Tips for budgeting during the holidays
It can be so difficult making it financially as a single parent and even more difficult during the holidays and then add the pandemic on top of it. It is a lot! It can be stressful, overwhelming and feels like we can’t go on but… get some rest and start again tomorrow.
To be perfectly honest, I do not think children have to get everything they want for Christmas. Many of us feel guilty about our kids not have having the “perfect” family so it easy for us to make up for it with gifts. Do not fall into this trap. The kids will thank us for our time and the memories we have created more than any single gifts.
As I mentioned in last week episode and good rule for gifts is; gifts they want, they need, they read and they wear.
1.Do not incur debt
Unnecessary debt ends up bringing more stress and frustration later in the year and it is simply not worth it. You and your children will be worse off if you create an illusion of lots of gifts at Christmas.
2. Save your change during the entire year and save all year long.
Every time you have change add to the container and don’t think about it during the year. It adds up quickly and by Christmas you could easily have a few hundred dollars.
Another tip that I use is the $5 challenge. Every $5 dollar bill that I get throughout the year I put that away in a jar. You can use this to add to your Christmas savings.
My new favorite budgeting app, EveryDollar, and start jotting it all down. It is a great way to keep track of your dollars.
Cash in credit card rewards. If you have rewards credit cards, check to see if you’ve earned enough points to cash in for products or gift cards you can give as gift
3. Create free/cheap traditions: Ava and I always go driving at look at Christmas lights, while we drink hot chocolate. We also decorate gingerbread houses the Saturday before Christmas. Kids love holiday traditions and look forward to it every year.
4. Make DIY gifts. I have used this tip for a long time. Every year Ava and I make Chocolate peppermint bark and I buy inexpensive tins at Dollar Tree and use those as gifts. Pinterest is full of ideas on how to make meaningful, inexpensive Christmas gifts. side hustle.
For me, my day job requires me to be a notary but I have a side job where I use my notary as a mobile notary and get paid for doing it. Some side hustles may include, Instacart, postmates, door dash, online tutoring, online surveys for money.
6. Collect gift cards throughout the year.
Buy gift cards throughout the year whenever you have a little bit of extra money and save them for Christmas. Sometimes you can even find gift cards at prices lower than what it’s worth.
7. Create a gift drawer.
Every time you find a really good deal on something your kids would love you buy it and put it away for Christmas.
8. Cut spending.
Take an honest look at your spending. Maybe you could give up cable, eat out less, reduce your grocery budget, or find other ways to free up extra cash and save more money.
9. Give yourself and your kids the gift of time: As single parents, time is our most precious gift. Every year Ava and I make cookies and candies together, go for a ride to see christmas lights and decorate gingerbread houses. Those memories end up being the best.
10. Gift your time. The best Christmas gifts aren't object, they are our time. You can give your time to the people you love. Consider making gift certificates for a night of free childcare, pet sitting, or anything that might appeal to your loved one.
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