The winter months are going to feel much different than those of the past due to the challenges individuals have faced this year. Locally, many in the U.S. have suffered a financial strain due to the limitations the pandemic has caused. To top it all off, the holidays are here and a season that would typically be spent purchasing gifts and gathering together with loved ones just isn’t possible for people all over the country.
This is a contributed post and do not necessarily reflect the opinions of Meet The Harris Family.
No matter how much you are planning to spend for the holidays this year, there are plenty of ways to make the end of the year special—some of which require little to no money at all!
We’ve come up with a few tips to help you maximize your budget and make the most of the 2020 holiday season:
Prioritize Your Expenses
Evaluating your financial standing will be a determining factor in how much leftover you have for gifts and holiday activities. For some, they may need to focus on saving up money, and therefore can look to no-cost options for celebrating the end of the year. This could include quality time with immediate family, making DIY crafts with items you already own, or even going for a car ride or walk to look at holiday lights. There are plenty of ways to make the most of the season without spending money or putting yourself in debt.
Go Digital With Financial Organization
Technology is growing and evolving unlike ever before, which means that when it comes to organizing your finances, there is an app or website for almost every budgeting and banking need you could have. For those who are unsure about how much money they have to work with throughout the process of holiday shopping, these digital platforms can be extremely helpful to ensure you don’t overspend.
Certain services have features that not only keep you aware of your savings goals, but reduce the fees that often build up as you use your account. When using a no-fee banking option, individuals can shop without worrying about spending more money than necessary, and therefore keeping the majority of the money they earn.
Spend Strategically
If you have a budget to work with for gift giving or celebrations, you can easily make a smaller budget cover most or all of your needs for the holidays.
Start with planning out one special item for each person you want to give a gift to. Think about what your friends and family love most, and find that one special gift that you know would brighten their day. When it comes to gift-giving, quality matters more than quantity.
This could also be a great time to get something that you know your loved one truly needs. If you’re going to spend money, it may as well be spent strategically on an item that your loved one has needed or will need in the coming year. Oftentimes, practical items make the best gifts!
Make sure you are on the hunt for sales. Most businesses will have seasonal sales and discounts, and with the holidays being a major shopping period, savings are likely to be much higher than during other seasons throughout the year. In this case, it pays to be a last-minute shopper.
Lastly, it’s important to remember that the holiday season is so much more than how much money you spend on gifts. Especially with the financial hardships this year has put so many of us through, simply covering necessities has been hard enough. What truly matters is time spent with loved ones, and taking time for yourself to rest and recover.
