By Katherine Marin, Family and Consumer Sciences Extension Agent, University of Florida Extension, Duval County
Reviewed by Martie Gillen, PhD, Department of Family, Youth, and Community Sciences, University of Florida
Once upon a time, I thought the holidays were a relaxing season for all people, not just some people. This was back when I was young enough to still have plenty of time to play around the house and just open different presents, kindly given to me by my family and friends for birthdays or for general holidays like Christmas. Now that I’m a parent, I don’t have much time to “have time” to relax around the house and just open presents during celebrations. My husband and I must be the brains, the conductors, and more importantly the funders of these happy celebrations.
And now that I’m older, I also know more about the stress seasonal events create. Of course, the money we spend is usually involved in the stress we feel. The winter holidays don’t even need to be “coming” for us to feel this stress. On almost every day of the year, there’s something to celebrate—and if not, we may find an excuse!
Yet for most seasonal or special celebrations, we fail to financially plan ahead. In fact, we may experience a bit of “buyer’s remorse” when planning and shopping for these holidays or celebrations. Have you dealt with any buyer’s remorse lately? Chances are… you are about to.
For instance, you may think of Thanksgiving as a food holiday. So no biggie there, right? However, how much money is truly spent? According to the American Farm Bureau of Farmers, in 2013, the average cost for a Thanksgiving Day dinner feast for 10 is was about $49.04. The costs, however, don’t stop there. Take into consideration travel costs (if visiting out of town relatives), or new decorations needed (if you will be the host). What about wanting that new chinaware because you’re having your mother-in-law over?
These same issues can pop up at other times of the year as well. Whether it’s a big family barbecue, a child’s birthday party at the arcade, traditional holiday gifting, or a dinner or brunch centered around a religious holiday, costs can really mount.
In short, these unplanned expenses can bust the budget at any time, and for any given seasonal event. They can even create a major financial crisis if you’re not financially ready. So how can you prepare?
- Make a list to help you plan ahead. Lists can help people stay on track and prioritize.
- Be aware of marketing ploys that retailers throw your way, and point them out to your loved ones as well.
- Reuse or recycle. Create new items (for instance, decorating items) using existing items, and involve family and friends. You’ll also be helping mother earth.
- Window shop from the comfort of your own home. The B2C (business-to-consumer) retail transaction concept means you don’t have to leave your couch! Picking a few magazines for pre-planning a celebration budget can help.
- Scrap your way out of confusion. Ask your family members, especially your children, to clip pictures of the toys or items they think they would want as gifts or decorations for their celebrations. You still can add an element of surprise, since they will likely have a ton of pictures cut out.
- SMART out your celebration goals. Choose the specific items to buy (Specificity), tag them with an amount (Measurable), remove or substitute some if needed (Adapt), and save money, assessing what you can afford to buy (Realistic). You will be ready in time!
The most important tip is to focus your attention on the essence of the celebration. Simplicity of life while eliminating quantity of debt!
(Photo credit: Thanksgiving dealies by Martin Cathrae. CC BY 2.0. Cropped.)
References:
American Farm Bureau Association. (2013). Cost of Classic Thanksgiving Dinner Down for 2013. Retrieved from http://www.fb.org/index.php?action=newsroom.news&year=2013&file=nr1114.html
McWilliams, R., Pigott- Dillard, J., & Gutter, M. (2014). Five Steps to Seasonal Savings. Retrieved from http://edis.ifas.ufl.edu/pdffiles/FY/FY140500.pdf
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