Ball On a Budget Series 10- It’s Beginning to Cost a Lot Like Christmas
Welcome back to Ball On a Budget- the post where we show you how to enjoy the finer things in life without breaking the bank. Next up on our holiday list…Christmas (or Hannukah, Kwanzaa, Diwali, whatever Holiday you celebrate!). For most, November and December are the most expensive months of the entire year! On average, Americans spent an estimated $531.8 billion in the retail sector in December 2022, and that’s just the retail sector! That doesn’t even include the costs spent on holiday dinners out, groceries for hosting, drinks, and holiday travel. So how do you manage? How can you bravely face the winter months without freezing your bank account? Relax, relax, we are here to help!
Here are some tips to brave the costly snowstorm:
Secret Santa: Instead of buying a gift for each member of your family, friend group, or office, start doing a Secret Santa. This will take the pressure off all of that holiday shopping but be sure to set a limit so that everyone is on the same playing field. Not only will this save you time, but also money! Americans estimate they’ll spend $975 on holiday gifts this year. It is a crazy amount of money that could easily be contributed to a 401k or invested into stocks. With inflation, this price keeps going up (just think where we will be in 2030, cue existential crisis)! Secret Santa is a great way to save money, and it is also fun! Make it a game: everyone has to guess who they have; the winners get a prize, the losers have to do dishes.
DIY: Flex your creative muscles and make your own gifts! Homemade gifts can not only save you money, but they also mean a lot to the person receiving them. But BE CAREFUL. Depending on what you choose to make, the individual materials could add up to be more than store bought, especially if you need to buy specialized equipment. Overtime that cost may average out, but it will likely be more on the upfront. We always promote edible gifts! You can make a big batch of sugar cookies, spiced nuts, marshmallows, something fun and festive. Buy ingredients in bulk, wrap them up cute, and you have a special holiday gift for all those lucky to be on your list.
Travel ON Holidays: If you need to travel for your holiday celebrations and feel you can risk it, try flying on the actual holiday. On average, your cheapest trip is going to be Dec. 24 – 28 or Dec. 25 – 29. While we can’t go back in time from when this blog is posting, try to plan your holiday trips in advance. If you can book the first week of September, you could save on average 19% on Christmas flights. Especially if you book with an airline like Southwest with flexible cancellation, book the flight before you even know if you need it.
Potluck: If you are the lucky holiday hostess with the mostest to spend, offer up a potluck! Don’t feel like you have to absorb all of the cost if you are hosting this holiday season. Ask for friends to bring a dish or even better, alcohol! Putting guests in charge of stocking the bar not only ensures that they will find something they like to drink at the party (because they will likely bring it), but it will also be a major cost burden off your shoulders. If you are attending someone’s party, don’t show up empty handed. Even if the hostess doesn’t ask for anything, no one will turn down a bottle of wine whilst entertaining.
Budget: We cannot stress this enough…BUDGET. While you should be doing this regardless of the season, the holidays are the time to really make sure you set a budget and stick to it. It is something so significant that your regular monthly budgets should take into account whatever you want to spend for the holidays. Don’t just buy the first thing you see that you think someone would like or fall into the trap of “most expensive gift”. Thoughtful gifts go much farther than the ones that just cost the most money. Set a budget for yourself, including any travel expenses you may have, and plan accordingly.
Whether you’re hosting this holiday season, traveling for end of the year festivities, or have a long list of gift recipients, you can get through the holiday season without burning a hole in your stocking. Just breathe deeply, stay organized, and let it budget, let it budget, let it budget!
