A Financial Guidebook for the
Holidays"There's something about a holiday that isn't all about
how much money you spend."
Hilarie Burton
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Introduction
• The holidays can be a tricky time, financially speaking.
• Between the gifts, trips, parties, and holiday outings, the time between Thanksgiving and New Year’s can be a real financial hurdle.
• The key to having a good time without breaking the bank is planning. Creating a plan and actually following it can make all the difference.
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Creating a Budget
• Creating a budget is the first line of defense for getting any financial situation under control. With a good budget, you stand a great chance of financially navigating the holiday season successfully.
• If you’ve never made a holiday budget, odds are you’ll be surprised at how much it helps.
• The sooner you make it, the sooner you’ll be able to formulate your financial plan.
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Tips for Creating a Successful Budget
• There are free spreadsheets and software tools available.
• Examples include Christmas Budget and My Christmas Budget.
Use budgeting tools
• Gifts, charity, parties.• Food, travel.
List possible areas of spending C
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Tips for Creating a Successful Budget
• Can your savings assist? • Anticipated bonus or
additional earnings?• Are there expenses you
can cut back on?
Decide what you can afford
• Do they agree with your numbers?
• Try to reach an agreement on the expected expenditures.
Discuss budget with your partner C
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Tips for Creating a Successful Budget
• Plans and schedules change quickly.
Make adjustments as you go along
• As you spend and earn, keep track of where you stand.
• Do you think you’re going to hit all your numbers?
Keep track
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“I don't need a holiday or a feast to feel grateful for my children, the sun, the
moon, the roof over my head, music, and laughter, but I like to take this time to take
the path of thanks less traveled.”
- Paula Poundstone
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Slash Your Budget
• Once you have a budget, take a close look and see how you can reduce your anticipated spending.
• With most budgets, you’ll find there’s room for improvement. Take the time to investigate ways to minimize your spending.
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Tips for Slashing Your Holiday Budget
Suggest a gift exchange
• Draw names at a social get-together.
• You’ll dramatically lower the amount of money you’ll need to spend.
Rely on your creativity
• Give services as gifts.
• Save money by making some of your gifts.
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Tips for Slashing Your Holiday Budget
Be proactive
• Sometimes the best policy is to be forward.
• Alteration in expectations can make things much easier.
Limit your travel
• Traveling all over the country can get expensive.
• Try to see all of your extended family in a single location, hopefully close to home. C
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Tips for Slashing Your Holiday Budget
Eliminate the extras
• Holiday shopping involves more expense than just the items you purchase.
• Eliminate the extras like fancy coffee, lunch, snacks, dinner, movies, and massages.
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“I love Thanksgiving because it's a holiday that is centered around food and family, two things that are of utmost importance
to me.”
- Marcus Samuelsson
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Shopping Tips
• If you’re going to minimize the financial impact of the holiday season, you have to shop intelligently. For many families, gifts are the primary expense associated with the holidays.
• A sound shopping strategy can make a big difference.
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Shopping Strategies to Consider
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Shopping Strategies to Consider
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Shopping Strategies to Consider
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Shopping Strategies to Consider
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Shopping Strategies to Consider
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Shopping Strategies to Consider
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“Christmas is not a time nor a season, but a state of mind. To cherish peace and goodwill, to be plenteous in mercy, is to
have the real spirit of Christmas.”
- Calvin Coolidge
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Saving Money
• One way to improve your holiday financial situation is to simply save more money.
• Aggressive saving can solve many financial challenges. The issue is that most people start too late. Get started today.
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Accumulating a Holiday Nest Egg
Save a little each week.
• If you spend $1,000 on the holidays, that’s only $20/week.
• Get started saving right away.
Save your annual raise.
• Most of us get the common 2-3% raise each year.
• Have it put into another account and leave it alone until the holidays roll around.
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Accumulating a Holiday Nest Egg
Cut back on your other expenses.
• Consider all the usual options to save a little extra money.
• Adjust the thermostat, eat at home, and avoid unnecessary purchases.
Sell your unwanted items.
• Sell some items that never get used.
• Yard sales, pawnshops, classified ads, and auction sites can turn unwanted items into cash.
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“It's true. Christmas can feel like a lot of work, particularly for mothers. But when you look back on all the Christmases in
your life, you'll find you've created family traditions and lasting memories.
Those memories, good and bad, are really what help to keep a family
together over the long haul.”
-Caroline Kennedy
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Making Money
• If you won’t be able to save enough from your regular income, it will be necessary to increase your income.
• The part-time holiday job is a common phenomenon. But driving to the mall and servicing holiday shoppers isn’t the only way to boost your income. There are many other options.
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Tips for Making Additional MoneyG
et
a s
eco
nd
job Look around and
find something that fits your schedule and pays well.Apply to businesses similar to your current employer. This can pay a lot better than the typical part-time jobs.
Freela
nce Check sites like
oDesk, Elance, and Freelancer.If you have skills that match up with a company’s needs, you can make good money in a hurry.
