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Managing Finances This Holiday Season

Stay on track financially this holiday season!

The excitement of the holiday season is in full swing, but some people may find that their tank is running low on holiday cheer. You may not have the money to spend on gifts that you normally would have this time of year, but with self-discipline and some creative ideas, you can still show love to those that mean the most to you.

Start off by being honest with yourself and your loved ones regarding your financial situation. If you have not already done so, create a budget to see what you can realistically spend on gifts, food, and travel associated with the holidays. Make sure that the essentials are covered first, with a little extra padding for the unexpected. Then determine who and what you will shop for, staying within the constraints of your spending plan.

It is important to avoid taking on unnecessary debt during this time. The uncertainty of jobs make it very important to maintain a financial safety net. This cushion may be needed in the event of an emergency. If you must purchase holiday travel or items using credit, try to use offers that will charge no or low interest, for example zero-percent-financing offers or 90-days-same-as-cash deals.

Focus on ways that you can save and create extra money. Now is the perfect time to cash in on merchant coupons and rewards programs. There are countless numbers of apps that can help you find hidden savings by shopping in your favorite stores. Look for temporary holiday jobs that can create extra pockets of cash, such as food- or grocery-delivery services. You may also be able to sell those used items around your home, such as clothes, gadgets, and video games.

Be creative and thrifty with gifts. Consider homemade baked goods, crafts, and gifts that showcase your artistic side. Re-gift, reuse, and refurbish items that you may already have to make them work for your purpose.

Remember, love is the greatest gift of all and costs absolutely nothing to give. Express your heartfelt sentiment in a poem or story. This will be a present your loved one will forever treasure.


By Darlette S. McCormick, Accredited Financial Counselor (AFC), Certified in Healthcare Compliance (CHC)

McCormick, D.S. (Revised 2023, December [Ed.]). Managing finances this holiday season (B. Schuette, Ed.). Raleigh, NC: Workplace Options.

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