“Tis the Season to Spend Money, fa, la, la, la la…”


In case you missed it, the holiday season is upon us! Cue the cookies, carols, decorations, and, unfortunately, the long list of family and friends to buy gifts for. If you are like me, the idea of spending hundreds of dollars for just one day might bring on a sudden onset of hives. But, save the antihistamine and follow a few key tips to keep your holiday spending in check and maybe even have enough left over for a trip to the Class Six before the in-laws arrive!

According to the National Retail Federation’s 2016 study, American consumers plan to spend an average $935.58 during the holiday shopping season this year. However, that just covers gifts and not the typical other costs such as travel, parties, and other indulgences (like a Venti peppermint mocha with lots of whipped cream).

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Here are a few ideas to come out debt-free in the New Year!

  1. Set limits and budget based on your own finances. Now is not the time to keep up with the Jones’. True friends and family will understand that your financial security is more important than a $300 game system. To help visualize your own holiday budget, check out this free calculator.
  2. Santa brings gifts so you don’t have to. Parents, kids, siblings, aunts, uncles, cousins, neighbors, hair-dresser, babysitter, post man, bus driver, oh my! The list goes on and on! Or, does it have to? Is it really necessary to provide gifts for every single person and end up in debt in the process? Perhaps your family will consider drawing names; they may be struggling with holiday spending too!
  3. Shop Smarter. Spread your shopping throughout the year and not just during the peak season (we keep an Excel sheet of what gifts were bought so that we won’t forget). Look for special “savings days” at your favorite retail stores. Use coupons from your newspaper, online or in-store. At the store, use your phone to see if you can get a better price elsewhere. If your favorite store has a price-match policy, you can cash in on savings right there. FYI, the base/post exchange will price-match AND you won’t pay tax (see store for exclusions). Plan your shopping trips by making a list and sticking to it to avoid impulse spending. Buying gift cards? Watch for fees or terms of usage that could erode the value of the gift. Buy directly from the store as bulk gift cards tend to be targets for scammers. Coordinate family gifts for the kids, so you don’t have to do it all yourself.
  4. Go online. Search for coupon codes. Take advantage of free shipping with coupon codes. Speaking of free shipping, December 16 is free shipping day at participating retailers. So make sure to ask if the store you’re shopping will honor that savings. What’s better than free shipping is that the gift is sent directly to your loved one! It will save on wrapping paper and shipping costs. But, you might want to let them know that a gift is on the way so that they can keep an eye out for it and not open it until the big day.
  5. Channel your inner Martha Stewart. Pinterest has TONS of great DIY tutorials that would be sure to please your loved ones. Homemade shows that you took the time to really create something that they would enjoy.
  6. Shop small. Support small businesses to include your fellow military spouses. Watch out for Small Business Saturday that comes the day after Black Friday for even more savings.
  7. Earn some green with credit card rewards. Utilize your credit card for extra rewards during the holiday season. Just remember to stick to your budget and pay the bill on time! Our family saves our rewards for the year and exchange them for cash and gift cards for travel and other unexpected expenses used for the holidays.
  8. Put aside money throughout the year. See if you can send automatic saving withdrawals to a separate savings account each month. Most accounts with online management will let you start a separate account with no changes or fees. Take your budget and divide it by 12. Save that money and, next year, you will be more than prepared to tackle holiday spending!

What holiday shopping tips do you swear by? Share them with us!

robyn_headshotPosted by Robyn Alama Mroszczyk, AFC, NMFA Volunteer

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