Helpful hints for the holiday season
- col-kate-shumaker
- December 13, 2024
- 306
The holidays are around the corner, and along with all the holiday cheer come the holiday checks. Seeing family and friends can be the best times of the holidays. However, the extra time, stresses and expenses that come along with the holidays can be a challenge for many of us.
Let’s focus on the finances. I have no doubt most people have already done a fair bit of holiday spending. If that is the case, start thinking about how you can implement some of these tips for next year. Here are some tips you may find helpful.
—The guideline for holiday spending is about 1.5% of your total income. So if you make $30,000, then the suggested budget would be about $450.
—Divide out the expenses by the number of paychecks you have before your celebration. Don’t wait until the week before and try to squeeze everything into one pay period. Many of you may already have items purchased as they have been on sale.
—Make a complete list of additional expenses that might be incurred. Include everything from postage stamps or cost of mailing packages to wrapping paper, extra travel, stress and other decorations, and additional food. Then decide how much to save between now and your celebration to make it easier on the budget or begin purchasing items each week to save on time and money.
—Utilize lay-aways for larger items or for the special items on the list. This can divide the cost out over several weeks and make it easier on the budget. When shopping, use a list for each store and stick to the list for each week.
—If you are planning to travel, keep an eye out for flights or hotel specials to help stretch the dollars. Again, begin today to put away a specific amount to pay for the trip as an additional expense on budget.
—Avoid using credit to purchase items unless they can be paid off in a short time. Interest rates add significant amounts to items if there is an ongoing balance. An $18 item placed on a credit card with a running balance for six months could end up costing between $40 and $50, depending on the balance and the interest rates.
—Really talk with children about wishes and help them prioritize. Help to create a great holiday season with other traditions so the memories are not all based on just the gifts, but also the activities and memories.
—Consider what gift items might be made this year. If your closets are filled with family heirlooms or special items, might a piece of family history along with the story be a fitting gift? Maybe you have time to bake or talents to share with unique gifts like sewing, quilting, card making or knitting. Maybe you could give the gift of time by giving coupons for a free movie night, a free dinner in January, a house or car cleaning.
However you choose to celebrate your holidays, don’t let overspending and debt cloud the beginning of your new year.
Special thanks to my colleague Melinda Hill from Wayne County for the information in this article: livesmartohio.osu.edu/money/hill-14osu-edu/planning-for-the-holidays/.
Kate Shumaker is an OSU Extension family and consumer sciences educator and may be reached at 330-674-3015 or Shumaker.68@osu.edu. Follow on Facebook @OSUEXTHolmes or visit holmes.osu.edu.