Thrifty Thinking: Holiday Spending Tips

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November marks the beginning of the holidays, and it’s easy to lose sight of this season’s true meaning. Many find themselves racing from store-to-store to find the perfect gifts and preparing for the seemingly endless holiday parties on the calendar—all while still managing the daily tasks. To minimize the stress during this happy season, Practitioner and Certified Financial Planner Julie Casserly provides a few holiday spending tips:

• Make a list. Check it Twice. Sure, this is a popular holiday song but it’s actually really good advice. Leisurely going into store after store is not a concrete plan of attack. It is, however, a great method of chipping away your gift budget and wondering where it all went at the end of the day. Don’t go into the mall blind and hope to hit jackpot; sit down and really think about what to get each person on your list.
• Use Technology To Your Advantage. Few things are more versatile than cell phones. And with apps like Mint.com and ING Direct, it has never been easier to see exactly where you are spending and saving your money. One of my favorite savings accounts are the ones by ING Direct. You get the option of naming your savings; what better way to divvy up your holiday funds than with a set account specifically for family, friends and work gifts. Mint is a wonderful service that literally lays out where your cash is going. The vast majority of us will have a budget we need to stick to for the holidays. Mint allows you to see exactly where you have a few extra dollars (maybe in your entertainment, food, or utility overflow) and shows you everything you need to know about your credit card balances.
• Get Gifts On Your Lunch Break. Or in between meetings. Right after a play date and before dinner with your friends. It’s incredible how on task we can be when given a strict deadline. A leisurely shopping experience can turn into a very expensive one as well. Removing the obstacle of time on your hands forces you to zone in on what exactly you need to get – remember, you made a list!
• Get Creative. These next two months can seem like a never-ending blur of credit card swipes and wrapping paper. It’s so easy to associate this as the season of spending, but not all gifts have to be expensive. Some of the best gifts I’ve received have been handmade and most likely cost little-to-nothing to put together. For those of you into Pinterest, check out Brit.co. Pegged the “Martha Stewart of digital”, Brit is a site filled with creative, inexpensive and fun do-it-yourself projects. If you’re tight on cash this year, Brit will definitely save the day. Remove the worry these next two months; if you don’t want to spend too much money, think outside the box. Throw a holiday party instead of getting gifts, complete with making decorations and baking cookies. The people who care about you most will love anything you give them – regardless of what you spent.

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