The holidays can be about more than just spending. This season, give yourself the gift of savings with this holiday savings challenge.
Halloween is officially over but holiday supplies have been on the shelves for weeks – which isn’t a surprise. According to a recent survey by the National Retail Federation, 43% of holiday shoppers will generally start their holiday shopping before November. Their survey also finds that those celebrating winter holidays expect to spend an average of $875 on gifts, decorations, food, and other seasonal items – a $42 increase from what consumers planned to spend in 2022.
Holiday spending projections increase each year, but you can set your own course – challenge yourself to save one dollar for every dollar spent.
Your Holiday Savings Challenge
Create A Game Plan
The best way to avoid overspending is to determine in advance what your expenses should be. Look to years prior to get an idea of what to expect.
Gifts for the family, travel, and sightseeing are just the half of it. Are there office gift exchanges or holiday parties you’re forgetting about? Write it all down to try and get the most accurate figure.
Rework As Needed
If you aren’t content with your projections from last year, feel free to modify your plan. If you don’t want to remove things from your must-have list, you don’t have to – all you need is a little creativity. For example, can you pack snacks for road trips or make your holiday party a potluck?
You don’t always have to spend as much as you might initially think. Find ways to save.
Matching a dollar spent for a dollar saved is one way of enjoying today while investing in tomorrow.
If you find yourself in a situation in which you can no longer afford to save, the real question becomes can you really afford to spend.
Don’t let the holidays leave you with empty pockets – aim to cut back and prioritize your holiday spending.
Choose Your Savings Strategy
Think about how you’ll reroute your dollar-for-dollar match to savings. Do you want to review expenses on a weekly basis and make a transfer or do you want to establish an automatic transfer and adjust the balance at a later point? Find an option that works for you. The important thing is to get it done.
Get creative this season to help find ways to spend less while still showing the people you love that you care. Check out our other holiday blogs for more savings and preparation tips.