7 Ways to Stay Financially Healthy During the Holidays
Written by Kristi Yeh
Financial wellness is about finding a healthy balance between saving and spending, which can be difficult during the holidays. It’s easy to get swept up in the latest gift trends, so here are some concrete ways to stay financially well during the next couple months.
Create a Budget. Start by writing down a list of people you plan to give gifts. You can add columns for people you will purchase gifts for, and people you can make gifts for. Whether it’s on good old-fashioned paper, a Google doc, or an app, take time to map out a holiday budget. This process slows you down so that you are more aware of what you are spending. Make sure to budget in something for yourself as well! As with any self-care practice it’s about balance, it’s not always about others or always about yourself, practice making room for both.
Mint is a popular budgeting app that I enjoy using as well. You can set up savings goals, and see what categories you spend the most on.
Use Coupons. Look for coupons when you’re shopping online. You can often save 10% by signing up to allow a company to text you advertisements or joining their email list. Sometimes discounts are applied at checkout, but not automatically, so be sure to check the details of the discount codes.
Some other ideas include:
You can also use other websites to search online for coupon codes that might not be on the homepage of where you are shopping. I use RetailMeNot.
Honey is a great extension you can add that searches all coupon codes before you checkout online, and with this service you don’t have to leave the website where you are shopping.
Thoughtful, Instead of Expensive, Gifts. The teachers I work with gush the most about homemade cards or thoughtful Google slides from their students. Thoughtful doesn’t need to be expensive.
Here are some thoughtful gift ideas that don’t break the bank:
Video Collages. I also started using VidHug to create birthday wishes for friends during the pandemic. It’s a free service that puts together video messages from multiple people, and you can pick your music and add your own messages. You can also use the iMovie or InShot app if you are a bit more tech savvy.
Letters to My… series by Leaf Cutter Designs. This series gives you letter prompts for various relationships, such as your parents, child, or yourself. I’ve given this gift before, and I include a binder so the person has a place to keep their letters. I usually give a couple a year on special occasions such as the holidays and birthdays.
Homemade or digital photo albums. I always use Shutterfly for my photo books.
Photo mugs, ornaments, or other personalized items from Shutterfly.
Something handmade. It can be something crocheted, cooked, crafted, and more.
Explore Etsy for some affordable and thoughtful gifts. It also feels good to support small businesses! Check out some affordable artists I love on my Holiday Gift Guide blog that sell through Etsy.
Give the Gift of an Experience. Research shows that experiences create more happiness and meaning versus a new toy or gadget that we often lose interest in after a few weeks. Have fun creating coupons for a date night, getting out of chores, a zoo date with you kiddo, or whatever you think your loved one would like!
Set Up a Gift Exchange. Try a gift exchange with family, friends, or co-workers. This approach saves money, but it also makes it fun because you are guessing who gave you the gift and you can even create themes! I’ve used DrawNames to set up gift exchanges for the past couple years.
Create a Financial Mantra. When those holiday ads start making you think you need that hot new thing, create a mantra that helps you connect to your beliefs and values. Make is short and personal so that it packs a bigger punch!
Shop Black-Owned Businesses. Have fun supporting your favorite black-owned shops, or enjoy researching new ones!
I’ve purchased great products from these shops:
Poetic Black Girl for oils and face rollers
Banana Peppers art for beautiful framed prints
Self Explore, Self Restore journal by Michelle White, also featured on my Holiday Gift Guide
Peruse Oprah’s Black-Owned gift guide to get more ideas.
Instagram Accounts that Focus on Financial Wellness:
“It’s not how much we give but how much love we put into giving.”
~ Mother Theresa
Have fun, budget well, and take care this holiday season!
