Are you ready to go broke this holiday season? ‘Tis the season for indulging in food, in shopping, in going above and beyond in so many ways.

So, let’s discuss the elephant in the room – why do we do this? Why do we spend more than we can afford to spend during the holidays?

IN THIS EPISODE

The Mindset Behind Christmas Spending

What is your reason for spending so much money during the holidays? Is it because of status, guilt, wanting to fit in, how you tell your kids “I love you,” or are you trying to outdo others?

It is important to know what is the logic and the mindset behind your spending habits. If you have no plan and act on impulse and emotion, you will spend too much.

You need to ask yourself, “what is the purpose of gift giving?” Do you like your gifts to be meaningful and heartfelt or do they need to be elaborate and expensive? Once you identify your purpose for gift giving and your reason for spending so much money, then you can create an accurate plan.

Save Time and Money With A Budget

Before you begin spending for the holiday season create a budget for everything. You want to make sure you have a budget for food and entertaining in addition to your gift budget.

Figure out alternatives for you and your family. These alternative options that benefit you, might benefit other people, too.

If you are doing gifts for the whole family, set an amount for each gift or each person.

As a cash person, create an envelope for each person. It’s okay to be that person at the register doing several different transactions to keep your budget in check.

For online shopping, set aside one day and do all of it at once. Open all of the different websites in their own tag and add everything into the shopping carts. Go through each shopping cart before purchase to make sure it all adds up.This totally saves you time and sanity and prevents accidental overspending.

This is also a great time to have powerful conversations on the value of money & mindset like a boss with your older kids.

Save Time and Money with Creative Gifts

If you’re looking into alternative gift options for your whole extended family, some great options are to do a White Elephant or Secret Santa instead of purchasing gifts for every person in the family. One of my clients does a fun Family Game Night Hop where each family prepares a game and appetizer at their house and the whole family goes from house to house.

For your immediate family and your children, do a “12 Months of Christmas” style gift. Wrap up 12 gifts that aren’t really gifts but family fun days or plans to have focused quality time with your kids. Have the kids open one a month and each time it’s a day together. Ideas include a special project, backyard camp out, adventure day, hike, or a day at the beach. For each of these days, shut off your phone and focus completely on them. If you don’t want to wrap up a card or a piece of paper, you can purchase a small gift that goes along with the activity.

I polled kids about this and they are all excited about the idea. What kid wouldn’t want this? You wanted this as a kid. You don’t remember the gifts from childhood the way you remember the memories.

Let’s Chat More

If you’re planning on shopping online on Black Friday like me, give me a shout out in the Facebook Group.

Why do you spend so much money during the holidays? What is your purpose for gift giving? Click To Tweet

KEY TAKEAWAYS

  • 9:00 This is a great time to bring your older kids in and to help them develop their mindset around gift giving.
  • 12:46 Maybe the whole commercial aspect of Christmas, maybe it’s just the perspective, maybe it’s the way that we look at it and maybe there is a better way by just asking ourselves some key questions as to why we do things. Why do we spend? Why do we give these gifts? What is the motivator and is it really getting me the result that I want?
  • 14:00 You can start your new year without a ton of debt, with a really positive peace of mind and a healthy mindset to get your business to where it needs to be in this next year.

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Are you ready to go broke this holiday season? 'Tis the season for indulging in food, in shopping, in going above and beyond in so many ways. So, let's discuss the elephant in the room - why do we do this? Why do we spend more than we can afford to spend during the holidays? 
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