Living
Better
MONEY
12
| STYLE
14
| GRATITUDE
18
Budget for the Holidays, No Pouting or Crying
Tips to avoid the financial hangover. By Nora Hickey
T
he holidays conjure up many feelings — most pleasant and cozy. But, lurking beneath that good cheer is something even scarier than coal in your stocking. It’s the time of year when our budgets balloon because of holiday festivities and gifts. To avoid blowing your finances, we’ve come up with some easy steps to help you save. BUDGET, BUDGET, BUDGET
“The best way to plan for holiday savings is to set up a budget,” explains LaMar Bratton, financial advisor at Northwestern Mutual. Make a list of every person you plan on purchasing a gift for, whether that is immediate family or your postal worker. Next, figure out how much you plan to spend on each individual. “Making this list allows you to take a step back
Once you’ve figured out just how much you can spend, stick to the list.
12
New Mexico Woman
and see a total for gifts. Then you can ask yourself, ‘Is this where we should save? What are our financial priorities besides gifts?’” LaMar says. Once you’ve figured out just how much you can spend, stick to the list. START EARLY
With your list in hand, get started shopping — the sooner the better. “When you wait until December,” LaMar says, “that’s when the impulse buys happen.” Another perk of starting early is having the time to do price comparisons. Look for stores that price match. For example, Best Buy and Target will price match if an item is found for less elsewhere. Starting early can also save on expedited shipping costs. BEWARE OF HIDDEN COSTS
We know that gifts mean more money spent during the holidays, but what about less obvious costs? If you plan to travel, watch for extra expenses in the form of baggage and seat fees, meals and transportation to and from the airport. With planning, many of these costs can be avoided. Also, look into
using credit card points or mileage rewards to purchase airfare. Gift wrap, tags and cards can be costly. Get creative and re-purpose old newspapers, maps and other paper for gift wrap. Use the front of a received card to make a new, postcard-style one for someone else. THINK OUTSIDE THE STORE
Instead of hitting the stores, make something! Knitted scarves, teacup candles, t-shirt bags and more are fun to make with instructions easily found online. Of course, cooking is the classic way to anyone’s heart. “If your gift list is kind of large, make a big batch of cookies,” LaMar says. “People will appreciate it, and you will feel better about not tanking your finances.” LaMar also recommends activityoriented gifts. “Organize some sort of volunteer event instead of hosting a Christmas party. You are giving back to the community, building a strong bond with your loved ones and not spending a lot of money.” So, make that list, check it twice, and enjoy your holidays without a financial hangover!
