{"id":1428,"date":"2024-10-25T07:31:00","date_gmt":"2024-10-25T11:31:00","guid":{"rendered":"https:\/\/site.extension.uga.edu\/forsyth\/?p=1428"},"modified":"2024-10-23T11:43:35","modified_gmt":"2024-10-23T15:43:35","slug":"managing-holiday-spending","status":"publish","type":"post","link":"https:\/\/site.extension.uga.edu\/forsyth\/managing-holiday-spending\/","title":{"rendered":"Managing holiday spending"},"content":{"rendered":"\n
\"The
Whether it\u2019s gifts, desserts, or holiday decorations, decide how much is enough and stick to limits. Photo by James Wheeler on Unsplash<\/figcaption><\/figure>\n\n\n\n

Heather N. Kolich, ANR Agent, UGA Extension Forsyth County<\/p>\n\n\n\n

Halloween is still a week away, but the stores are already stocked with Christmas items and many of us are thinking about gift purchases. So are merchants and credit card companies, who are anticipating $979.5 to $989 billion in holiday-related decoration and gift purchases in November and December, according to the National Retail Federation. This is slightly up from last year.<\/p>\n\n\n\n

A Bankrate survey conducted in early August found that around half of shoppers surveyed plan to start their shopping earlier this year, but some are concerned about costs, budget strain, and feeling pressured to spend above their comfort zone.<\/p>\n\n\n\n

\"A
Perfect holiday decorations may be right outside in the yard. Photo by Erwan Hesry on Unsplash<\/figcaption><\/figure>\n\n\n\n

Take control of decision making<\/strong><\/p>\n\n\n\n

While we may feel pressure to out decorate our neighbors, host the best parties, and give extravagant gifts, we must balance what we want to do with what we realistically can do. An excess of spending \u2013 whether for holidays, vacations, or other activities \u2013 can impact family finances for months or years.<\/p>\n\n\n\n

Set limits<\/em> \u2013 Holidays seem to have become synonymous with indulgence and excess. My grandmother used to say, \u201cEnough is as good as a feast.\u201d I think that\u2019s good advice that can help keep spending and stress levels manageable.<\/p>\n\n\n\n

Before planning decorations, meals, gifts, and party wear, decide how much is enough. Have a family discussion to help set expectations and get everyone on board with the realities of time, money, and space limitations. Decide on a few family priorities and focus on those.<\/p>\n\n\n\n

\"Some
Set a budget and track spending to ensure you\u2019re sticking to it. Photo by Micheile Henderson on Unsplash<\/figcaption><\/figure>\n\n\n\n

Establish a budget<\/em> \u2013 Review monthly spending on necessities and determine what you can afford to spend on the prioritized activities. Then write down a realistic budget for each event, such as meal hosting, travel, and gift purchasing. Try using cash as much as possible. Credit purchases that can\u2019t be paid off in the next billing cycle will become more expensive through accrued interest.<\/p>\n\n\n\n

Get creative<\/strong><\/p>\n\n\n\n

Gifts and decorations don\u2019t have to be purchased \u2013 or purchased new. Homemade gifts may be more meaningful and appreciated than store-bought items. Passing along a favorite cookie recipe \u2013 along with a package of the cookies \u2013 is a gift that will last long after the cookies have been eaten. Memories of family experiences may also last longer than trendy toys or clothing.<\/p>\n\n\n\n

A gift that meets someone\u2019s particular need \u2013 a thoughtful gift \u2013 could be waiting for discovery in a thrift store. Solving a problem, like a toilet that runs, may only require inexpensive parts from the home improvement store and a half-hour of labor.<\/p>\n\n\n\n

Instead of wrapping paper, package gifts in another gift. Pin kitchen utensils in a kitchen towel. Tuck tools into a reusable bucket. Conceal clothing in a tote bag.<\/p>\n\n\n\n

