Enjoy the Holidays Without Spending the Down Payment for your Muskoka Home!

Gifts - Karen ActonHave you been saving like crazy to buy your first Muskoka Home or Cottage?  As a Realtor, I often see buyers, diligently putting as much away as they can, hoping to be able to buy that special fist home only to get their saving hopes hijacked with the holidays and the inevitable gift buying season!

It is easy for this time of year to make a dent in of anyone’s savings my own included. So, I have done my usual google research and complied a listed of good spending habits to help me enjoy the holiday season while staying on a budget and I think it will help you too.

Understandably each person’s budget may look different, and what might work for me may not work for you. So here are some tips to help you survive the holidays without blowing your budget. You can use them all or just one or two.

Have a realistic holiday budget

Determine how much you can afford to spend during the holidays. It is best to create a realistic budget for yourself. Record and add up all the projected costs of your holiday events, gifts, decorations, travel and anything else you can think of.

Then you need to look at the cash you actually will have available for the holiday season. Since you don’t want to go into debt or blow you budget, you want to make sure that you’ll have enough money for all your holiday expenses. If the budgeted expenses are greater than the actual expected income you need to adjust the budget. This may mean taking a hard look and deciding where can cut back.

The idea is to trim your holiday expenses until you have a budget that is easy to manage and will prevent you from getting into debt.

Shop early and shop sales

Planning your gift list in advance will give you the chance to watch and see when these items go on sale either in the local stores or on-line.  Shopping early also ensures that you have the best selection, since items can sell out closer to Christmas.

Check the many websites

Sometimes the best shopping deals can be found online. While we all love to shop local sometimes you do not have that luxury.  Amazon, E-Bay, Pintrest are all great places to find what you want. Most major stores have order on-line shopping many with pick up in store options. You may want to investigate shopping on the cash back sites like Ebates. Ebates represents over 2,000 online stores, including Amazon, it’s easy to save money and get cashback on your online purchases.

Compare prices in store and online

Sometimes you can find special promotions happening online only.  Some of the bigger online retailers have lots of special offers and offer memberships that get you free shipping so if you are buying a lot from that source a membership may be a good investment.

Not all gifts cost money

If your holiday budget is tight or you want to buy a gift for the person who already has everything, consider giving the gift of time or experience this year. Life is about relationships and giving the gift of time allows you to invest and nurture those relationships. You could cook a meal or two, decorate their tree, take care of their children while they shop or go on a date. There are so many options, and all will be appreciated.

Consider a gift exchange

If you have a large group of friends or family, it can get very expensive buying gifts for everyone, especially if money is tight. I recommend suggesting a gift exchange or secret Santa where you draw names. This way everyone can receive a nice gift, which is probably more thoughtful, and saves everyone a lot of money.

NO GIFTS

I know many people who are starting to boycott gifts during the holidays. This is not just to save money but often a way of getting back to the real meaning of the holiday season. Of focusing on spending time together being thankful rather than stressed. There’s no shame in letting others know that you won’t be participating in gift exchanges this year because you’re saving up for a down payment or one of your other financial goals.

In fact, people are probably experiencing a similar financial situation and will be thankful that you started the conservation. It’s important to set expectations though for family and friends if you choose to boycott gifts this year. And remember that the true meaning of Christmas is not about gifts.

Last years dress will do!

We all feel the pressure to buy a new outfit for each holiday event or party that you need to attend. Buying a new outfit feels good and we think we cannot be seen wearing the same thing as last year. However, it is simply not important. While a few people may remember what you wore last year it is not important. Your friends will be far happier to see you than what you are wearing.

Plan for each holiday event you wish to attend

It’s important to make a list of all the holiday events you plan on attending and include them in the budget. Whether it’s a family gathering or a fancy work party, each event has the potential to cost you money.

Consider how far you need to travel and the cost of fuel and perhaps accommodations, food or drink that you need to contribute, host/hostess gifts and any other hard cost. This will allow you to determine how much money you need to set aside to attend each event, so you can stay on budget.

The Holiday Season is a wonderful time filled with fun, family and social activities but it is wise to not let is take control of your plans. After all the holidays are a few days long and the home you are saving for will be yours for many years.

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