plan: Make a plan for all your holiday expenses and then stick to it. The better your plan, the less likely you'll be to get caught up in the "more is better" cycle. If your budget is tighter than its been in the past, why not talk to your children and explain why this holiday season might be different? This is an opportunity to share how living within your means is required to achieve financial independence.
Draw Names: Do you have to buy for every niece, nephew, cousin and in-law? Drawing names is a great way to limit your expense.
Think Outside the Gift Box: Instead of giving material gifts, why not make a donation to a family member's favorite charity? After making the donation, give a card to the intended recipient letting them know of your support.
Also, consider volunteering at a soup kitchen, food pantry or another charity as a gift from the family. This gift has the potential to make a huge impact on others in need and could quite possibly start a whole new family tradition.
Be Creative: Food gifts can be inexpensive and easy. Nicely wrapped homemade cookies, popcorn balls and candies make a tasty holiday gift.
What about your hidden talents? Are you handy around the house? Give a gift certificate for "handyman services." Know an elderly person with physical limitations? Give a card with a note offering to clean their house. Sharing your talent can be a wonderful gift.
Pay Cash: Nothing curbs impulse buying like a wallet without credit cards. By adopting a cash-only policy there's no risk of spending more than what you have in your wallet.
This year create your own game plan to help hold down holiday expenses. With a little planning before you start shopping, you won't have to spend a fortune and deal with the aftermath of an expensive holiday.