The holidays can put a serious dent in your wallet if you let it. Taking control of your spending this holiday season will help you start the new year on the right foot.
At The Policy Circle, we believe that understanding your personal finances will empower you to make wise, informed, and responsible decisions. And it starts with something as simple as planning for your spending this holiday season.
Here are 7 tips to help you save money and enjoy the holidays:
Decide on a budget and stick to it
How much can you afford to spend this holiday season? Figure out that number, break it down even further by person, then try to stay as close to that as possible. Take this quiz to see if your wallet is ready for the holiday season.
Do “secret santa” or “white elephant”
Instead of getting a gift for every sibling or person in your family, do secret santa or white elephant. This is a really fun one because it’s a surprise!
You can buy things second-hand from online sites like Poshmark, Mercari, Ebay, or Facebook Marketplace. There tons of brand new clothes, toys, shoes, electronics, sold at a huge discount. (You can feel good about this one because it’s a sustainable option, you’re giving something a second life).
Put away the credit cards
Credit cards make it easy to overspend because you feel like you have unlimited funds. Use your checking account so that you only spend the money you have, and don’t have to worry about paying off those credit cards and racking up interest.
Make some extra cash
Take on a side job or sell some of your old clothes or things. If you make some extra income in one month then you won’t have to worry about going into debt. Need some inspiration? Here’s 32 ways to make extra money.
Get to baking
You don’t have to be a professional baker to whip up some fudge, blondies, or rice crispy treats. These are some super easy recipes that you can’t mess up, and are sure to be crowd pleasers. You can dress them up in a cute box with a bow and give them out as gifts. It’s cheap but is a special gift from your heart.
Financial literacy is your way to financial freedom!
Taking control of your spending this holiday season is just one small step to better understand your personal finances, also known as financial literacy. Here are four ways you can continue learning about money management:
- Learn more about the state of financial literacy and how to achieve financial freedom in our Policy Circle Brief.
- Join leading financial experts to learn best practices at our virtual discussion on December 9, RSVP here.
- Normalize talking about finances with your friends, family, and co-workers, and don’t be afraid to ask questions.
- Start a Circle where we give you the framework to have constructive conversations about financial literacy and more so that you can take ownership of what you want to change.
Connection is at the heart of The Policy Circle’s model and mission. More than 3,500 women across the country gather regularly to learn about public policy and take action in their communities. Circles provide an open, encouraging environment that fosters friendship and purpose. We celebrate our shared love of country, community and our growing tribe of women who are changing the conversation. Please consider supporting our mission and developing your own leadership skills by becoming a financial supporter.