Secrets to smart holiday spending with financial Santa Carlton Stewart

Traffic in the metropolis of Kingston is piling up earlier than expected and people are all absorbed in painting the plazas red (and green) for the best gift deals for the holiday season. Outside of presents, Christmas celebrations are already presenting its fair share of monetary obligations, with festive decorations and plans of dinner celebrations of large savoury and sweet portions. So, in keeping with the spirit of the special occasion, let’s see how we can unwrap the secrets to smart holiday spending with financial Santa, Carlton Stewart.

According to Stewart, some common mistakes people make while shopping include spending impulsively without a clear plan, engaging in emotional spending sprees fuelled by the holiday spirit, and following the crowd by trying to keep up with ‘The Joneses’.

“It is never too late to start budgeting for the season,” he explained, adding, “In fact, it’s the perfect opportunity right before the Christmas holidays to make all the plans. We are a few days from Christmas and people are getting ready to do last-minute shopping.”

And for those wondering how they can survive the longest month of the year, that is January, the financial Santa says that it is important to customise a budget from now and stick to it, “Making slight adjustments to your 50/30/20 budget to a 50/40/10, channelling 40 per cent to your ‘wants’ category to cover the additional expenses and will help significantly in surviving the season. Keep track of your expenses in real time to ensure you do not exceed and live within what you can afford.”

Stewart also provided five practical financial tips to ensure that the holidays are filled with good cheer and won’t steal your joy where breaking your pocket is concerned.

1. Establish a realistic budget:

Before you embark upon your holiday shopping spree, Stewart advises that you take a moment to set a realistic budget. “Consider all aspects of the season, from gifts and decorations to travel expenses and festive meals. A well-thought-out budget acts as your financial roadmap, helping you avoid overspending and keeping your festive cheer intact,” he said.

2. Embrace do-it-yourself (DIY) gifts:

Adding a personal touch to your gift-giving with do-it-yourself (DIY) presents this year might be the ideally inexpensive way to go. “Not only are handmade gifts more meaningful, but they also provide a cost-effective alternative to store-bought items. Channel your creativity to craft unique and personalised gifts that will be cherished by your loved ones,” he added.

3. Strategically leverage sales and discounts:

‘Tis the season for sales and discounts, and according to Stewart, strategic shopping can have a lasting impact on your holiday budget. “Keep your eyes on deals, compare prices, and make your purchases during peak sale periods. This way, you can maximise savings without compromising on the joy of giving,” he advised.

4. Consider alternative celebrations:

Now is as good of a time as any to re-evaluate your holiday traditions and consider alternative ways to celebrate without breaking the bank. “Think about it; do you need to attend every event or party? Do you need a new outfit every time you ‘touch outside’? Let’s strive for a balance between festive extravagance and financial responsibility. To reduce individual expenses while fostering a sense of togetherness, perhaps a potluck-style dinner or a Secret Santa gift exchange could be introduced. A shift in traditions can not only save money, but also create lasting memories,” Stewart shared.

5. Monitor your spending in real time:

Staying on top of your finances is never easy. But one way to be ahead of the spending game is to monitor your holiday spending in real time. Utilise budgeting apps or keep a spreadsheet to track every purchase. Additionally, reviewing your expenditures regularly allows you to identify any deviations from your budget, giving you the opportunity to adjust and finish the holiday season on solid financial ground.

By incorporating these five practical tips into your holiday plans, you can ensure a fiscally festive celebration that leaves you with cherished memories and financial peace of mind. Happy saving and happy holidays.

krysta.anderson@gleanerjm.com