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We are ending a business cycle, which means that a recession is imminent. Generally, a recession is a somewhat normal part of the economy cycle, but it’s tough to predict when or how hard it’ll hit. Economists are saying probably in 2020, or 2021, and that we should be financially responsible in how we move forward. How do we do that? Well, with the holidays approaching, we thought of some ideas to help you through the season without too much of a financial burden.
Evaluate and cut back. If you’re one of the nearly 50% of families who would need to sell something or borrow money if an unexpected $400 bill came up, it’s time to really take a good look at your finances and try to figure out how to cut out things that are unneeded and squirrel away the extra cash in a just-in-case account. Things that generally go first for me are streaming services like Hulu and HBO. Next, I look at things I buy frequently and ask myself if there’s a better way to go about those purchases. For example, I spend about $15-20/mo on books on my kindle, but I could cut down on that by switching to Kindle Unlimited for $9.99/mo. It’s not a huge savings, but every little bit helps. I also buy Bulletproof Protein Powder and Collagen Creamer every three weeks or so, and I always check both my local health food store and Amazon before purchasing. Often times, there’s a sale in store that’s not on Amazon, or vice versa. Just a quick price check can save me $5, and those add up over time.
Plan ahead of time and shop sales. If you’re buying gifts this year, start now and look for the best deals. I’ve been buying gifts since this summer - just little things here and there. Recently, for example, Sephora had their Beauty Insider promotion where nearly everything was 20% off with a code. Many people think early November is too soon to start holiday shopping, but I figure if I were planning on buying these products for my friends and family anyway, why not just get it now with the 20% off code?! So I just keep that in the back of my mind.
Homemade and thoughtful gifts are the best. I love a homemade or thoughtful gift. I’ve been given homemade soaps, handmade bath bombs, and granola ingredients in a mason jar. Frozen broth would be an INSANELY good gift (pls feel free to gift me this, haha). Framed photos could be a super thoughtful and inexpensive gift (so many amazing frames at secondhand shops!). Hand bound journals would be such a thoughtful gift, and you could write a little note on the front page as well. Another favorite thoughtful gift I received one year was a used book where my friend underlined and wrote notes throughout - I felt like she was right there reading it with me!
Use credit card points. I am really, really good with my credit cards. I pay them off every month, and I try to never use cash because I like getting the points on my cards which I then use for airline miles, hotel stays, cash back or gift cards. I love the gift cards option because that’s generally what I give my cousins, who are like fifteen year old boys, and I have no idea what fifteen year old boys are into these days, haha, but I know my cousins would love a gift card to iTunes, GameStop, or Old Navy.
Hosting? Throw a holiday party with a twist. Holiday get togethers can be costly, so if you’re hosting this year, think about a new way to put a different twist on it that will 1) make your event a little different and 2) cut down on your own costs. Ideas? Host a cocktail hour with games (this one is always a crowd fav, and this one will be fun if the event needs to be more work appropriate). You could also host a Drinks and Dessert gathering and ask everyone to bring either their fav bottle of wine or favorite dessert.
Use airline apps. Need to travel? Use an app like skyscanner (my fav app for purchasing flights). It’s got a feature where you can set an alert when flight costs drop so you can buy a cheap flight to get where you need to go this holiday season.
What tips do you have for saving this holiday season?
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