Budgeting and planning for the holidays

the dollar level or extravagance level you have them listed at? Many times we feel obligated to give elaborate or expensive gifts for no reason other than we feel we ought to. In this season, it truly is the thought that counts for most people. Perhaps for your cousin you see only at Christmas dinner, you scale it down from a $25 coffee shop gift card to a pound of locally roasted coffee. Same concept — even more lovely to get the pound of coffee when you think about it — but more budget friendly.

Once you have your list of people and things down to a comfortable level, it’s time for the hard part. Sticking to the list. It’s tempting to overspend with the shops looking so decorative, and all the beautiful displays, and the cheap price tags. Don’t let the festive atmosphere steer you away from your list! Going in with a game plan is the best way to keep yourself on track and on budget.

For the crafty elves out there

For the DIY-ers out there, this is your season to shine. With the advent of sites like Pinterest and Etsy, handmade gifts or offering your skills as a gift has never been more in demand. While it may seem like making items as gifts is the economical route, it might not always be the case. The same budget rules apply — make sure you take into account your materials costs before going all out to make something special for someone. Make a list and stick with it when you’re out shopping for your supplies.

Entertain like Scrooge (sort of)

There never seems to be a shortage of get-togethers this time of year — time will tell what 2020’s holiday season has in store in this regard. When it comes to going out, be mindful of how much you’re spending. It’s tempting to offer to buy an entire meal or round of drinks, but that adds up rather quickly. Mentally budget for a certain dollar amount per outing and stick with it. Whether that means a meal and a drink or two drinks and an appetizer to share, it’s up to you.

For entertaining at your house, enlist the help of your guests. Most people love to bake at Christmas time and want to share their creations. And many people would gladly make a side dish, or at the very least bring wine or flowers to a gathering in lieu of having to take over hosting duties. Not only would this save you money, but save you in time and anxiety.

The holidays are a special time of year which we all love and look forward to. Going in with a spending plan for gifts and events will help you enjoy the holiday with your budget intact. D

Annie Lepper is vice president of operations/marketing for Minnesota Power Employees’ Credit Union (MPECU).