Budgeting Tips For The Festive Season

Special thanks to Bec Box for this weekly reminder suggestion!

Transcript

Holiday season is approaching and you know what that means…

Time for us to break the bank on cute little Christmas ornaments and spend our life savings buying Kris Kringle for our office workmates, gifts for our partners, parents, family, friends…. Oh and we can’t forget our cousins-brothers-uncles-daughter… 😅

Somehow the holiday that is supposed to bring so much joy, can sometimes drain the life (and $$) from us!


Not this year though…

This year, we have a plan!


Here are our top tips for how we budget during the festive season and still deliver killer gifts:


  1. Speak to loved ones about ‘spending limits’ This helps to stop excessive spending and can be any limit you want! I’ve done small limits before of $50 and have gone up to $500. It just depends on you and the other person's financial situation at the time. Be transparent and honest when having this conversion to come to a sweet spot for both of you! Alessia and I do this every year to ensure one person isn’t spending too much more than the other. It stops that guilty feeling of “oh, they spent so much on me… my gift for them isn't even that good”. P.s. the smaller the budget the more creative you will need to get which encourages more thoughtful gifts!

  2. Setting expectations If the ‘spending limits’ wouldn't work for you/your family, an alternative approach is this. Ask your loved ones for some gift options and see if you can find a middle ground between what they want and what you can afford. If they want something out of your budget, let them know you would love to put X amount of money towards that purchase, but can’t afford to get them the whole thing. Now you know the money you give them is going towards something they really want. Woohoo!

  3. Don’t let guilt influence your purchases Before you walk into the shops, it’s good to have an idea of what you want to spend on each particular person you are buying for. Don’t cave into the inner talk about what you should get them based-off previous birthdays, and celebrations. Take the pressure off and just work with what you can afford right now!

  4. Start early & do some planning! The closer you wait to start your shopping to Christmas the more stressed out you will be. That’s just a fact! It’s harder to find items and sizes you want, shops are packed with people, and items are marked up to be even more expensive than usual. If you know what you are looking for, shop around for the best priced deals and even order online. We recommend buying some gifts during the Black Friday/Cyber Monday sales. But be sure to do your research beforehand to make sure you are actually saving money (some brands increase their price during this ‘sale period’). If you leave things to the last minute that's when you are more willing to compromise and spend more money, so do your bank a favour and start earlyyyy.

  5. Don’t underestimate the power of hand made gifts I think everyone would agree that thoughtful gifts are the best. If you don’t have any budget to work with, create a cute card from scratch and write something nice! It’s really that simple.


Let us know in the comments how you budget for the festive season!


Happy Holiday Shopping Team!! 🛍

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