Inflation in 2022: How to Budget for the Holidays! 🎅🎁🎄
Ho ho howdy, friends! As I’m sure you’ve noticed, inflation is creeping up on us this holiday season. While I’ve had a lot to say about what that might mean down the road, I think it’s also important to think about the present (pun intended 😎).
Holidays are just around the corner, and the costs of goods and services are going to take a bigger bite out of our wallets this year. Assuming that you hate the idea of credit card debt as much as I do, I hope you’ll take my suggestions into consideration and treat yourself to some financial wiggle room! And cookies, of course. 🍪🥛
1. Space Out Your Holiday Spending
You don’t need to wait for the holidays. Start spending now! Whether you’re still bringing in paychecks or living on a fixed income, you’ll definitely feel less strain towards the end of the holiday season.
On that note, another big reason to start your spending early is that we ALWAYS get blindsided by New Year’s Eve plans. If you’re the kind of person who likes to prepare appetizers, drinks, hats, party favors, etc–go ahead and put those on your holiday budget. 📝✔️
2. Sign up For Emails
I know how bad we all hate a cluttered inbox, BUT it’s super easy to make a separate email for all of your favorite services or retail stores. Here are some of the most common rewards you can get when you sign up for a company’s emails:
👉 Automatic discounts just for signing up
👉 Sneak-peeks on holiday deals
👉 Coupons & reward points
👉 BOGO deals for extra gifts
Check out The Krazy Coupon Lady for this year’s list of retailers who send out instant coupons just for subscribing to emails!
3. Plan Your Holiday Travels Ahead of Time
After a few consecutive years of staycations, there’s definitely an appeal to travel this year 🤪 If you’re planning to travel, this is a great time to start researching. According to Hopper, America is expecting a busy and expensive travel season with over half of the population planning to participate in holiday traveling. If you’re traveling by air, especially, they suggest booking all of your travel essentials by October 10th. Which was last week, soooo what are you still doing reading this?!
Just kidding, here are some more tips:
✅ Use miles or points for flights
✅ Bundle your flights with hotels and car rentals
✅ Ship your holiday gifts to minimize baggage fees
✅ Take an extended vacation to potentially save a few hundred dollars in airfare
Interested in Learning More About Inflation?
4. STICK 💥 TO 💥 YOUR 💥PLAN 💥
This plan INCLUDES unexpected expenses, by the way. Again, don’t be surprised if you get roped into some last-minute holiday plans. Just because you’re on your way to a responsible spending plan doesn’t mean everyone is 😉 I would absolutely plan for a little wiggle room that’s designated for such expenses. Don’t use up funds that are designated for savings or essential spending. And keep an eye on your credit card statements! It’s tempting to just swipe your card and simply not think about it, but those interest rates often come back to bite you.
While it’s always possible that a genuine surprise really does come out of nowhere, I very often see a “Keeping up with the Joneses” mentality. This year, I encourage everyone to think back on when this has ever gotten you ahead in anything. These last few years, if anything, should serve as a reminder of how precious time really is. Don’t waste your weeks stressing out over details you won’t even remember next year.
My advice? Take it easy on this year’s budget and invest your money in memories and experiences. And lots of hot cocoa
Catch Bruce Porter’s show Dollars & $ense Tuesdays at 3 pm on KOLR’s Ozarks Live
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