Taking the time to better manage your money can help you during difficult times or during the holidays. It can help you better manage your living expenses, debts, and improve your saving skills. For that reason, we’re providing you with an essential money guide for the holidays! There is no need for you to leave the holidays with large debts – you can always enjoy the holidays on a budget!

Your Budget

To begin, do you have a budget? Budgets include how much you spend toward several areas of living such as household bills, necessities, insurance, travel, and leisure. They help you organize how your wealth will be divided. With a budget, you are less likely to have debt, have unexpected costs, and be able to identify opportunities for saving.

When it’s the holiday season, identify the amount of money you have left over from important expenses. How much can you spend during the holiday season without getting yourself in a tight situation? Make a list of the individuals who will receive gifts and set aside how much will be spent on these individuals. Once you have set a budget, do not deviate. Stick to your budget!

In your budget, include hidden expenses such as wrapping paper, shipping costs, and an increase in your electrical bill (if you plan to set up lights). These costs can slowly increase, causing your budget to increase. Make sure you include these costs in your holiday budget.

Find the Right Price

Several stores stock the same products. However, they do not always offer the same price. Prices usually fluctuate during the holiday season. Do some online research to find the right price. If there are sales that make your product more reasonably priced, make the purchase.

Shop for What You Need

We have all been there. We have bought our loved ones a present, but when something else catches our eye, we want to buy that item for them, too! Resist the urge to buy more presents than you need! If you purchase more presents than you need, you have the potential to go over your budget. Once you have reached the budget given to an individual, cross them off the list and do not buy more presents for them.

Avoid Gifting Yourself a Present  

When we see an item that we just love, we always think, “It wouldn’t hurt to buy it for myself.” However, this extra cash makes a huge dent in your holiday budget. According to the National Retail Federation, 57 percent of Americans spend approximately $127 each holiday on gifting themselves items. Re-evaluate your need for those items and allow your loved ones to buy your gifts during the season if it’s something you truly want.

While it is the holiday season, do not leave the holidays with huge debts. Making a budget and sticking to it can allow you to enjoy the holidays without a fear of debt!


Genivity is here to help. We place emphasis on helping advisors with goal-based financial planning that incorporates health wealth factors to provide personalized reporting. Genivity can assist you in determining the future costs of care, and provide you with more information needed to plan for retirement. To learn more, ask your financial advisor about Genivity’s HALO!