Have a Happy, Budget-Friendly Holiday
By: Jim Katzaman - Get Out Of Debt
Tags: Shopping, Budget, Gifts, Money, Family

Pressure from a down economy is tough enough. Forces multiply when there are expectations of gift giving regardless of a tight budget.

Joyce Brewer and Migdalia Rivera know those feelings well.

Brewer is an Emmy Award-winning journalist who partners with national and local brands to reach parents and help answer their questions.

The “Latina on a Mission,” Rivera is a writer, editor and social media manager who specializes in lifestyle, parenting and personal finance topics.

As they explained to the financial experts at Experian, the temptation to overspend on special occasions is an occupational hazard for adults with children.

“As a parent, I used to feel pressured to please my sons,” Rivera said. “As they got older, the presents and the pressure to buy increased. Thankfully, there are ways to celebrate and make your loved ones happy without going into debt.”

Although “It’s the thought that counts” sounds good, that doesn’t necessarily reflect reality.

“Some of us value gifts over experiences,” Brewer said. “After a disastrous year, people who can spend more are going to make themselves and their loved ones feel better.

“Some of the sales have been great, too,” she said. “I can’t deny the deals I got this time around without leaving my house.”

One of the biggest challenges is sticking to a budget while shopping.

“Make a list and stick to it,” Brewer said. “Use a cash-back rebate app. iBotta is one of my faves. Don’t buy more just to get free shipping.”

Cost-Savings Suggestion

Rivera uses a holiday spending plan:

Create a list of needed items and gifts.

Don’t purchase without researching costs.

Make a list of stores that sell what you need.

Search sales and coupons. Don’t forget store apps.

Try to avoid splurge shopping.

Frugal gifts are another option to manage spending. Brewer said all of these recommendations are good to help keep budgets in check:

A donation in someone’s honor.

A homemade gift.

A gift from a small business.

A book.

“Don’t just buy a gift,”Rivera said. “Create an experience. These tend to be remembered long after gifts are discarded.”

Apps are good to help find holiday sales and promotions.

“I subscribe to newsletters from my favorite stores,” Brewer said. “Plus, I check for iBotta rebates on the app. In December alone I earned about $7 in rebates, which is enough to splurge on a lunch or add it to my gift budget.”

The best creative gifts have the right price: free.

“Given that this has been a heck of a time — financially and emotionally — people are looking for connections,” Rivera said.

“When buying gifts, ask yourself how can you make the person feel valued and seen,” she said. “Often that can mean a letter, a phone call or a fave dish.”

Special Favors and Giving Again

Brewer leans toward domestic specialties:

A home-cooked meal.

Babysitting to give parents a much needed break.

A socially-distanced visit on the porch or in the driveway.

Regifting also has potential if done with tact.

“It’s a delicate balancing act to regift something,” Brewer said. “Make sure the gift isn’t going to someone in the same social circle so there are no hurt feelings.”

Presents might have hard or soft covers.

“I love regifting, especially books,” Rivera said. “A loved book passed on with a special note explaining why the book is valued is a treasured keepsake. Regifting with thought shows care and demonstrates how appreciated the individual is.”

Cost comparisons and price matching are good for preserving budgets.

“As you shop, remember small businesses,” Rivera said. “Many are depending on our support. Need another reason to shop small? Their gifts tend to be unique and less costly.

“Don’t overlook drugstores,” she said. “I love CVS Pharmacy. They are my go-to during holidays and even more as I try to avoid crowds.”

Rivera likes the store’s selection of beauty, spa, games, puzzles and more to make personalized gift baskets

“For price matching I use BAE,” Brewer said. “Keep your receipts for proof of what you paid in case the price goes down in 15 to 30 days depending on the store. They might refund you the difference.

“I ordered 40 photo holiday cards from CVS,” she said. “I sent all of them. When I realized I needed 20 more, I used the promo code in my email on my next order and saved 40 percent.”

Take a Bite Out of Prices

Meals can get expensive. Fortunately, there are preparations that won’t break the bank.

“Raid your freezer and your pantry,” Brewer said. “See what you can make into a casserole, sandwich or stir fry. I’m making chicken Philly sandwiches with frozen chicken breast, onions and brioche buns. Then I’m adding canned green beans.”

Rivera recommends her Sabroso Saturday — Tasty Saturday — master meal planning to save on costs.

Creative and entertaining holiday activities also need not be expensive. Rivera has five tips for holiday decorating that will save sanity and money.

“Board games are a great way to connect and have fun,” she said.

There are also more physically involved activities.

“Try crafts, home improvement projects, volunteering, organizing donated items or fundraising for a charity,” Brewer said. “Above all, it’s OK to skip big gifts — better to save for major travel when you feel safe.”

About the Author

Jim Katzaman is a manager at Largo Financial Services and worked in public affairs for the Air Force and federal government. You can connect with him on Twitter, Facebook and LinkedIn.

Disclaimer

This article is intended for informational purposes only, and should not be considered financial advice. You should consult a financial professional before making any major financial decisions.