SPOKANE, Wash. — If you feel like you’re pinching pennies this time of year, you’re in good company.
The National Retail Federation says the holiday season is the most expensive time for most Americans. Between Christmas cards, holiday events, presents and family feasts, this time of year gets expensive fast.
But financial experts say don’t let holiday financial stress ruin your fun.
“We often feel this pressure to say yes to everything that the holiday season has to offer, and we don’t have to do that,” said Jon Maroni with Numerica Credit Union.
Maroni recommends starting with a written gift budget and following the “something you want, something you need, something to wear, and something to read” model.
“It is totally transformed how our what our holiday season looks like,” he said.
He also suggests the 24-hour rule before making purchases.
“If you still want that thing after 24 hours, maybe it’s worth saying yes to. A lot of times we don’t though,” Maroni said.
Consider using talents to create gifts instead of buying everything.
“My mother in law is a fantastic baker. She makes macarons. I would much rather have a platter of those and probably any other gifts that I get,” he said.
When you’ve hit your spending limit, focus on experiences over purchases.
If unexpected expenses arise, talk to your kids about it.
“You reframe it. It’s not about doing less. It’s about doing the things that really matter,” Maroni said.
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