The most wonderful (and expensive) time of year is in full swing. With a very large family to shop for, travel to plan, and RSVPs piling up, here are some tips I use to avoid eating ramen throughout the New Year.
Don’t shop for yourself. It can be temping when I am shopping to get a few things I do (or don’t) need because of the deals. But remember that retailers are looking to get rid of their winter stock after the holiday rush, so shop for yourself in January to get the best prices.
Make a budget. Putting yourself on a budget doesn’t have to be difficult. I tend to budget for the holidays in one lump sum rather than breaking it down by recipient. Don’t forget to account for other categories besides gifts. Expenses for holiday travel and events add up quickly, so I always contribute a little extra to my savings account to keep from overspending.
Use your gifts to gift. One of the most meaningful gifts I ever received was a poem my brother wrote about me. He gave me a gift along with the poem, but I honestly can’t remember what it was. I work out of the WeWork Dupont Circle space in Washington, D.C., and every day I meet creative people who could use their time and talents to make meaningful gifts for friends and family. (On a side note, if the WeWork decorating team is feeling generous, my studio could use some love.)
Cut expenses. Living in D.C., or any major city, food seems to eat up all your extra cash. This month, I am bringing my lunch every day to help balance out the extra spending in other categories, like that Santa hat I really needed for the party.
Enjoy a night on the town. A performance of The Nutcracker is one of my favorite holiday traditions, but not every outing needs to come with a pricey ticket. A walking tour of your area’s holiday lights is free and an excellent reason to consume more eggnog than you should. There are also many free or cheap holiday concerts during this time.
Examine your other expenses. With all the extra expenses this time of year, student loans can be an even greater burden. (I know this firsthand, as I work for CordiaGrad, which helps people refinance their student loans.) Interest rates are expected to increase in 2016, so it’s a good time to lower your payments and put more money in your pocket. A bonus: you can also earn $200 every time you refer a friend.
The holidays don’t need to mean blowing your budget or sitting at home watching Lifetime holiday movies. Find the balance that works for you, and of course, a very happy holiday to all the creators.