Does the “ho-ho-ho” of the holidays turn your finances into an “uh-oh”? Many of us struggle to keep our finances in check during this time of year with the gift giving season in full-swing. It can be difficult to stick to a spending plan established earlier in the year. Credit Human is here to help you overcome feelings of stress during the holidays with a checklist to protect your financial peace.
 

Holiday financial checklist

1. Look under the microscope

Consider this one a gift to yourself from yourself. Do not be afraid to take a few minutes to put your current finances and financial situation in general under the microscope. Not sure? Take our financial health quiz to learn more about where you should get started with your financial goals.
 

2. Keep it simple

Consider where you may simplify entertainment and gift giving. Rethink complicated decorating, holiday cards and other traditions. Instead of costly parties consider a family hike or volunteering with friends and family as a way to honor the season.
 

3. Create a holiday game plan

Holiday spending largely depends on what you need to buy and who you need to get gifts. If you are hosting for the holidays don’t forget to calculate food costs and miscellaneous items. Spend 15-minutes or so making a list. The peace of mind is worth it. Below is a sample holiday game plan:
 

• Gifts for significant other\children: $200
• Workplace co-worker Secret Santa: $10
• Gifts for parents and in-laws: $80 ($20 each)
• Christmas dinner: $45
• Winter Wonderfest: $50
• Potluck Christmas party with friends: $20
• Giving and donations: $50
• Misc. other holiday-related activities and outings: $50
• Total: $505

 

4. Adjust as needed

Your estimated expenses might sound like a lot when you add everything up but you can always make adjustments. In anticipation of increased spending for the holidays you may consider ways you might lower other expenses for the month. If you are going to shop online, be careful about pricing. Be sure to include the taxes, shipping and other fine-print details included in the purchase.
 

5. Revamp your gifting

Quality time spent together with people we love costs nothing. Consider alternative options this holiday season such as taking your loved one out to dinner, a movie, a concert or a play. Think creatively of how you might give memories. Don’t underestimate the gift of time and effort – a hot chocolate on the porch with a loved one can be just as special.
 
 

Let’s connect

It can all start with a conversation. Hello, financial slack. Goodbye, financial stress. If you need any support coming up with the best financial plan for your holidays connect with your neighborhood Financial Health Center.