Oklahoma Money Matters

1. Create a holiday budget:
   Set a realistic budget for all your holiday expenses, including gifts, decorations, food, travel, and other seasonal activities. Be specific about how much you can afford to spend in each category, and stick to your budget. This will help you avoid impulse purchases and keep your spending in check.
2. Make a list and check it twice
   Before you start shopping, make a list of everyone you plan to buy gifts for and what you intend to get them. Having a clear plan can prevent you from making unnecessary purchases. Track your spending as you go to ensure you stay within your budget.
   
3. Prioritize thoughtful gifts:
   Remember, meaningful gifts don't have to be expensive. Consider giving handmade items, offering services (like babysitting or cooking a meal), or planning a shared experience. These thoughtful gestures can often mean more than pricey presents.
4. Take advantage of sales and discounts:
   Look for sales, coupons, and discount codes. Black Friday, Cyber Monday, and other holiday sales can offer significant savings if you shop wisely. However, make sure you're buying items you genuinely need and that fit within your budget rather than being swayed by the allure of a good deal.
5. Use cash or debit cards:
   Cash or a debit card can help you stick to your budget more effectively than credit cards. When you pay with cash, you physically see the money leaving your wallet, making you more mindful of your spending. If you prefer using a card, opt for a debit card linked to your checking account to avoid accumulating debt. 
6. Avoid last-minute shopping: 
   Last-minute shopping often leads to rushed decisions and overspending. Start your holiday shopping early to give yourself time to compare prices and find the best deals. Spreading out your purchases over several weeks can also make it easier to manage your budget.
7. Limit self-gifting: 
   It's easy to fall into the trap of buying things for yourself while shopping for others. To avoid this, limit self-gifting and only buy for others during your holiday shopping trips. Remember, you can always treat yourself after the holidays when the sales are even better.
8. Consider a potluck for parties: 
   If you're hosting holiday parties or dinners, consider making them potluck events. Ask guests to bring a dish or beverage to share, which can significantly reduce your food and drink expenses. This helps you save money and allows everyone to contribute and share in the festivities.
9. Track your spending: 
   Monitor your spending closely throughout the holiday season. Use budgeting apps or spreadsheets to track your expenses and compare them against your budget. This will help you stay accountable and adjust as needed to avoid overspending.
10. Reflect on your spending habits: After the holidays, take some time to review your spending. Consider what worked well and what didn't, and use this insight to improve your budgeting and spending habits for the future. Reflecting on your holiday spending can help you plan better for the next year and reduce financial stress.
    

With careful planning and mindful spending, you can enjoy the holiday season without the burden of financial stress. By setting a budget, prioritizing thoughtful gifts, and tracking your expenses, you can make the most of the holidays while keeping your finances in check. Remember, the season's joy comes from the moments shared with loved ones, not how much money you spend.

For more information about managing your finances, check out our resources at OklahomaMoneyMatters.org. If you have money-saving tips you'd like to share, email us at OklahomaMoneyMatters@ocap.org or visit Ask OKMM to submit a personal finance question for a future edition of Financial Friday

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