Black Friday on a Budget

It's easy to be tempted during the holiday season by deals you and your loved ones don't need. However, buying gifts just to buy and give doesn't reflect the sentiment of the season. Many of those "things" can also end up in landfills.

Meaningful gifting helps us connect with the people we care about. For example, gifts of your time - such as visiting with an elderly relative, spending time together as a family in acts of service, playing board games or completing a puzzle cost nothing and can do a lot of good for the people in your life.

If you'd like to give a tangible item, consumables such as food gifts are wonderful. If you must buy a "thing" look for quality over quantity - gifting an item someone can use for years to come helps protect both the planet and the giver and recipient's pocketbooks from having to repurchase something too quickly.

With a little reflection and planning, you can stay within budget even as you celebrate all the joys of the season. Here are a few more tips to help:

Prioritize

Start by prioritizing your gift-giving, beginning with the kids in your life. Is there something special your child or grandchild has been dreaming about all year? Then, it might be worth splurging within reason. Watch out for sales on the specific item and, if what you've saved isn't quite enough, consider affordable financing options like a low-rate credit card or personal loan. Research your options now to avoid last-minute purchases and high-rate financing.

Streamline

For larger or extended families, planning a "Secret Santa" style gift exchange might make everyone's holidays less stressful and more fun. For example, my family practices the 3-gift rule for adults in our big extended family (aunts, uncles, parents, in-laws, sisters/brothers, etc.).

Here are our simple rules:

1. Each adult draws 3 names
2. For those you've drawn, you can choose to do one of the following:
   • Buy a present (limit $50 or whatever is reasonable for the group)
   • Make a present (limit $50 on goods needed to make the present)
   • Gift to charity in that person's name (limit $100)

For the person that has everything, donating to a charity they care for is a great gift.

Free Up Cash

Even with more thoughtful gifting, holiday expenses can add up quickly with larger family meals, travel, decorations and more. This time of year, your local financial institution may offer special "skip-a-pay" options that let you boost your seasonal budget by temporarily skipping monthly loan payments. If your family is like many Americans with multiple car loans, paying a small fee to skip those payments could add up quickly and even fund your entire holiday budget.

Need more ideas? Here are some simple, homemade gifts that show family, friends, neighbors, co-workers and others that you care!

• Make something wonderful - If you enjoy sewing or knitting, a handmade scarf, mittens, sweater or baby blanket can make the perfect gift. Just plan to find materials on sale and avoid a time crunch!
• Share your talent - Are you an artist? Do you have a knack for woodworking or love to scrapbook? Whatever your talent is, you can use it to create memorable gifts for your loved ones. Think personalized signs, memory books, or turning a favorite photo into a small portrait.
• Create your own gift baskets - By mixing and matching homemade items with a few storebought favorites, you can create fun and useful gifts. Think jars of homemade salsa, spaghetti sauce or preserves with a few of the other items needed to make a quick meal or weekend brunch.
• Bake something delicious - Homemade cookies, fudge or other treats are always a hit! Plus, cute holiday tins can be inexpensive and re-used by recipients next year.
• Don't forget the wrapping! Get creative and upcycle by reusing appropriate gift bags, boxes and ribbons, or wrapping gifts in newspaper and adding a colorful bow.

Plan Ahead

While it may not seem like it, the best time to start savings for next year is right now! Setting up a special "holiday club" or secondary savings account and stashing away just a small amount each month can help you say goodbye to the financial strain of the holidays in 2025 and beyond.

Wishing you a memorable, and meaningful, holiday season that you'll treasure for years to come!