Lesson 18 - 10 Steps To Holiday Spending

The holidays are here! Even if you don’t want them to be ❤️🤶🏻🎅🏻💚. 

Planning your holiday spending is so important. Let's make the holiday season of 2023 the year that you plan your holiday spending and save your much-needed energy.

For many of us, the holiday season is a time of joy, celebration, and giving. For others I know it is a really hard time of year and throw money into the mix and it feels even harder. To really top it off when we overspend it can bring on an emotional roller coaster and you just want to get off the ride! That's why taking a proactive approach to managing your holiday spending is not just a good idea—it's a gift to yourself and your loved ones.

To guide you through this festive financial journey, I've compiled the "10 Steps to Holiday Spending." These steps are designed to simplify your overall holiday season, allowing you to focus on the joy and meaning of the festivities rather than stressing over your spending.

Step 1: Set Expectations Start by setting realistic expectations for the holiday season. Understand that perfection is not the goal, and it's okay if things don't go exactly as planned (spoiler alert, it won’t go as planned). By managing your expectations, you'll toss away unnecessary stress and actually enjoy the holidays.

Step 2: See How Much You Have to Spend Take a close look at your finances and determine how much you can comfortably allocate for holiday expenses. Consider your income, upcoming expenses, and any savings you may have set aside for this purpose.

Step 3: Who Do You Have to Buy For? Create a list of the people you want to buy gifts for. Prioritize those closest to you and consider setting realistic gift-giving boundaries to avoid stress. Just because it’s the holidays DOES NOT MEAN YOU HAVE TO BUY FOR EVERYONE. I give you full permission to change how you have done it in the past years. 

Step 4: Practice Presence Over Presents Remember that the true spirit of the holidays is about spending quality time with loved ones, not just exchanging material gifts. Consider alternative ways to show your love and appreciation that don't involve spending your hard earned money.

Step 5: Have Crucial Conversations Initiate open and honest conversations with friends and family about gift-giving expectations. You might find that others are also looking for ways to simplify the holidays and reduce financial pressure. This step will feel the hardest, but this step is the most important! 

Step 6: Determine Needs vs. Wants When planning your gift list, identify essential needs and optional wants. This can help you prioritize spending on meaningful items while cutting back on unnecessary spending.

Step 7: Plan Shopping the Sales Take advantage of holiday sales and discounts to maximize your budget. Keep an eye on promotions, compare prices, and consider shopping online to find the best deals.

Step 8: Build Your Holiday Spending Plan Create a detailed spending plan that allocates funds for gifts, events, food, and any other holiday-related expenses. Having a clear roadmap will help you stay on track and avoid overspending.

Step 9: Track Your Holiday Spending Keep a close eye on your expenses throughout the season. Regularly review your spending against your plan to identify any areas where adjustments may be needed.

Step 10: Free & Inexpensive Holiday Ideas Explore creative and budget-friendly ways to celebrate the holidays. My faves are to have a Christmas movie night, make some hot chocolate and drive around to look at Christmas lights in your neighborhood, play games with your family and so many more! 

By following these 10 steps to holiday spending, you'll not only ease the stress of overspending but also simplify your holiday season.

Remember, when we look after ourselves, we look after our money. 

If you want to dive into these steps further I have an e-course available for $37 CAD that gives you 10 short videos that walk you through each step and gives you all the tools you need to work through the steps including a spending tracker! There is also a page to understand how much you will allocate to each person you are buying for and making your list (and checking it twice).

All the details about the e-course are here: 

https://www.lindaparmar.com/holidayspending

Here's to a happy and healthy holiday season xo