It’s the time of year when many are struggling with the idea of creating the perfect family tradition of gift-giving. Whether you are gearing up for the holidays or just a generous gift-giver, here are a few concrete ways to avoid going into debt this winter.
1. STAY BALANCED
With COVID and 2020 being the most stressful year ever, we are likely all ready to embrace any tradition with the hopes of feeling a little relief. Many have jumped right into their Christmas decorations with full force, and retail stores are rejoicing. Before you sink into debt in the name of celebration, try and keep to a modest holiday budget and balance your spending. Forbes encourages, “Then make a gift list and stick to it. Decide on how much you want to spend on each person and keep your expenditures as close as possible to that figure.” After all, the best things in life are still free. Try focusing your effort on the following,
- Quality Family Time | The one thing we all have in common over the winter holidays is a little extra time to spend with family. Focus on quality time with each member, as opposed to showering them with gifts. Your time together is most valuable.
- Minimize Wrapping | When you wrap your presents, think about the environment and your wallet. Not only is most wrapping only good for one use, ending up in the garbage, it’s also often as expensive as the gift itself! Reuse a gift bag, wrap your gift in a shirt or throw, or even use the newspaper’s comic section as gift wrap.
- Experience Every Moment | Don’t get lost in the whirlwind of tradition and costly activities. Slow down, absorb the pleasure of having family and friends around you (whether in person or via video conference) and live in the moment.
2. GO OLD-SCHOOOL
Think back on your favourite childhood memories. Likely they are less about what you got from others and more about what you did with others. Revisit your childhood joys and share them with those around you. For instance,
- Outdoor Activities | Explore your local nature center or park. Get out the crazy carpets and race down a snowy hill or try a winter hike on cross-country skis or snowshoes.
- Hot Cocoa | Bring back the warm hug of a good cup of cocoa. Try making it from scratch, melting down the chocolate and adding whole fat milk. Do not forget the marshmallows!
- All Day Marathon | Remember waking up to play the latest Mario game with your siblings and praying your parents didn’t make you put it away? Relive the magic of an all-day marathon, whether it’s playing your favourite video game from start to finish or watching your favourite movie series.
- Board Games | Dust off Monopoly, Life, Scrabble, or whatever board games you have on hand. Set up a board game circuit, alternating between games.
3. AVOID DEBT
Avoid debt this holiday season by making small changes. Not only can you significantly reduce the amount of debt you rack up, but you can thoroughly enjoy every individual moment. Try these suggestions to stay in the green.
- Opt for Gift Swap | If you are exchanging gifts this year, encourage your family and friends to opt for a gift swap. Throw all the names of those involved in a hat and pick one person to give a gift to. Not only will it reduce spending, but it will also provide an enchanting new memory for everyone involved.
- Save Up Ahead of Time | After the holidays, calculate what you spent overall. Divide the amount by 12 and put aside the required amount every month. When the next holiday season arises, you’ll be all set to go.
- Pot-Luck Dinners | Avoid overspending hosting lavish dinners. We all need to unwind and destress these days. Make it a family affair and invite your guests to bring their favourite dish. “Ask everyone to bring one “special holiday dish” to share. This way, you can still host a party without having to buy all the food or refreshments yourself.”
4. SPEND WISELY
It’s all too easy to shop online with your credit card or tap away at the stores. Not only do the charges quickly add up, but they also sneak up on you – especially when using your credit card.
- Pay Cash | “Cash is king when you are on a tight budget.” Try paying cash for your holiday spending. You will have a better sense of what you are spending and better control of your holiday budget.
- Pay with a Physical Card |The next best thing to paying cash is paying with your physical debit card. Once again, the process of using your card will help you to pay better attention to what you are spending.
- Shop Deals | Shop online, in advance, and look for deals. If you shop ahead of time, you can keep your eye open for the best deals. You can also opt for shops that offer free shipping.
Regardless of how you choose to spend the holidays, make sure you do yourself the favour of soaking up the experiences and quality time spent with your loved ones. Traditions are great, and gift-giving and receiving are fun but don’t lose sight of the actual value of the holidays. The number one thing is to spend valuable time with your loved ones. If you can do so without acquiring debt, imagine how much better you will feel.
Need a little help to start 2021 with a clean slate? 24Cash is a Canadian company dedicated to keeping hardworking Canadians on track. Consider a fast, small online loan: no credit check, no hassle, pure simplicity.