It’s the most wonderful time of the year. And the most expensive. According to the National Retail Federation, Americans spend an average of over $950 billion during the holiday months of November and December, with the average person spending up to $975 on gifts alone.
It’s the highest spending period for most Americans this year, but it’s coming at a time when most Americans are also experiencing the impact of inflation, and the current financial climate is straining many people’s pockets this holiday season.
If you’ve crunched the numbers and discovered the only gift you can afford to give your loved ones this year is an apology and a smile, don’t stress. There are so many different ways to ring in the holidays that won’t wring out your bank account.
1. Ignore the hype
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First things first, there’s a reason why this is the highest spending time of the year. Most traditional holiday celebrations include some sort of exchange of gifts and there’s a lot of pressure to fulfill that obligation. Add to that, the holiday shopping season is starting earlier and earlier thanks to online stores, creating more pressure to spend money you don’t have.
Don’t get pressured or suckered into flashy deals like Black Friday and Cyber Monday and don’t go into debt in an effort to play Santa Claus. Strengthen your willpower, set your boundaries, and shop smart. Check out local stores or artisans. Look for coupon codes or sales. And fight the urge to overspend out of a sense of tradition. Remember money isn’t what matters this time of year; it’s celebrating love and traditions with family and friends.
