As the holiday season approaches, many families are starting to feel the financial strain of the endless list of gifts to buy, decorations to put up and the lavish Christmas dinner to prepare. While the festive season is a time of joy and love, it can also bring about stress and financial anxiety for many. But don’t fret, as certified financial planner Shannah Game is here to share her expert tips on how families can create more joy this Christmas without breaking the bank.
On a recent segment with ABC News Live, Game discussed the importance of setting a realistic budget for the holiday season. “It’s easy to get carried away with the holiday spirit and overspend on gifts and other expenses. But it’s crucial to set a budget and stick to it to avoid any financial regrets in the new year,” she advised.
One of the first steps to creating a budget is to identify your family’s priorities. Discuss with your loved ones what truly brings joy and meaning to their Christmas celebrations. Is it the fancy gifts or the quality time spent together? Once you have a clear understanding of your priorities, it will be easier to allocate your budget accordingly.
Game also suggests exploring alternative gift options that can help families save money. “In today’s world, there are so many creative and unique gift options that won’t break the bank. Consider homemade gifts, experiences or even hand-me-down gifts. It’s the thought that counts, not the price tag,” she reminded viewers.
Another tip from Game is to plan ahead and avoid last-minute shopping. Not only will this save you from the chaos of crowded stores, but it will also allow you to make smarter and more budget-conscious decisions. “Start early, make a list and shop around for the best deals. This will help you stay on track with your budget and avoid impulse purchases,” she advised.
In addition to gift expenses, holiday decorations can also add up. But Game has a solution for that too. “Get creative with your decorations. Use natural elements like pinecones and evergreen branches to add a festive touch to your home. You can also involve the whole family in making homemade decorations, which can be a fun and budget-friendly activity,” she shared.
Of course, no Christmas is complete without a delicious feast. But with rising food costs, it’s essential to plan your Christmas dinner menu wisely. Game suggests opting for simple yet hearty dishes and asking your guests to contribute a dish or two. “Sharing the load can also mean sharing the cost. This can help alleviate some financial pressure and also add a variety of dishes to your holiday spread,” she explained.
In the end, Game emphasizes the importance of not comparing your Christmas celebrations to others. “In this age of social media, it’s easy to get caught up in the perfectly curated Christmas celebrations we see online. But remember, a picture-perfect holiday doesn’t necessarily equate to happiness. Focus on what brings joy to your family and don’t worry about keeping up with the Joneses,” she said.
In conclusion, while the holiday season can be expensive, it doesn’t have to be financially draining. With proper planning, communication and a little creativity, families can create more joy and meaningful memories without overspending. As Game reminds us, “Christmas is about spending time with our loved ones and spreading love and joy, not about how much money we spend.” So this holiday season, let’s focus on what truly matters and make it a truly joyful and budget-friendly Christmas.