Year after year, the pressure to make holidays more extravagant seems to grow. And it’s not just the winter holidays! Back in my day (yep, I’m sounding old!), the Easter Bunny brought a small basket with a chocolate bunny and some jelly beans. Now? I see baskets filled with toys as if presents are suddenly mandatory alongside sweets.
It’s the same with Halloween, Valentine’s Day, Mother’s Day, Father’s Day, and birthdays. Lavish gifts and extravagant parties are marketed as the only way to show our loved ones we care. And don’t get me started on the end-of-year holidays, it can feel like three full months of non-stop spending, decorating, baking, traveling, and keeping up appearances!
If we’re not careful, the holiday frenzy can make us feel like we have to spend everything we’ve got—and sometimes what we don’t have—just to make everything “perfect.”
But here’s the good news: there’s a way out of that trap. By creating a financial plan, you can avoid overspending and keep holiday stress at bay. Plus, having someone to talk it over with (like a financial coach!) can help keep everything in balance.
You might be thinking: It’s not even October! Why start planning for the holidays this early?
Because having a plan in place now gives you peace of mind. You’ll know you have the resources to meet your obligations to family, friends, and (if you’ve got kids) to meet their expectations, too.
Starting early also means you can set aside smaller amounts each week, so your regular budget doesn’t take a hit. And, if you put your savings in a high-yield savings account, you can even earn a little interest.
When creating a holiday budget, don’t just think about gifts. Consider everything—from wrapping paper to travel costs, holiday outfits, and even postage for sending gifts. And don’t forget the social extras like cookie exchanges, office potlucks, and family photo sessions.
Having a written plan for your holiday spending helps you prioritize and avoid feeling overwhelmed. Writing down everything you’re expected to do (and how much those things cost) is a great first step toward simplifying the season. You might even decide there are a few things you can skip altogether.
A financial coach can help you navigate this process, offering a fresh perspective and helping you set boundaries where needed. Because let’s face it—sometimes it’s easier to say “no” to a tradition when you’ve got someone in your corner!
Wondering how much to save? That depends on your holiday goals. For now, I’ll focus on two key dates: Black Friday and the Friday before Christmas/Hanukkah.
As of today (September 24, 2024), there are 10 weeks until Black Friday (November 29) and 13 weeks until the Friday before Christmas and the start of Hanukkah (December 20). Here’s how much you’d need to save weekly to hit different targets:
Starting this Friday will get you on track!
If those weekly savings numbers seem steep, don’t panic! There are several ways to free up extra cash for the holidays.
Working with a financial coach can help you fine-tune your savings strategy and stay on track with your holiday goals.
Let me tell you about the most relaxing Christmas I ever had. I was about 10, and my parents took my brother and me to a local toy store with $75 each. We picked out our own presents and even wrapped them ourselves when we got home. It was simple, stress-free, and—best of all—paid for in cash. No credit cards, no lingering holiday debt.
That year, we actually slept in on Christmas morning (yes, really!). No frenzied unwrapping, no disappointment, and no post-holiday financial hangover. Just happy kids and stress-free parents.
A stress-free holiday season doesn’t just happen—it’s a choice. And it starts with a plan.
Now is the time to start preparing for the holidays. By saving consistently now, you’ll not only avoid the last-minute scramble, but you’ll also have a more enjoyable holiday season.
Need help getting started? Click here to schedule a free consultation and see how I can help you achieve your financial goals.
And… if you’re reading this on the day it’s published (September 24, 2024), you’ve got 365 days to save for my birthday present next year! 😉
