This 2023 holiday season is a unique one for sure. Nearly half of shoppers are saying that inflation will change their shopping habits this year (CBNC, 2023). They say they are approaching the problem with a mix of solutions: saving more money beforehand, using more credit card benefits to pay for gifts, and buying fewer gifts.

It begs the question that we have to grapple with every year: How can we give generously and stay on budget?

While the 2023 circumstances are unique, this issue of gift giving can cause a lot of stress any year. Some people respond by overspending and engaging in financial avoidant behaviors. Others respond by engaging in miserliness and hoarding behaviors. And these two types of people are often married to each other!

This is a guide of how to give generously and also in a way that keeps your family budget safe:

1. Draw Out Your Prospective 2024 Budget. The holiday season is a great time to look ahead at the next year and plot out the plan for the flow of money in your household. But what the hell does your 2024 have to do with spending at the end of 2023? If you have Financial Trauma in your past, seeing the plan for the following year can give peace in your heart and permission to give generously. If you don’t know what the next year looks like, it can trigger hoarding. Click here for tips on how to make a budget that incorporates you and your partner’s values.

2. Reconcile Your 2023 Budget. Look back at your previous year’s spending and saving. Were you on track? Do you have any extra or are you in the red? Taking an honest look at your 2023 overview will give you the realistic number that you have to work with for the holiday spending. This will help to keep you from overspending.

3. Making A List… And Checking It Twice! Make a list of gifts to buy people and write down what dollar amount you plan to spend on each person (sales taxes included!). Make sure that the sum of that number is not over the amount you determined in step 2.

4. Filter Gift Options By Price. When shopping online, it helps tons to filter out the gifts based on price. Don’t bother looking at the section of gifts that you know would be out of your price range.

5. Make It Meaningful. Write something heartfelt in a blank card with the gift. It seriously increases the value of the present without spending more than the price of the card (I love these if you’re looking for a recommendation). Every person you’re giving a gift to is special in your life somehow… let them know how they are! And if you find yourself thinking, “This person is not special in my life,” then maybe you need to go back to step 3 and check that list again.

If you or someone you know needs help with Overspending or Miserliness, give me a call! Especially when you are married to a person with an opposite spending personality, these can be difficult conversations.

If I am not a good fit, I will help you find someone who is!

Cheers!

DrZepeda@FinancialTherapyTexas.com

Phone: 713-291-9553