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Tips for Making Additional MoneyW
ork
more
at
curr
en
t jo
b A lot of people take time off during the holidays.You might be able to pick up another shift or additional hours. P
rovid
e a
serv
ice You could walk
dogs, shovel snow, run errands, or do shopping for others. Wrap presents for people.Check your community for options. C
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Tips for Making Additional MoneyTe
st a
pp
s, s
oft
ware
an
d w
eb
site
s There are companies that will pay you to review other companies’ apps and websites.Earning $10-$15 per test is the norm to look for bugs and other interface issues.
Be a
tu
tor Between
Thanksgiving and Christmas, many high school and college students are desperate to get their grades up.It’s not unusual to earn at least $20/hour from tutoring.
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Tips for Making Additional MoneyO
ffer
to d
o h
olid
ay
bab
ysi
ttin
g No one likes to shop during the busy season with smaller children.Offer a service that will allow parents to shop without the little ones in tow. C
lean
gu
tters
du
rin
g
late
fall If you have a
ladder, you have all you need.Many people will welcome the help to clean out leaves.$20-$50 is reasonable, and it will only take a few minutes.
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“Let our New Year's resolution be this: We will be there for one another as fellow members of
humanity, in the finest sense of the word.”
- Goran Persson
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Make the Holidays More Meaningful
• One way to cut expenses is creating a more meaningful holiday experience.
• The good feelings associated with the holidays can be a substitute for additional gifts and expensive outings. The true spirit of the holidays can be priceless and remembered forever.
• But it’s unlikely to happen without effort.
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How to Make the Holidays More Meaningful
Volunteer
The whole family could visit a nursing home or volunteer at a soup kitchen. There are sure to be plenty of volunteer opportunities near your home.
Create your own rituals Some families like to open a single gift on
Christmas Eve. Others like to gather around the piano and sing carols. Do something memorable.
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How to Make the Holidays More Meaningful
Turn off the TV
Go ice-skating or play a game of cards. Do something that everyone will remember fondly
instead of watching TV at home.
Buy thoughtful giftsPeople know when you took the time to find the perfect gift. It’s so much more meaningful
than the gift card from Wal-Mart.
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How to Make the Holidays More Meaningful
Use cards and letters
Take the time to write something meaningful in cards. Write holiday letters as a great
alternative.
Free up your scheduleStart paring down your schedule while there’s still time. Make time for meaningful activities.
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“I'm bad on Valentine's Day, but even worse on Christmas. I go shopping at nine o'clock on December 24th every year. Nobody else is
there. I'm in Toys'R'Us all by myself. I get there five minutes before closing.”
- Jamie Foxx
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The Post-Holiday Financial Cleanup
• Hopefully, you’ll make it through the holidays without any financial hiccups. If you did end up going a little overboard, now is the time to rectify the situation.
• Financial challenges only seem to worsen without prompt attention.
• These tips will help you put your finances back on the right track:
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How to Put Your Finances Back on Track
• How well did you stick to your budget?
• Accumulated any debt?• Did you earn or save as
much money as you expected?
Figure out where you are
• Overspent on gifts?• Bought random items?• Extra spending while
shopping?• Any issues you can prevent
next holiday season?
Where were you off in your
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How to Put Your Finances Back on Track
• It could mean cutting back for a few weeks or months.
• Differentiate between needs and wants. Review every purchase and make smart spending decisions.
Avoid additional debt
• It’s common to make minimum payments on credit card debt. You could make minimum payments for 20+ years and still have part of the debt left.
Pay more than the minimum
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How to Put Your Finances Back on Track
• Keep that second income going until holiday debt is paid in full.
• If you don’t already have one, think about finding a second income.
Continue second job
• If you received gifts you don’t like or know you’ll never use, returning them can be the best option.
Return unwanted gifts
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How to Put Your Finances Back on Track
• Many credit card companies don’t charge interest on balance transfers.
• Transferring high-interest rate balances can be useful, but avoid missing a payment.
Transfer credit card balances
• Avoid using retirement money or getting payday loans.
• Put in the work necessary to pay off the holiday debt instead.
Leave your other
accounts alone C
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“I find shopping too stressful. I get hot, flustered and irritated and feel sick after I've bought something.”
- Alison Goldfrapp
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In a Nutshell
• Start building your savings early. With enough money in the bank, most of the financial challenges associated with the holidays simply fade away.
• Create a budget. A budget provides a view into your starting position and is the first step toward having a viable plan. The numbers provided by the budget determine everything else.
• Additional tips: Cut your holiday expenses, boost your income, and shop intelligently.
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Conclusion
• Remember to create memories throughout the holidays. Memories are more easily created than they are purchased.
• If you do find yourself in a less than desirable financial state after the holidays, start solving those challenges immediately. Maintain your extra income until your debt is paid.
• Use this guide to have the best possible holiday season. Focus on creating wonderful memories, but keep your eye on the bottom line!
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Stay Connected
Planning is the key to having a great time without breaking the bank. Creating a plan and sticking to it can make all the difference.
The sooner you get started, the easier it will be to save money and boost your income.
Download this fun and festive treat and give your holidays a boost Action Pack Financial Worksheet C
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