For most of us, our holiday celebrations will continue to look different from past years. In addition to health concerns related to COVID-19, friends and family may be earning less money in each paycheck or be out of work. While some things likely will need to change, others can stay the same.

The National Retail Federation reports that 87% of consumers do plan to celebrate the winter holidays this year.* Decorations, food and gifts all will be on shopping lists. Prepare now for the end-of-the-year holidays.

With your family, reflect on current traditions. Research new activities and new-to-you traditions. Then together put some thought into how much time and money you have available for these celebrations.

To stretch your dollars, consider the following:

Make a plan – Get a handle on the who, what and when of your celebrations. Consider fewer or smaller in-person gatherings this year. If cross-country travel isn’t in the cards, explore options for remote gatherings. Take stock of holiday decorations and decide what’s needed this year. Set a limit for how much you’ll spend on decorations, food and gifts. Make lists of items you plan to buy.

Share the load – If celebrating with friends and family is a tradition, ask others to pitch in. Consider a potluck meal or a cookie exchange for dessert. Children enjoy being included in holiday preparations and you have many age-appropriate ways they can play a role.

Shop early – Use your lists and take advantage of sales and special pricing offered at this time of year. Comparison shop online even if you plan to buy in-store. Buy early to take advantage of free shipping offers. Resist impulse buys. Keep a running total of your spending. Set up a system for storing receipts and shipping information in case a package doesn’t arrive or you need to return something.

2020 has been a year like no other. With a bit of reflection, planning and effort, the winter holidays can be merry and bright, and don’t have to leave you with a debt hangover come January.

Want to learn more? Follow these links to read more about:

• Planning your Thanksgiving meal
• Budgeting for the holidays
• Taking charge of family finances any time of the year

References

* https://nrf.com/insights/holiday-and-seasonal-trends/winter-holidays

Guest Blogger

Elizabeth Kiss, Ph.D.,
Associate professor and extension specialist in the Department of Personal Financial Planning
Kansas State University