Have a Great Holiday Season Without Going Broke

           With Halloween tomorrow the holidays are just right around the corner!  The holiday season is an especially great time of the year and I hope that all of my readers are lucky enough to be able to celebrate them with friends and family.  And although the holiday season is not all about gifts, it is certainly a part of the holiday season that can stress out anyone who is on a budget or trying to get out of debt

           In a perfect world you would have been setting aside a certain amount each month to budget for your holiday gifts.  However, I realize that we aren't in a perfect world.  But it is better to start planning for your holiday spending now than to wait until December 15th.  So, if you find yourself entering the holiday season without a clear plan for spending it isn't too late.  First, figure out how much you can afford to spend.  Be realistic.  By setting your budget a little further out from the holidays your emotions are less likely to get in the way of the numbers.

           If you do not have a lot of money to spend on holiday gifts there are some methods families can use to make a budget stretch.  One method is to cut out gifts for every single family member.  For example, in my family, all of the adults choose one name out of a hat and buy 1 gift for that person instead of buying 4 gifts.  This is an especially good idea for families when no one in the family really needs anything.  Another idea in a family that has many children is for the adults to skip buying for the other adults and to only buy presents for the children.  Finally, don't go overboard on children....especially those who are young enough that they will not even remember the holiday.  I think Dave Ramsey says it well when he asks parents not to spend all of their money on plastic stuff for their kids.

         Another area of holiday spending is money spent on gifts for those who are not family.  I'm talking about the dog sitter, the teacher, the tutor, the horseback riding instructor, the cleaning lady, etc.  The list really could go on and on.  There is often pressure to give and give and give no matter how much money you have.  One great way to save money on these presents for those in your life you want to recognize at the holiday season is with baking.  My mom used to bake many pumpkin bread loafs to distribute to the neighbors, my teachers, coaches, etc.  This is an inexpensive way to be able to give and those who receive will certainly appreciate the gesture.

         Finally, if you are truly strapped for cash this holiday season (I'm talking about having a difficult time paying the electric bill and putting the groceries on a credit card), be honest about this with your family.  I know that this is a very, very difficult thing to do...especially if you have children.  However, this is a hidden opportunity to teach children the value of money and that there are limits to the amount that can be spent on gifts.  It is also a great opportunity to focus on the faith of the holiday season and remind your children that the holidays are not about gifts wrapped up in paper.  If you do not have children, but typically exchange gifts with family, just be honest.  Lets face it.  The economy hasn't exactly been great for the last few years.  If you can't afford to give gifts this year your family will understand.

        If you have an idea for how to have a great holiday season without going broke please feel free to post a comment.  I would love to read your ideas and I am sure the other readers of the blog would be interested as well.  Have a safe and happy Halloween tomorrow and be sure to eat too much candy!

Halcomb Singler, LLP, is a debt relief agency.  It helps people file for bankruptcy under the bankruptcy code.  No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so.  The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.