Holiday Financial Fitness: Five Tips to Navigate December Spending with Ease
Date: November 17, 2024
As the holidays approach, many of us are feeling the excitement of gift-giving, decorating, and sharing meals with loved ones. However, with economic pressure this season, it’s more important than ever to approach holiday spending with a plan. High credit card interest rates, increased travel expenses, and rising cost for goods can quickly add up. Taking control of your holiday budget can make all the difference. Here’s your guide to staying financially fit this December and setting yourself up for a strong financial start to 2025.
- Create a Holiday Budget
In a season where spending can easily get out of hand, building a holiday budget is your first line of defense. List expected expenses for gifts, travel, meals, and decorations, and set a spending cap for each category. Track every purchase on our Budgeting Workbook—and avoid last-minute surprises in January. By setting a realistic holiday budget, you’ll keep your finances on track, prevent holiday debt, and free yourself from financial stress in the new year.
“Building financial security isn’t about denying yourself today—it’s about empowering yourself for tomorrow.” – Natasha Buhler, Financial Consultant
- Make a Shopping List & Stick to It
With inflation affecting everyday purchases, sticking to a holiday shopping list can help prevent overspending. Plan your gift list, set a budget for each person, and try to buy locally to support your community. Avoiding impulse buys will help you stay within budget—and can reduce seasonal stress too! Plus, sticking to a list can help curb spending on non-essential items, giving you peace of mind, when bills arrive in January.
- Think DIY for a Personal Touch
Looking for creative ways to save? Consider “Do It Yourself” gifts for a more personal and budget-friendly approach. Homemade cookies, ornaments, or even a handwritten letter can add a meaningful touch without a hefty price tag. DIY gifts show thoughtfulness and effort, often meaning more to recipients than store-bought items. A little creativity can make the holidays memorable—all while saving you money.
- Give the Gift of Savings
As college tuition and living expenses rise, helping younger family members build a financial foundation is a gift that grows over time. If you’re considering cash gifts for children or young adults, think about contributing to a college fund, a savings account, or even teaching them about investing. These gifts can encourage a habit of savings, which will benefit them for life. In an era where savings often takes a backseat, a practical gift like this could be just what they need.
- Set a New Year Financial Fitness Goal
Use the season of giving to gift yourself a financial goal for the upcoming year. Take our 3-minute Financial Fitness Quiz or meet with one of our experts to assess your financial health and get tips on improving it. “Setting even a small goal can make a big impact on your financial well-being.
"Consider building an emergency fund, setting aside a fixed amount each month for a specific goal, or planning to pay down debt.” – Jacey Aitken, Financial Consultant
By following these five tips, you’ll not only keep your finances in check this holiday season, but you’ll also set yourself up for a brighter financial future. Plan, stay focused, and enjoy the season with a clear and manageable approach to holiday spending. By being intentional with your spending, the magic of the holiday season doesn’t have to come with financial stress.
Here’s to a financially fit and joyful holiday season!
