October 28, 2024
Helpful Holiday Spending Hacks
Top tips from our latest live event...
Helpful Holiday Spending Hacks live event was hosted by Dani Buschick along with fellow Financial Coaches, Kim Chavez and Justin Edgar on Tuesday, October 22. Here are some of the top tips shared. We hope they help you, too!
1. Avoid ‘spaving’.
Spaving is a term that refers to spending more money in an attempt to save money in the future. This is an especially popular temptation during the holiday season where discounts and sales price signs takeover brick and mortar real estate. Though it may seem like a good idea right now, the increased expense will impact your current budget and cash flow. Try your best to stick to your plan and spend within your means!
2. Use a budgeting tool.
There are many budgeting tools you can turn to when carving out your spending plan for the holidays. Rocket Money and Good Budget are just two great tools you can find in the App Store. There are different plugins you can use, like CamelCamelCamel for Amazon, to scan retail websites for a product’s best price. The LMY Program offers a financial wellness app called MoneyTracks which allows you to accurately track your progress toward money goals, check your credit score daily, schedule time to meet with a coach, and securely store your financial documents. Download the MoneyTracks mobile app here.
3. Set expectations.
FOMO is difficult to avoid this time of year; social media and societal pressures make it hard to accept our budget during the holidays. However, we can make the temptations less apparent by setting expectations with family and friends. From decor to meals and more, discuss what you plan to do so that everyone is on the same page. Think of gift price caps, allergy restrictions on food for meals, and even accommodations for spending the night. No FOMO is the way to go!
The most important tip? Be in the moment. Enjoy your time with loved ones and plan your holiday spending so you don’t stress about it later. Happy Holidays, folks!
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