The joys of the holidays are fast approaching. The lights, the decorations, the Christmas cheer …and of course – the holiday debt. Money is a big stressor for many of us during the holidays, especially this year with the COVID-19 pandemic, your wallet may be looking a little bit lighter than usual. Your finances don’t need to stress you out though and it’s important to remember that you don’t have to go into debt to show your family and friends you care. With the proper planning beforehand, your finances can be the least of your worries this year. To help you make sure that the only shovelling you’ll need to do after the holidays is of snow, here are my 3 crucial tips on how to make it through the holidays financially this year.
Think before you shop
Before you start your shopping, set a budget for yourself. How much do you want to spend on decorations or on gifts for each person you are buying for? By setting a goal beforehand, it will stop you from going overboard spending money you don’t have at the moment. With the pandemic regulations still in effect as well, small gatherings mean there also won’t (or at least shouldn’t be) a huge holiday dinner with the family this year. As unfortunate as this is, we must continue to follow these guidelines, so we don’t drag out this pandemic longer than we need to.
If you’re worried about the amount of shopping you must do this year, find ways to reduce your gift giving list overall. As an example, host a Secret Santa. Instead of having to buy a gift for each person on your list, play this classic holiday guessing game where everyone only needs to buy one present. Again, many of us this year may be in a sticky situation with their finances due to the pandemic. So, the more areas you can save, the better.
Reduce your shopping after the holidays
If limiting your budget on gifts and decorations isn’t much of an option for you this year, set a plan for yourself to reduce your spending habits after the holidays. Stick to the essentials and again, set a budget for yourself so you can limit the amount your spending overall. This may also be a good time to review your debt and start paying off anything you may owe. And, make it your goal to only spend cash or only the money you have in the bank so you’re not racking up your credit cards with high interest rates.
Refinance your mortgage and think about debt consolidation
If your debt has added up a little more this holiday season, one way you can take the weight off your financial stressors is by consolidating these debts into your mortgage so you’ll pay a smaller monthly amount than you would without consolidating multiple loans with various interest rates. If you’re worried about the risks involved with refinancing your mortgage or consolidating your debt, I can help you decide which choice is best for you! With my knowledge and years of experience as a professional mortgage broker, and as your financial friend, I can show you how to make the most of your money and your investments while helping you save crucial dollars this holiday season. Book a virtual meeting with me today by giving me a call at (705) 315-0516. It’s time you start worrying less about spending and save more this year. Also, if you need a place to start your holiday shopping, remember to shop local and support your community directly because Amazon will be fine post-COVID. That’s one thing we all know for sure.