Holidays are meant to be full of love, but sometimes they\u2019re full of stress and anxiety. One of the culprits can be the unspoken financial commitment of family dinners, travel and chaotic gift-buying. Sometimes the stress is beyond your control, but there are some things you can champion like planning and\u00a0budgeting.<\/p>\n
We asked a few of our Nerds to write down their best strategies for managing holiday stress and spending. Here are their responses.<\/p>\n
If money wasn\u2019t a thing, we could buy our loved ones anything they want or need. But money is a factor, so it\u2019s ideal to work within a\u00a0budget, which means having a limit for how much you spend on gifts. You can also take it a step further by agreeing on a spending cap with your loved ones, something senior copy editor Jim McNett does.<\/p>\n
\u201cThe small circle of people I exchange gifts with have a quiet understanding to keep gifts under about $100,\u201d he said.<\/p>\n
Related:<\/strong> 5 tips to rein in holiday spending and manage debt<\/p>\n It can feel taboo to give loved ones used gifts, but\u00a0giving secondhand gifts\u00a0is a cost-effective option. Copy chief Erica Harrington sometimes buys gifts for her loved ones secondhand.<\/p>\n \u201cI shop on Etsy To give it a new feel, get nice packaging for the gift. If you\u2019re not sold on the idea of secondhand gifts, start with small, slightly used items like books. It\u2019s also possible to find new items for less in charity shops and on online platforms like eBay, although you may have to bid for them.<\/p>\n Aside from buying gifts secondhand, you could also get holiday decorations from charity thrift shops.<\/p>\n Plus:<\/strong> More people plan to use \u2018Buy Now Pay Later\u2019 for holiday shopping this year \u2014 but there\u2019s one \u2018troubling sign\u2019<\/p>\n It\u2019s possible to spend more during the holidays than you do the rest of the year. Gifts aside, you could end up going out to dinner with friends more often or doing holiday activities with family. Spending more during the holidays isn\u2019t a terrible thing if you financially plan for it. Spending big chunks of money can feel stressful, however, especially if you don\u2019t have a surplus of funds. To help you recover from large holiday expenses, consider minimizing spending a few months after the holidays.<\/p>\n \u201cIf I know I\u2019m going to be traveling or spending a lot over the holidays, I also plan to have a lot of downtime in January and February and even March, when I know I won\u2019t be planning any big purchases,\u201d said editor Chris Davis. He explained that taking time to financially recover post-holidays requires discipline, but it can help you get back on track for the rest of the year.<\/p>\n Read: <\/strong>7 more ways to save that you may not have considered<\/p>\n Not being sure what to buy a loved one can be stressful and lead to last-minute shopping. Last-minute purchases can sometimes be more expensive, especially if retailers mark prices up. To save yourself time and eliminate worry around whether your loved one will like the gift, consider using a platform like Giftster to share gift ideas. You can create a wish list, add items to it and share it with loved ones. There\u2019s even an option to create a group wish list, which can be helpful for families or friend groups. Other apps you can use for wish lists include Giftbuster and WishSlate.<\/p>\n If you aren\u2019t into apps, there are other ways to go about sharing wish lists with your loved ones like creating a spreadsheet to exchange gift ideas. iPhone users can also use the Notes app to collaborate on gift ideas.<\/p>\n While it is nice to give people gifts, it\u2019s not a necessity, especially if it\u2019s overwhelming or you can\u2019t afford it. Editor Pamela de la Fuente experiences anxiety around the holidays, but \u201ctakes it in stride.\u201d The mom of two has a busy life, so she doesn\u2019t get around to doing meticulous financial planning for the holidays.<\/p>\n \u201cI just try to limit the amount of toys I buy, I don\u2019t exchange gifts with my husband or in-laws anymore, and I ask my sister what she wants and try to keep that gift-buying budget in check,\u201d said de la Fuente. \u201cI also try to do some experiences. Maybe instead of a gift, here\u2019s money to go on a trip together or something like that.\u201d<\/p>\n Also read: <\/strong>Want to buy the perfect gift this holiday season? Take Warren Buffett\u2019s advice<\/p>\n Holidays are a great time to blow the dust off your\u00a0budgeting apps\u00a0if they\u2019ve been inactive. Creative producer Amanda Deisler uses an app to help her stay organized and plan spending.<\/p>\n \u201cI actually use YNAB and set aside a specific amount for all holiday spending,\u201d Deisler said. She also tracks her holiday expenses in the app.<\/p>\n Consider using apps to create a holiday budget, then throw funds in there weekly or monthly, using the apps to keep track of your savings. For instance, if you\u2019ll be spending Hanukkah out of town with loved ones, you may want to create a budget for food and travel.<\/p>\n See:<\/strong> Crowds, costs and cancellation concerns? Try these tips and tricks for booking holiday travel.<\/p>\n Buying new holiday decor every year can be expensive, especially if you go all out on ornaments and lights. Think about reusing or repurposing existing decorations. You may also add a festive touch by creating something new using items you have at home. For instance, you can make ornaments out of copper, foil and paper mache.<\/p>\n \u201cI save money on the Christmas tree by having some fun using substitutes sometimes,\u201d McNett said. He once decorated a ladder with lights and that served as his Christmas tree.<\/p>\n When you\u2019re spending with multiple credit and debit cards during the holidays, it\u2019s easy to lose track of how much you\u2019re charging. Consider taking a page out of writer Tommy Tindall\u2019s book.<\/p>\n \u201cI use just one credit card for all purchases and pay closer attention to my bank app during the spending season,\u201d Tindall said.<\/p>\n Using a credit or debit card that gives you\u00a0cash-back rewards\u00a0or points may also be a clever way to get money back during the holidays.<\/p>\n You don\u2019t have to wait until the holidays to start shopping. Consider buying gifts throughout the year like content management specialist Sabrina Parys does.<\/p>\n \u201cIf I know I\u2019m going to be spending money on presents, I try to remember this throughout the year and purchase things for later to relieve the pressure of purchasing something that\u2019s probably marked up around the holidays,\u201d she said. Major sales on days like the Fourth of July and\u00a0Black Friday\u00a0are great times to buy gifts at a discount.<\/p>\n The same applies to travel \u2014 think about deciding who is spending the holidays where early in the year so you can\u00a0buy tickets while they\u2019re cheap.\u00a0It\u2019s also OK to skip traveling during pricey periods such as Thanksgiving or New Year\u2019s if you can\u2019t afford it.<\/p>\n Bottom line \u2014 focusing on the things you can control like your budget and spending can hopefully make the season less stressful.<\/p>\nGive secondhand gifts<\/strong><\/h2>\n
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\n and eBay. For instance, my mom liked one of my purses I bought several years ago, so I searched for the brand on eBay
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\n and found her something similar from the same brand,\u201d Harrington said.<\/p>\nTake a break from spending in the new year<\/strong><\/h2>\n
Try wish list apps<\/strong><\/h2>\n
Don\u2019t feel pressure to buy gifts<\/strong><\/h2>\n
Use apps to budget<\/strong><\/h2>\n
Repurpose or DIY decor<\/strong><\/h2>\n
Track spending<\/strong><\/h2>\n
Plan travel and gifts early<\/strong><\/h2>\n