Christmas choices for the budget-conscious
Dear Money Lady,
I always find it difficult over the holidays to keep the costs down, and because of COVID, this year both my husband and I have had to live on the CERB benefit and are still finding it hard. Have you got any tips for making it through Christmas without spending too much? Thanks, Lilly Everyone feels the financial pinch over the holiday season, and this year, many are feeling it even more. Most tend to buy on credit and then try to deal with the bills in January.
I know it can be extremely hard to stick to a budget over the holidays, so here are some tips.
It is best to make a list, determine a budget for each gift and stick to it. If you can’t find a gift at your price point, then opt for gift cards that can be used after Christmas in all the retail sales events.
Why not consider teaming up and going in on gifts with others to limit costs and maintain your budget? Set expectations with family so everyone plans to spend specific amounts. You could also choose to have a name-picking or secret Santa event.
Consider buying online, especially through local businesses, which really need our support. Take advantage of sales and have gifts delivered to your home or, better yet, to the home of the person you are buying for.
Also, don’t forget dollar stores. They are great for stocking stuffers, wrappings, cards and decorations. Who says you have to spend a lot to get into the holiday spirit?
Many might be limiting big meals and parties, opting for a small gathering of close family. Make sure you delegate dishes or opt for a potluck to reduce the cost of the meal. Everyone has a specialty they could bring and it is up to the hostess to co-ordinate.
Don’t forget to tell guests to also bring their own alcohol. If you are hosting an event at your home, minding COVID restrictions, you shouldn’t be expected to foot the bill for all the drinks. Instead, have a Christmas punch and let everyone BYOB.
It really isn’t hard to be gracious this season. A thoughtful Christmas message in a handmade card, or a letter of devotion and love, can be cherished more than any store-bought item.
Be kind to one another, especially after the year we have all been through, watch your manners, forget the grudges and enjoy your family. Remember, happiness isn’t defined by how much you spend, it is what you do, how much you love, and how caring and supportive you are.
Merry Christmas to everyone.
Money Lady Christine Ibbotson is the author of How to Retire DebtFree & Wealthy and Don’t Panic – How to Manage your Finances and Financial Anxieties During and After the Coronavirus. If you have a money question, visit askthemoneylady.ca.
Chris Ibbotson writes a financial advice column, regularly speaks at bank advice events and is a frequent guest speaker for client focused retirement seminars coordinated by local financial institutions. She provides personalized investment and lending advice to clients with a focus on wealth building, estate planning and tax minimization.