The perfect seasonal decorations might be just outside in the yard. Cut branches from evergreen plants like holly bushes and magnolia trees to adorn the center of the table or the mantle. Hang pinecones from ribbons down the stair banister. Bend pine boughs or rosemary into fragrant wreaths.<\/p>\n\n\n\n

Scout sales and reviews<\/strong><\/p>\n\n\n\n

If there are particular items on the gift purchasing list, scout sales flyers and inline competitors for the best deals. Online is a good place to compare quality, features, included accessories, maintenance costs, and customer reviews of similar products. The costs to use and maintain an item could mean that a more expensive product that is more durable is a better choice than a bargain version.<\/p>\n\n\n\n

\"pine
Perfect holiday decorations may be right outside in the yard. Photo by Preethi Viswanathan on Unsplash<\/figcaption><\/figure>\n\n\n\n

Track spending<\/strong><\/p>\n\n\n\n

Setting a budget is important. Sticking to it is what makes it work. Retailers spend lots of money trying to entice consumers to spend lots of money.<\/p>\n\n\n\n

Keep every receipt and track spending as you go to see if you\u2019re staying within the established spending limits. If you go over budget on the Thanksgiving meal, adjust to cut back on other planned events to avoid overspending the budget.<\/p>\n\n\n\n

Plan early for next year<\/strong><\/p>\n\n\n\n

Holidays happen every year, so we know we\u2019ll be spending money on them. Use the receipts from this year to predict spending for next year and start saving early. Look for sales on durable gift items throughout the year. Keep a list of what you\u2019ve already purchased \u2013 and where you hid it. Then, when next fall rolls around, you can resist the pressure to shop excessively and actually enjoy the holidays.<\/p>\n","protected":false},"excerpt":{"rendered":"

Halloween is still a week away, but the stores are already stocked with Christmas items and many of us are thinking about gift purchases. So are merchants and credit card companies, who are anticipating $979.5 to $989 billion in holiday-related decoration and gift purchases in November and December, according to the National Retail Federation. This is slightly up from last year.<\/p>\n

A Bankrate survey conducted in early August found that around half of shoppers surveyed plan to start their shopping earlier this year, but some are concerned about costs, budget strain, and feeling pressured to spend above their comfort zone.<\/p>\n

Take control of decision making<\/p>\n

While we may feel pressure to out decorate our neighbors, host the best parties, and give extravagant gifts, we must balance what we want to do with what we realistically can do. An excess of spending \u2013 whether for holidays, vacations, or other activities \u2013 can impact family finances for months or years.<\/p>\n","protected":false},"author":452,"featured_media":1431,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[30,48],"class_list":["post-1428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-facs","tag-financial-literacy","tag-holiday-spending"],"_links":{"self":[{"href":"https:\/\/site.extension.uga.edu\/forsyth\/wp-json\/wp\/v2\/posts\/1428","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/site.extension.uga.edu\/forsyth\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/site.extension.uga.edu\/forsyth\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/site.extension.uga.edu\/forsyth\/wp-json\/wp\/v2\/users\/452"}],"replies":[{"embeddable":true,"href":"https:\/\/site.extension.uga.edu\/forsyth\/wp-json\/wp\/v2\/comments?post=1428"}],"version-history":[{"count":5,"href":"https:\/\/site.extension.uga.edu\/forsyth\/wp-json\/wp\/v2\/posts\/1428\/revisions"}],"predecessor-version":[{"id":1440,"href":"https:\/\/site.extension.uga.edu\/forsyth\/wp-json\/wp\/v2\/posts\/1428\/revisions\/1440"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/site.extension.uga.edu\/forsyth\/wp-json\/wp\/v2\/media\/1431"}],"wp:attachment":[{"href":"https:\/\/site.extension.uga.edu\/forsyth\/wp-json\/wp\/v2\/media?parent=1428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/site.extension.uga.edu\/forsyth\/wp-json\/wp\/v2\/categories?post=1428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/site.extension.uga.edu\/forsyth\/wp-json\/wp\/v2\/tags?post=1428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}